# Is it time to buy oil stocks or ETFs?



## rocky (Mar 22, 2015)

The crude oil price has dived from $110/barrel last year to now around $46. It retested the low reached in January last week and then slowly climbed back up.


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## Moneytoo (Mar 26, 2014)

Not yet it seems: http://forums.redflagdeals.com/now-time-invest-oil-stocks-1616895/


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## sags (May 15, 2010)

Thanks for the link there. I didn't realize they had other topics on that website beyond coupon clipping etc........more reading to add to my list......

What I don't understand and hear little about even on this forum where there are resident experts on oil..........is the price of Western Canada Select oil.

From what I understand, much of the oil produced in Canada is of this variety and it is currently selling for around $30 a barrel.

At that price, according to David Prince on BNN, the companies are bleeding cash producing it and won't be in business long.

I wonder how oil investors factor in the type of oil and the relevant prices, when investing in Canadian producers.

There is Brent and WTI and WCS......and Prince also talked about an Edmonton Sweet oil...........which I have never heard anyone discuss.

Which company produces what oil, would have to be factored into buying stocks, I would think.

Oil.............is a lot more complicated that I ever thought it was.


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## Moneytoo (Mar 26, 2014)

I love RFD Investing forum, they have more traders there, and the oil thread has being the most amusing one to read lately as they keep betting on the oil price to go up or down based on some technical indicators and/or news - and more often than not it goes in the opposite direction 

I have a few oil&gas stocks that I bought before it was a good time to buy them (I.e. last summer), added to CPG in the beginning of January near its bottom, patiently holding all of them, might add to HSE when I add more cash to TFSA. A recent article that made sense to me: http://www.fool.ca/2015/03/20/why-oil-wont-rebound-until-these-producers-go-bankrupt (glad that I don't own any of those, but one or two of mine might not survive prolonged period of low oil prices, so hoping for recovery by summer-fall...)


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## humble_pie (Jun 7, 2009)

moneytoo i truly believe u are too smart to waste time reading hot air tips from gamblers placing bets on spot oil on red flag.

as for the motley fool, once upon a time, when it debuted, the fool was worth a glance. Now it's a rag scribbled by paid hacks.

the above linked article is nothing but an ad. First there's a couple of derivative plagiarized ideas ... what, we haven't heard yet that penn west & lightstream are in trouble? check back years through this forum, folks were absolutely on that channel.

then we get to the real point of the "article." It's a stark, uncamouflaged ad to buy some kind of hot stock revelation. Yuck.


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## treva84 (Dec 9, 2014)

rocky said:


> The crude oil price has dived from $110/barrel last year to now around $46. It retested the low reached in January last week and then slowly climbed back up.


If you're going long I think it's a great time. I bought some SU back in Jan (it's dropped a further ~6% since I bought it) and I'm considering buying more, just need to get some money together. You have to be selective; there's a lot of junk out there, but stable large caps (SU, CVE), would be a reasonable buy. Ignore that RFD thread, it's people trying to day trade leveraged oil ETFs and losing their shirts (the way NOT to do it).


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## humble_pie (Jun 7, 2009)

sags said:


> What I don't understand and hear little about even on this forum where there are resident experts on oil..........is the price of Western Canada Select oil.
> 
> From what I understand, much of the oil produced in Canada is of this variety and it is currently selling for around $30 a barrel.
> 
> ...




AFAIK there's only one resident expert on cmf, one who has spent a lifetime as a ranking executive in the worldwide oil patch. Paraphrasing probably inadequately, my takeaway from his posts is that the troughs that regularly occur in global energy are fairly long-drawn-out; their decline & recovery phases are well understood by industry professionals; & there is nothing to do but wait it out. Recovery can take many months if not a few years.

others on here have excellent sector-specific knowledge, eg which oil companies are hedging & by how much, which have debt under control, etc. One cmffer took an exceptionally smart look last december & concluded that an important bottom in oil was just in. So far, he's been right-on-the-money.

the rest of us are just crumbling along, of course, but i don't believe we could want for any better guidance than the above.

as for our friend David Prince on BNN, sags i was thinking what to say to you ... i was thinking to suggest that maybe mister prince (whom i'd never heard of) is an oil bear with a great big fat short position in oil stocks ... so he'd like to frighten retail investors to help keep the short running ... truly when they come with these dire predictions in the media or with the opposite, which is frothy hyperbole, that's when small retail folks like ourselves should be asking Hmmmmn, what kind of agenda is possibly being played here ...

sure enough, it didn't take 10 seconds of a google search. Mister prince works for Harbinger Capital, a NYC hedge fund operator with a bit of a troubled history.

