Now some self promotion. The BP Macondo mess created one of the more profitable baskets of investments I've made in a while. I covered them real time on my blog last year at the time of purchase and the time of sale
Ensco on July 1, 2010 – Share price $39.28 – Selling Share price - $56.10
Increase 42% in about 9 months
And yes, I wrote that before the Einhorn disclosures….
Cobalt on July 28, 2010 – Share price $8.46 – Selling Share price - $15.66
Increase 85% in about 8 months
Diamond Offshore on July 31, 2010 – Share price $59.49 – Selling Share price - $78.23
Increase 31% in about 8 months
Stone Energy on Aug 15, 2010 – Share price $11.77 – Selling Share price $30.28
Increase 157% in about 8 months
Here is the post where I exited:
These were not easy purchases to make, because at the time the television was telling us 24/7 that small producers were going to be put out of business. But with some common sense and by following the details of the proposals in Congress I sucked it up and bought this basket of stocks.
Opportunities like these don't come along often and I think I've got another set that I will be covering in my newsletter in the coming weeks and months. Hopefully the market stays where it is so prices stay attractive for a while.
Next issue out this Sunday. Subscription link is above.