Thursday, September 15, 2011

BP Officially To Blame on the Macondo Blow Out

Cost cutting and rushing to blame:,0,5653364.story

Now some self promotion.  This mess created one of the more profitable baskets of investments I've made in a while.  I covered them real time on my blog at the time of purchase and the time of sale

Ensco on July 1, 2010 – Share price $39.28 – Selling Share price - $56.10

And yes, I wrote that before the Einhorn disclosures….

Cobalt on July 28, 2010 – Share price $8.46 – Selling Share price - $15.66

Diamond Offshore on July 31, 2010 – Share price $59.49 – Selling Share price - $78.23

Stone Energy on Aug 15, 2010 – Share price $11.77 – Selling Share price $30.28

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.

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.

Next issue out this Sunday.  Subscription link is above.

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