I sold my Chevron. I sold my Conoco Phillips. I sold my Statoil. I sold my ENSCO. I sold my Pioneer Natural Resources. I sold everything.
– Richard Rainwater, who made about $2 billion investing in energy stocks and futures over the last decade
Check out Justin Fox’s brief account of Richard Rainwater’s decision to sell his oil positions in May: “Will the Oil Bubble Burst?”, Time Magazine, June 5, 2008.
Driven by torrid growth in China base metals have experienced a phenomenal bull market the last few years. Copper has gone from around 75 cents/lb. three years ago to more than $3.50/lb. today. Nickel has gone from around $2/lb. towards…
When I opened up The Wall Street Journal first thing this morning I could hardly believe my eyes. The front page announced two monster deals: Private equity firm Blackstone’s acquisition of Equity Office Properties (NYSE: EOP) (subscription required), the #1 office…
On Monday we had a mid afternoon swoon as the impetus from the Fed move began to wear off. But markets recovered on news of a Tuesday morning meeting between Bernanke, Treasury Secretary Paulson and Senate Banking Committee Chairman Christopher Dodd….
“The stats are very bullish.” – Tony Rosado (subscription required), IAG Energy Brokers Oil closed today at an all time high around $80 a barrel. Despite OPEC deciding to raise production by 500,000 barrels a day yesterday, oil still managed…
Today is one of those days where the market is higher but nobody seems to know why. So I did a little detective work. The first thing is that it’s only two groups that are really up big: basic materials…
The only sectors that have really performed well since the Jan 22-23 lows are energy and basic materials. Along the same lines, Brazil, an economy and stock market dominated by commodity producers (national oil company Petrobas and miner Compania Vale…