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To: thomas hayden who wrote (36292)	1/30/1999 8:22:00 AM
From: Thomas J Pittman	Respond to of 95453

Blood is probably running for those whose job was working on one of those rigs, but I think the red ink of major companies, perhaps all but the very biggest and strongest, will constitute the blood. Is funny (strange) how 'badness' is so relative to (usually) recent history. We can all see that the situation is bad (low rig count, contracts expiring) etc, and so this seems like the worst that things can get. But CEOs (SLB's for example) are not even giving hope for the coming year, and I bet the only reason they dont project further is because they cant see that far. I am just saying that, in my view, these companies have not even felt the full effect of the 'badness' and that we are not currently in a state that reflects a worst-case scenario. There was a contest on this thread some months ago where we picked two stocks that we though were great investments. I think there was one person who actually shorted instead of picked two to purchase. I was one of those that named RIG (then about 45) and SLB (about 60). Things looked bad then and these looked like sure things. I am glad contests dont matter. Things look worse now, and I dont see what is going to make them better. From where I sit, we have seen only the first quarter of reports that have shown the effect of this downturn on these companies. I cant imagine that we have seen it all. Thanks for the comment. J