_Harbinger is notable for betting against sub-prime mortgages in the United States and the United Kingdom, including HBOS.[1][2] It is also a major investor in LightSquared, a troubled wireless communications company.[3]

According to press accounts the assets under management at Harbinger peaked at $26 Billion in 2008 and had declined to approximately $9 Billion as of 2010 due to sizeable investor redemptions with approximately 40% of that total (approximately $3.5 Billion) concentrated in investments related to building a high-speed wireless network in the United States._

http://en.wikipedia.org/wiki/Harbinger_Capital

for a really good laugh, here's our friend David Prince telling BNN news only last november 28, 2014 that the low "settle-out" price in oil was going to be $70-$75 USD. In the same sentence he also told BNN that the downdraft in oil pricing would all be over within a few days. "After the weekend" quoth the overly-optimistic mister prince.

http://www.bnn.ca/Video/player.aspx?vid=503403

all in all, i believe there are far wiser views at home, right here in this forum. We are fortunate.


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## Moneytoo (Mar 26, 2014)

humble_pie said:


> moneytoo i truly believe u are too smart to waste time reading hot air tips from gamblers placing bets on spot oil on red flag.
> 
> as for the motley fool, once upon a time, when it debuted, the fool was worth a glance. Now it's a rag scribbled by paid hacks.
> 
> ...


Well I guess wisdom, like beauty, is in the eye of the beholder - you see a rag with uncamouflaged ads, I see a simple enough advice for beginners (as OP doesn't strike me as an experienced investor), somewhat repeated in a "gamblers thread" on RFD today:

"At some point in the next month or two, we're going to get to a point when storage runs low. At this point, oil will likely fall. Slowly, we'll start to see more companies putting themselves up for sale and consolidations start to take place. When I see the M&A activity pick up, that's when I'll buy into the market. 

Who's flush with cash?
Who's paying dividends?
Who's hedged?

That's what I'll be looking for."

Disclaimer: as mentioned earlier, I'm a buy & holder myself, so ignore most of the noise (just find some of it more entertaining than the other )


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## My Own Advisor (Sep 24, 2012)

"..all in all, i believe there are far wiser views at home, right here in this forum. We are fortunate."

I would agree 100% HP.

Personally I'm saving up to buy when there is leftover money after making my mortgage prepayments.

I hope O&G stocks continue to remain low for some time to come. I've read things that state stocks will go up 10-30% later this year, to, the industry will likely see $40-$60 oil prices and need to adjust accordingly for the next 4-5 years.


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## Westerncanada (Nov 11, 2013)

A close friend is a CPA with Shell... and her feedback is the majority of the major O&G is going to undoubtedly go lower as a result of the lag in economic pressure, earnings and results. 

Her thought is the price slide will only come with continued negative quarterly results which they are definitely going to see moving forward. 

Her thoughts.. not so much mine but for what its worth I am going to hold out until the summer/fall to get into energy


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## humble_pie (Jun 7, 2009)

what they do say is that markets, when they finally come off their troughs & start the reverse climb upwards, tend to soar extraordinarily fast in the first rising phase. This will typically last a few days, at most a few weeks.

this is what i've seen myself. Typically the prices roar upwards so quickly that one is left thinking, Oh No, This can't be Possible, I'll Wait til tomorrow to Buy, Surely this Boom will Tucker Out tomorrow.

except they don't. Tucker out. Eventually the momo does drop & the stocks do plateau before resuming again. But by the 2nd phase of a new bull market, a resource stock will often have risen some 30% from its lows.

plus there's no warning bell, in the trough, that the liftoff is about to commence.

for this reason i'm not against selling puts or nibbling here or there.


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## AltaRed (Jun 8, 2009)

Westerncanada said:


> A close friend is a CPA with Shell... and her feedback is the majority of the major O&G is going to undoubtedly go lower as a result of the lag in economic pressure, earnings and results.
> 
> Her thought is the price slide will only come with continued negative quarterly results which they are definitely going to see moving forward.
> 
> Her thoughts.. not so much mine but for what its worth I am going to hold out until the summer/fall to get into energy


Probably right but then this also reflects my thinking and that can be dangerous. The primary wrench in the gears of course is OPEC, and specifically SA, making a change. Expect mucho volatility leading up to the June OPEC meeting.


