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In 2004-2005, I bought oil equipment companies and oil drillers, sprinkling among a dozen companies in this sector. It more than hedged against the rise in price of gasoline. In fact, it nullified my sin of being tech stock laden in 1999-2001, and helped me climb out of the hole.
I also bought OIH. Not knowing where the top was, I only set trailing stop loss orders on them, and was able to get out later with some profits. I will buy again, perhaps next year.
Never bought USO, which came out later than OIH.
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