| On May 17th, 2010, I recommended buying Oil at $71 a barrel. http://corpania.blogspot.com/2010/05/at-71-oil-is-cheap.html Now that it's over $77, I'm recommending you take your profit and be happy. NOTE - I still think BP stock is a bargain in the low 30s (P/E ratio around 5). They've got plenty of cash coming in for the foreseeable future. And remember that Exxon's actual payout for the Valdez spill was a small fraction of the headline-grabbing fines & court ordered awards and that took two decades! Finally, now that BP has promised to escrow $20 billion my guess is that they don't end up paying much more than that. The low price now reflects the market's most dire assessment of BP's future. |
CAVEAT! I'm an amateur philosopher and idea-generator. I am NOT an investment professional. Don't take any of my advice before consulting with an attorney and also a duly licensed authority on finance. Seriously, this my personal blog of random ideas only for entertainment purposes. Don't be an idiot.
Thursday, June 17, 2010
Sell Oil at $77 (from my May 17, 2010 advice to Buy Oil at $71)
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