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## hboy43 (May 10, 2009)

Hi:

"Is it time to buy oil stocks or ETFs" is not really the question at hand is it? It is really "Is it time to buy oil stocks or ETFs and be certain that prices won't continue lower?"

I'd say the answer to the first question is yes, and I have been eating my own cooking since December. The answer to the second question is that it cannot be answered in the affirmative ever. Why waste time trying for certainty that cannot be obtained?

Once upon a time I held MX at market $35 with ACB somewhere around $12 or $15. Suddenly the SHTF in 20089/2009 and I could obtain more shares at around $19 (500), a month or two later $17 (600 or 700 IIRC), and again a few months later $8 (1500). Now it would have been nice if my crystal ball had been clear enough to avoid the $19 and $17 buys and save the cash for the $8 (~$20,000 at $8 so 2500 shares for same money), but as much as I polish the damn thing, I just cannot get a read on the future. Still, I don't regret those buys in the fullness of time do I?

I started on COS at $10.x and the fourth buy was at $7.x. Say some time in the next 5 years, the oil market sorts itself and COS is back to last summer price of $25, will I begrudge the $10 buy and cry that it all could not have happened at $7? Or will I be "Wham bam thank you Mam?"

That is not to say that it won't be different this time and the entire oil patch will go bankrupt. Anything is possible. All we can do is play the odds. I think the odds are that tomorrow will be like yesterday and we will continue to consume fossil fuels. Given this working assumption, I like COS at $10 and $7 way better than at $25 or $55 (~decade high). If it goes to $5 I'll buy more.

It is not as if I am betting the farm here. I have about 13% of my portfolio in oil spread out over 5 names, large cap and small. This is actually a smaller weighting that TSX indexers. 

I am under water on three and in the black on two: that is just the way it goes in the short term. Two of the three that are under water I have held for years, from you know back from the time back when it was safe to buy energy companies when "Is it time to buy oil stocks or ETFs and be certain that prices won't go lower" was a sure thing that people would have lined up to answer in the affirmative. $200 oil was coming, Rubin said so.

"Perfection is the enemy of the good"

hboy43


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## Pluto (Sep 12, 2013)

T. Boone Pickens is a old pro with a lot of common sense in this situation so I suggest looking up some brief recent interviews with him. Essentially the oil industry can not survive at these prices, so oil has to go up to 65 - 70 within 1 -2 years. I'm going by what he claims, and one thing that means is not buying any crappy over leveraged oil stock that can't come out the other side in decent shape. Just avoiding the crap goes along way to making money. 


About Mid Dec I thought Mr Market was offering good deals on survivors so I bought two then. So far so good. Now we are into a retest of the lows situation. I've been thinking of adding to my two stocks, but for the following apparent situation. Production has continued like a freight train with failed brakes. Why? Apparently lots of oil companies have borrowed untold millions to drill and produce and they have to keep producing and selling at any price to make payments on the borrowed money. This has worked so far, sort of, because of storage capacity - buyers of excess oil are just storing it. However, storage capacity is running out, and that, apparently is when the current game ends. The theory is, oil will take another dive when there is no more storage. 

In short, research oil storage capacity so you have a rough time frame when this will end as there might be another plunge, and buying opportunity on survivor oil stocks. 

And getting back to T. Boone Pickens, Oil can't stay at its lows for a long time. The window of opportunity to get oil stocks near their bottom will be short. 

Have a look at an 1 year oil price chart, and compare it to a 1 year chart of xeg. Stocks bottomed in Dec before oil did: so you can't assume they will both bottom at precisely the same time. Presently, oil has retested the lows, but xeg has not dropped to its previous lows - it may never. The only caveat is oil storage capacity is running out and there will be nowhere for the excess oil to go, so no one will buy it. What does that mean? hmmmm.


