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I don't think I'm ready to invest in BP yet
11-08-2010, 05:02 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Nov 2008
Posts: 3,408
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I don't think I'm ready to invest in BP yet
This is about a week old so I don't know if this has been discussed. A journalism group called ProPublica obtained a document from BP internal maintenance that states 148 BP pipelines on the Alaska north slope are severly corroded and could easily rupture. According to BP workers many of the walls are worn to within a few thousands of an inch of bursting. They also say that the fireand gas warning systems are unreliable and that some oil and waste holding tanks are on the verge of collapse.
Extensive corrosion threatens BP pipelines in Alaska, risking explosions, spills
Would anyone consider this to be a good reason/time to invest in an oil company other than BP?
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11-08-2010, 06:58 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,888
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Here is how I look at it - generically:
If bad news is out on company XYZ, the stock price drops - that might be a GOOD time to buy, right (buy low, sell high)? The risks are now known.
So you buy company ABC instead at a higher price. Next week, THEY get bad news that was unknown when you bought and their stock drops. Oooops!
To my thinking, bad news or good news has no effect on my buying decision, because the market has already reacted to that news. Too late for me to profit from it or protect myself. What I might be able to do, is estimate if that reaction is under or over done, and invest accordingly. There is the opportunity, IMO - if you can read the tea leaves.
-ERD50
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11-11-2010, 09:25 PM
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#3
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
Posts: 923
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I bought in on BP while everyone else was running away, it's been a pretty good decision thus far.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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11-11-2010, 09:31 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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I wrote Jan 35 puts on BP during the crisis, I am reasonably sure that they will expire worthless. In truth, if I knew what a screwed up company culture they had I doubt I would have written them.
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11-11-2010, 09:53 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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I bought a little BP when it was down. Not adding more. Waiting for developments...and reinstatement of the dividend in 1Q11.
__________________
I have outlived most of the people I don't like and I am working on the rest.
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11-12-2010, 09:02 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,113
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The internal erosion of the Alaska pipeline has been known for years. There is grit in crude that erodes the pipe. The question is whether or not there is enough ROI going forward to replace it. As I recall BP isn't the only investor in the line.
__________________
Duck bjorn.
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11-12-2010, 10:21 AM
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#7
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Full time employment: Posting here.
Join Date: Apr 2010
Posts: 853
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i think there are going to be a few BP workers looking for a job. but maybe that is what they wanted.
those with journalism degrees spinning doom and gloom on complex technical subject matter. no conclusion can be drawn from this dribble. but yes, BP is a train wreck right now, and has been for many years.
i leave my money in big mutual funds--my megacorp's stock included, which i think was referred to as..."an oil company other than BP."
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