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Chasing Value: Buffett Must Be Buying Oil

Sheldon Liber — Mon, 02 Aug 2010 11:00:00 EST

Filed under: Berkshire Hathaway (BRK.A), Exxon Mobil (XOM), Chevron Corp (CVX), ConocoPhillips (COP), BP p.l.c. ADS (BP), Anadarko Petroleum (APC), Bargain Stocks, Chasing Value[TM], Oil, Petroleo Brasileiro (PBR), Transocean Ltd. (RIG), Royal Dutch Shell (RDS.A)

Until recently, my largest positions were in financial stocks Citigroup (C), Wells Fargo (WFC) and Bank of America (BAC). As a contrarian investor, I do buy on fear and sell on greed as "my pal Warren" has advised for many years. This has worked out to be very profitable over the past 18 months. However, in the past 30 days the financial stocks have dropped to second place in favor of oil and gas stocks.

I think the economic recovery is moving at a snail's pace, lowering anticipated demand for oil while gas was already depressed based on the same factors and the addition of numerous new large supplies. Add to this the mess in the Gulf of Mexico and the public's already negative sentiment about oil companies and you have the makings of depressed pricing in the sector.

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Diamond Offshore (DO) and Total (TOT): Oversold Buys

Steven Halpern — Tue, 22 Jun 2010 14:00:00 EST

Filed under: International Markets, Newsletters, Commodities, Oil, Stocks to Buy

"I'm split on the energy sector. On the one hand, I have no doubt that the price of oil has been held artificially high by paper trading rather than demand," says Jack Adamo.

The editor of Insiders Plus continues, "On the other hand, the oil spill in the Gulf Of Mexico has knocked stock prices for a loop; there are a number of stocks that have fallen 30% to 50%, primarily due to that factor.

"Two idea that we have decided to add to the income section of our model portfolio re Diamond Offshore Drilling (DO) and France-based Total SA (TOT).

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Diamond Offshore (DO) and Total (TOT): Oversold Buys originally appeared on BloggingStocks on Tue, 22 Jun 2010 14:00:00 EST. Please see our terms for use of feeds.

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California insurance commissioner chases indirect investments in Iran

Tom Johansmeyer — Fri, 04 Dec 2009 13:00:00 EST

Filed under: Law, Petroleo Brasileiro (PBR)

Insurance companies have $12 billion in indirect investments related to Iran, according to California Insurance Commissioner Steve Poizner -- and he wants them to stop. He's pushing insurers in his state to divest, and the perspective is gaining popularity: his counterpart in Florida thinks the policy should go national.

Kevin McCarty, commissioner in Florida, said to National Underwriter, "I have consulted with other state insurance commissioners to evaluate the practicality of developing a national initiative similar to the undertaking by the California Department of Insurance." He's already contacted the National Association of Insurance Commissioners' Securities Valuation Office to figure out "the feasibility of leveraging national resources to review the financial statements of national insurers to determine their exposure to companies with operations in Iran."

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California insurance commissioner chases indirect investments in Iran originally appeared on BloggingStocks on Fri, 04 Dec 2009 13:00:00 EST. Please see our terms for use of feeds.

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Venezuela starts collecting new windfall profits tax on oil companies

Joseph Lazzaro — Fri, 18 Apr 2008 14:47:00 EST

Filed under: Venezuela, Commodities, Oil

Venezuela has started collecting its new foreign oil companies windfall profits tax, as part of President Hugo Chavez' plan to gain a larger share of oil company profits, The Associated Press reported.

The tax is based on the monthly average price of benchmark Brent crude oil. The tax kicks in when the price of benchmark Brent crude sits above $70 per barrel, The Wall Street Journal(subscription required) reported. If oil prices remain above that threshold for one month, the state will take 50% of the difference between this average and the final sale price of every barrel. When Brent crude exceeds the $100-a-barrel average, the rate will rises to 60%.

'21st-century socialism'

President Chavez, a Socialist, has said the tax is necessary to fund key social programs as part of his effort to implement an economic and social system he calls "21st-century socialism." Critics say the tax will slow investment and development in the oil sector, and also discourage other foreign direct investment in Venezuela.

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Venezuela starts collecting new windfall profits tax on oil companies originally appeared on BloggingStocks on Fri, 18 Apr 2008 14:47:00 EST. Please see our terms for use of feeds.

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