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## Feruk (Aug 15, 2012)

One thing to be wary of this year is having any belief in the reserve reports that are now coming out. I've seen investors jump into stocks on the idea that a stock is undervalued because it's trading under 2P reserve value. Nothing today is further from the truth. Companies are still reporting "record reserve adds" and not writing down much for the price of oil. Reserves and net present value is not booked on a strip pricing, but rather an evaluator's pricing assumptions. Because evaluators compete for business, often times being more bullish on pricing allows producers to keep reserves on the books, which drives producers to do business with more optimistic evaluators. For example, Sproule Associates is predicting WTI to average $80/bbl in 2016 and $90/bbl in 2017. The strip is significantly lower. If the strip is averaging $60 for next year, you know right away your reserves are significantly overinflated.

Another common misconception is the hedging will get a lot of companies through. That's only true in a short term decline. Every year more and more hedges will come off and producers will be exposed to the real pricing. Companies like CPG which has not dropped the dividend may seem like a good investment, but if this decline goes a few years, they'll either be cutting that dividend or damaging their balance sheet; both scenarios will equal a drop in share price. My preference is companies with low operating costs, high netbacks, repeatable projects, and NO dividend. Recently I've been in and out of just RRX. But there are other quality names out there.

Unless something drastic happens, there is NO way OPEC will cut this year. I'd expect we stay low for the next few years to come.


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## supperfly17 (Apr 18, 2012)

humble_pie said:


> AFAIK there's only one resident expert on cmf, one who has spent a lifetime as a ranking executive in the worldwide oil patch. Paraphrasing probably inadequately, my takeaway from his posts is that the troughs that regularly occur in global energy are fairly long-drawn-out; their decline & recovery phases are well understood by industry professionals; & there is nothing to do but wait it out. Recovery can take many months if not a few years.
> 
> others on here have excellent sector-specific knowledge, eg which oil companies are hedging & by how much, which have debt under control, etc. One cmffer took an exceptionally smart look last december & concluded that an important bottom in oil was just in. So far, he's been right-on-the-money.
> 
> ...


Thanks for this. One of the best posts I have read on here in a while.


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## zylon (Oct 27, 2010)

> *Is it time to buy oil stocks or ETFs?*


As with real estate, precious metals, and fixed income, I always maintain some allocation to energy. Right now possibly around 10%. I don't spend time calculating the exact percentage; when the sector is strong I sell a bit; when the sector is weak I buy some.

I think this interview with Robert Rapier is well worth a listen for anyone contemplating shapely bottoms. I had not heard of RR before this interview and know nothing of his track record; but he sounds credible.

The segment starts at 48:00 and runs about 16 minutes.

http://www.financialsense.com/financial-sense-newshour/louise-yamada/breakouts-small-mid-caps


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## fatcat (Nov 11, 2009)

nobody has a clue ... nobody
it's like asking a blind man to describe an elephant
you can manage a piece of the puzzle but the whole thing (global oil supply and demand) is too large to do anything other than guess

no, wait, the king of saudi arabia is perhaps the only guy on the planet that has some grip on the price of oil

i would love to see a few dollar drop on su and i would buy more
and more if it dropped again


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## Plugging Along (Jan 3, 2011)

fatcat said:


> nobody has a clue ... nobody
> it's like asking a blind man to describe an elephant
> you can manage a piece of the puzzle but the whole thing (global oil supply and demand) is too large to do anything other than guess
> 
> ...



The wisest advice is those that know that they don't know. 

I Personally was planning on investing my free cash in O&G stock, but as a result of my free money now n longer being free due to the low oil prices, I may not.


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## sags (May 15, 2010)

Humble, I think you got the two funds with similar names mixed up.

David Prince is the CEO of Harbinger Capital Markets Research. 

_Mr. David Prince founded Harbinger Capital Markets Inc. in August 2001 and serves as its President. Mr. Prince is a well respected, experienced market strategist with over 40 years of experience in the investment industry. He has held various positions within the investment industry from Professional Floor Trader to Research Director. Mr. Prince was a Partner and strategist at Gordon Capital Corporation for over twenty years, a top ranked Market Strategist at a Canadian bank, and was featured many times on ROBTv (now BNN). He served as a Director of Shear Diamonds Ltd., since April 5, 2011 until November 2012. In the 1980's, while at Gordon Capital, he was a member of the TSE Index Committee where he initiated the development of the Toronto 35 Index, the first Exchange Traded Fund in the world, which commenced trading in May 1987. From 1996 to 1998, he served as the Chairman of the TSE Index Committee which was responsible for the makeup and inclusion of all TSX indices. Mr. Prince is a frequent guest lecturer to fourth year finance students at York University._

That is not to say he is the ultimate expert on oil prices, but it seems to me that expert after expert after expert are saying the same thing in different ways.

