Word: oiled
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Dates: during 1990-1999
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...against Wall Street? Because I'm watching the relative handful of folks who know more than the analysts. Insiders--the executives who run most oil-service companies--are buying company stock. And they're doing it massively and unrelentingly, with a voraciousness I haven't seen since just after the 1987 crash--when insiders scooped up cheap company stock that made them fortunes...
What do these insiders see that Wall Street doesn't? Are they thinking that oil prices can fall no lower than they have? Do they know something about OPEC that we don't? No. What these executives see is that their stocks' prices reflect overly pessimistic assumptions by Wall Street--just as those stocks reflected overly optimistic assumptions when many of the same insiders were selling frantically a year ago, for double and triple today's prices...
They know that even when prices are low, oil is a finite resource; that new reserves must be discovered and tapped so the big, integrated companies like Exxon and Mobil can stay in business. These executives know that when the going gets tough, the oil-services industry consolidates. They know their companies are going to stand among the survivors...
...they are confident that someday not far off, Asia and the rest of the developing world will come rumbling back, expanding their factories and the living standards of their people, who are going to buy more cars and air conditioners and electricity. And all of those dreams run on oil...
...going to come before the gain. Understand that a lot of investors who took capital gains earlier this year are going to be looking to offset those gains with losses between now and year's end, for tax purposes. They're going to sell some of their losers, including oil-service stocks. So while these stocks are attractive now--otherwise, remember, insiders wouldn't be buying--their prices might well go lower before they go higher. Decide how much you want to invest, and start buying immediately. But hold some money back to buy more later this year...