Word: bbl
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...from chaos theory to Wittgenstein, Miller has trounced his rivals by thinking differently. But lately the investor, who is based in Baltimore, Maryland, has looked a tad less clever. In the past two years, oil and gas stocks surged as the price of oil nearly tripled, to $70 per bbl., yet Miller missed the entire runup. "It's a mistake we should not have made," he says, and he's paying for it. With Value Trust down 2.2% this year, he's trailing the S&P by 4 percentage points and is in danger of losing his unrivaled streak...
...Still, it would be foolhardy to underestimate Miller, given his extraordinary record. And get this: his current perspective is profoundly at odds with that of almost everyone else. With oil trading at about $65 per bbl., fears abound that a further rise will hobble consumer spending and doom the global economy to recession. Yet Value Trust's latest report showed that the fund still doesn't own a single oil and gas stock because Miller, never one to run with the herd, expects oil prices to tumble...
...from chaos theory to Wittgenstein, Miller has trounced his rivals by thinking differently. But lately the investor, who is based in Baltimore, Md., has looked a tad less clever. In the past two years, oil and gas stocks surged as the price of oil nearly tripled, to $70 per bbl., yet Miller missed the entire runup. "It's a mistake we should not have made," he says, and he's paying for it. With Value Trust down 2.2% this year, he's trailing the S&P by 4 percentage points and is in danger of losing his unrivaled streak...
Still, it would be foolhardy to underestimate Miller, given his extraordinary record. And get this: his current perspective is profoundly at odds with that of almost everyone else. With oil trading at about $65 per bbl., fears abound that a further rise will hobble consumer spending and doom the global economy to recession. Yet Value Trust's latest report showed that the fund still doesn't own a single oil and gas stock because Miller, never one to run with the herd, expects oil prices to tumble...
...Miller sees it, "Five thousand years of commodity-price history" says that oil should be priced at the "marginal cost of production"--the price at which it makes sense for companies to find and extract it from the ground. And that, Miller says, is currently about $40 per bbl. Oil has shot way higher for perfectly rational reasons, from booming global demand to Hurricane Katrina's impact on refining capacity, but overseas producers have every incentive to boost supply at today's prices, says Miller, which should make up for existing shortfalls. "Barring an unforeseen event"--another Katrina...