In fairness to Mr. Prince though, he made his prediction of oil bottoming out around $70........possibly hitting as low as $60.......on November 28, 2014 when oil was sitting at $66 a barrel and a month before OPEC made the "infamous" announcement they would not cut production on December 21, 2014, which tanked the oil price.

http://www.reuters.com/article/2014/12/21/us-oil-prices-saudi-idUSKBN0JZ05W20141221


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## humble_pie (Jun 7, 2009)

sags said:


> Humble, I think you got the two funds with similar names mixed up ...
> 
> ... In fairness to Mr. Prince though, he made his prediction of oil bottoming out around $70........possibly hitting as low as $60.......on November 28, 2014 when oil was sitting at $66 a barrel and a month before OPEC made the "infamous" announcement they would not cut production on December 21, 2014, which tanked the oil price.
> 
> http://www.reuters.com/article/2014/12/21/us-oil-prices-saudi-idUSKBN0JZ05W20141221




sags you are right about the names, so sorry about that! although it's puzzling that the 2 firms, one in canada & the other in the US, would take the exact same name of Harbinger Capital. Even though companies can be incorporated in different jurisdictions & each can be carrying on business only in its own jurisdiction, never in the other's jurisdiction, nevertheless from time to time stories do surface about contentious cross-border conflicts, even lawsuits, over identical names.

in addition, sags, i believe you may be making a mistake with your OPEC dates. It was 27 november 2014, immediately following its closely-watched meeting in Vienna, that OPEC announced it would not cut oil production. It was the following day, 28 november/14, that mr. Prince made his unfortunate, possibly somewhat reckless, prediction to BNN.

here is the official OPEC news release dated 27 november/14 announcing the no-cut decision:

http://www.opec.org/opec_web/en/press_room/2938.htm

i believe i recall also that the cut-or-not-cut OPEC news was scrupulously followed by at least one cmf member, who also linked this news release in the forum exactly when it appeared.

one month later, on or about 21 decembe/14 (the date that you cite) the saudi oil minister gave some interviews to journalists, including a Reuters journo, in which the minister reiterated that OPEC was not planning to cut oil production. This was a reconfirmation of old news only, not the original announcement of the news.

http://www.businessinsider.com/r-sa...cut-output-however-far-oil-falls-mees-2014-12

if you look carefully at your own linked reuters article, you will see that it is a repetition of old news. Reuters says that the saudi minister was reconfirming the hard line "for the second time."

turning back to David Prince of canada's Harbinger Capital in toronto, IMHO none of the present fundamentals - oil glut, OPEC geopolitics - have changed from late november 2014 when he told BNN that the oil plunge caused by the previous day's OPEC announcement would be entirely resolved within a few days. Would, in fact, resolve itself "over the weekend," he said.

i am left wondering why, if mr. Prince sees $30 with bankruptcies now, he was not able to foresee some of this 4 months ago, given that the fundamental story has not changed, it was & remains oil glut & OPEC geopolitics?

there's only a nuance of difference between calm outlinings of deep problems facing the energy industry, such as a few knowledgeable parties have set forth in this forum, & a veering off towards panic extremes such as mr. Prince may now be suggesting.

my point in the previous post was that some parties in cmf forum do have extensive and/or legitimate sector knowledge in the oil patch. Fortunately for us, they have been proferring careful, responsible suggestions & background information for several months now. I for one have found many of the discussions on here exceptionally helpful.

i can't recall any cmf member posting a firm oil price forecast figure. There have only been gentle, insightful guidelines from previous industry troughs, discussions of rig counts, storage capacity, individual company hedging figures & the like.


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## fatcat (Nov 11, 2009)

sags said:


> That is not to say he is the ultimate expert on oil prices, but it seems to me that expert after expert after expert are saying the same thing in different ways.


clearly i need access to pie's exclusive insider media list because i read, listen and watch a fair bit of business news and i have seen dozens and now hundreds of wildly inaccurate predictions about oil that diametrically oppose one another and cite manifold reasons why their prediction is spot on

bnn alone will serve up wildly different ideas of how this will play out

this bloomberg article cites the wildly divergent predictions and includes a nice chart to show how far all over the map we are

http://www.bloomberg.com/news/artic...erts-know-exactly-where-oil-prices-are-headed

View attachment 4033


i am going to pick say 37-38 to mid-40's and we are done, 40 will be the magic number that gets everyone's attention


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## hboy43 (May 10, 2009)

fatcat said:


> http://www.bloomberg.com/news/artic...erts-know-exactly-where-oil-prices-are-headed
> View attachment 4033


Ha, good one.

