This is a must see, so take the time and watch this.
I don't have video that I can embed, so click on the post title, or copy and paste the link below.
http://watch.bnn.ca/squeezeplay/october-2008/squeezeplay-october-2-2008/#clip98221
The crude oil trade is getting close to our recent lows, if we breach $90.00 things could get interesting.
Daily Crude Oil Chart
4 comments:
The man said it thus:
"If you left the arbiter of justice to be with the markets, it will deal out profits and it will deal out losses to those who are responsible and those who are accountable."
I agree, with qualifications. Your reference to John Galt contains both an instruction and a warning, and should help to keep those of us who actually have the luxury of thinking about these things out of trouble -- for the most part.
As an ideal, Objectivism is desirable as an ideological and socio-political framework for progress. (I don't think it is a philosophy per se. I think those who do are reaching.)
Is it desireable in practice? Not so much, only because human nature is a bit more complicated and unsavory than Ayn Rand allows or will admit to in her perfect ideations.
But it was a good video. I'm going to read up on this guy. Did you see the interview of Kramer on FT's View From the Top?
I have now. Good stuff.
I'm just reading The Fountainhead now, and loving it.
I read Atlas Shrugged and the Fountainhead when I was 20 -- at the time, I was working on a rural electrification study in a remote part of Matabeleland North, in Zimbabwe. I read the books mostly at night, by candlelight, in my sleeping bag on what was an immaculate dirt floor in a waddle and daub hut. Good books. Great place to read them. And even better memories. (I don't think I've ever slept better in my entire life.)
On to crude: Just read that GS thinks it is going to $50. I had planned to start buying at $80 and lower for a long term play. What do you think? A long term spot play? An series of short term futures or options plays? I'd like to be leveraged, though not to high. Or should I talk to you about this offline?
LT that sounds like a great place to read books.
As far as a crude oil long term call I'm not qualified to give that kind of advice, or any advice for that matter. :)
All I can offer to the discussion is what I actually do for myself.
I don't play any pure commodities on a long term basis as they cost too much money to hold. Now options would be the exception to that but other then some covered call writing I know little about options.
If you believe the peak oil theorists we are either there or close to peak oil. We are a carbon based economy and that is not going to change quickly.
So long term I think oil is going up. It's the definition of long term that's the problem. This credit issue throws a wrench into demand, and we don't know how bad or how long this "issue" will be with us.
My long term play on crude and nat gas is through one producer, EnCana, one oilfield supply company, Russel Metals, and one gasoline retailer, Parkland Income Fund.
I want to be paid to wait and owning companies with net income and dividends does that for me.
Owning crude oil futures does not.
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