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Gold/Mining/Energy : Ensco International Inc. (ESV) -- Ignore unavailable to you. Want to Upgrade?

To: Ram Seetharaman who wrote (1650)	1/18/1999 10:25:00 PM
From: Robert T. Quasius	Read Replies (1) \| Respond to of 2005

I bought ESV at around $30, thinking then that the stock was a bargain. While the stock looks very attractive at today's price, I am increasing my position in RIG first, as I feel that the deep water drillers will be the first to recover when crude oil and natural gas prices rebound. I am sorely tempted to take my losses in ESV and RDC and divert into RIG. However, I feel that when this sector rebounds ESV and RDC will bounce back more than RIG. In the seismic area, I like Mitcham Industries (MIND) and Dawson Geophysical (DWSN). Both have little debt and are selling at substantial discounts to book value. There are many more bargains out there, but I am so heavily invested in the oil services and E&P sectors that it is hard to justify investing still more. Two years from now, we will all probably be looking back and asking ourselves why we didn't invest even more.