I don't care to guess a low price because I don't guess at anything really, and it is not important anyhow. The important thing is the area under the curve, or the integration of the oil price function. Dollars to the industry over time. That is the factoid I would want to get my hands on, if only it were possible.

hboy43


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## humble_pie (Jun 7, 2009)

> That is the factoid I would want to get my hands on, if only it were possible



exactly. all over the map, every man & woman must make up his or her own individual mind.

what we rarely see, thank goodness, is an investment professional veering in public from a projected oil bottom of $70-75 to a projected bottom of $30 only 4 months later, when none of the fundamentals have changed in the least.

it's another confirmation of why folks might as well avoid paying professional investment advisors. Folks might as well DIY. For those disinclined or with limited interest, couch potato looks fine to me.

would you have wanted to pay minimuum 1% of capital for advice that told you Don't Worry Be Happy late last november but now moans about $30 oil in march? there's better "advice" on here & it's free, too each:

cat says $40 but the question is how long @ $40? does china implode & break up? we might think at least until 2020. does russia start dropping nuclear on baltic nations? we might think 2016 ...


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## fatcat (Nov 11, 2009)

humble_pie said:


> it's another confirmation of why folks might as well avoid paying professional investment advisors. Folks might as well DIY. For those disinclined or with limited interest, couch potato looks fine to me.


with regard to the accuracy of of the pros i say a hearty "amen" ... and here we have proof

spend some time on stockchase and you can read the predictions, on the record, of all the talking heads from bnn and elsewhere and actually see how wrong they can get to be ...

as to the diy thing, i am not entirely in agreement, i see a case for good advisors and am actually targeting going to an advisor when i reach 70 ... a good ... well chosen advisor ... can provide good service for the money ... you can get dispassionate input and advice that can steady tendencies to be irrational and rash and you also get someone watching over your portfolio in cases of fraud, illness, hacking etc ... that can be worth the money i think


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## sags (May 15, 2010)

Predictions or discussions on $30 oil don't seem to matter that much. For the oil sands anything lower than $70 is bad news.

The former Finance Minister of Alberta said that "at $50 a barrel the oil sands are dead using traditional technology.....period.......full stop."

He also said the heavy oil from the oil sands is already selling for $30, and the oil industry has to develop the technology to lower production costs if they want to compete.

Premiere Prentice will address Albertans tonight. A budget coming on Thursday.

The former Finance Minister also advised filling up the gas tank and buying your booze before then.

What happens in Alberta will have an impact all across Canada.


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## nobleea (Oct 11, 2013)

Here is the Q1 summary from ARC financial.
http://arcfinancial.com/research/energy-charts/a-challenging-first-quarter
I have the full 15 page report, lots to digest. You can upload pictures on this site, but it doesn't appear that you can upload pdfs? Is there a way that doesn't involve a third party hosting? Can I just rename the extension to jpg and have people download and rename it back to pdf?


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## humble_pie (Jun 7, 2009)

nobleea said:


> Here is the Q1 summary from ARC financial.
> http://arcfinancial.com/research/energy-charts/a-challenging-first-quarter
> I have the full 15 page report, lots to digest. You can upload pictures on this site, but it doesn't appear that you can upload pdfs? Is there a way that doesn't involve a third party hosting? Can I just rename the extension to jpg and have people download and rename it back to pdf?



thankx for this link! i don't know this team but they look good to explore further.

some pdfs are locked so they can't be copied, forwarded, etc. It makes sense because the originators - as here - are often furnishing the info to their private clients who, in effect, are paying for it. 

sorry i don't know answers to your technical questions re how to break the lock ... in any event i think your link by itself is already very helpful


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## nobleea (Oct 11, 2013)

humble_pie said:


> thankx for this link! i don't know this team but they look good to explore further.


ARC financial is a private equity firm. Not related to ARC resources. Peter Tertzakian (their chief economist) is probably the foremost expert on the macroeconomics of the energy industry in Canada. Very sought after speaker, author, columnist.


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