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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Ken Robbins who wrote (35901)	1/27/1999 8:49:00 AM
From: Platter	Read Replies (1) \| Respond to of 95453

Brent down 9 cents in London, off its lows, was previously down 11 cents.

To: Ken Robbins who wrote (35901)	1/27/1999 9:05:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Nabi on CNBC said '' as high of retuns with less rsisk than the Internets'' !!! Now; finally someone ''gets it.'' ! Stanley Nabi of Wood, Struthers & Winthrop; a frequent guest on CNBC said'' the quality Oil service companies will offer similar returns to the Internet stocks, with much less risk... commented on their selling at prices as low as 15% of '' asset replacement cost'' etc. Also, the conversation touched on the similarities to the ''Nifty Fifty'' craze/crash of the 70's and the Crude Oil spike of that time.... Why do I keep having this deja vu scenario; seeing all of these 60 year old, old timer-analyst coming back on CNBC and in all the media in 12-18 months and screaming - ''I told you so !'' ie: the collapse of the Internet mania and the spike in crude Oil prices... Stockprices are reflective of a simple supply demand relationship between buyers and sellers on the Street. In this mania driven purely momenteum driven market; cold, hard logic dictates that we indeed are clearly oversold on a logical basis. Once again; if you can ''survive'' the timeframe - you will be very, very, richly rewarded here by buying at these levels. Human Nature and Investor sentiment, let alone the dynamics of Institutions and Mutual Funds and their absolute inability to hold ''deadmoney'' for any period of time (excepting the dying breed of contrarian/value funds - like David Dremans etc.) are widening the degree of Street Valuations; as the ''Hot'' Stocks are much, much higher than logic or mathematics dictate and the ''not -so hot'' stocks are much, much lower... I'll go with the cold, logical and mathematical approach here and I'll bet against Investor Sentiment going too far in both directions... Yes; an dramatic over-discounting has occured in the Oilpatch and the dynamics of insustainable Crude Prices is reaching a crescendo here. I am buying here through another 10-15% decline; being very, very selective with the companies I am buying here. This last fact can not be over emphasized. When RIG gets sold down to the same percentage as the overall OSX or it's peers in the Drilling Sector - give me some RIG; when PGO & VTS, or CXIPY & FGI get sold off in lockstep to EGEO, KEG, FLC & HLX - give me the better balance sheet, the stronger executing management, the better technology niche and the better company ! - yes; some anomalies are occuring here; the best companies are selling off equally to the not so good companies - buy the best & start buying them now !