BP is the leader amongst oil companies in becoming an environmentally sound oil company--energy company. They are already beginning to sell the cleanest gas in the nation--way ahead of federal mandates--and they will be the leading company in solar energy and other forms of alternative energy over the next 20 years.
The bought Solarex and you can now see BP's Sun LOGO sign over the big solar manufacturing plant in Frederick Maryland. I drive by it every month or so on business and always feel good that my largest single stock holding is with BP.
If you are not in a hurry--you care about your grand children and you want a company that has seen the future--BP is the way to go.
Hi Yando-I also like BP for the long run with this qualifier. Waiting too long is a mistake-you may as well buy US Savings Bonds, they are guaranteed while BP isn't. I can see 60 for BP soon. After that, get out your crystal ball. Putting the most part of your portfolio in BP & holding for the long haul is very agressive. If you're a young employee & BP contributes to your holdings, that may be a good move-you have time on your side. Retirement-aged nonemployee investors like myself, may have a different view of your stradegy.
Thanks for the feedback--I probably didn't write this quite as clearly as I could have. BP is my largest single stock holding in any one company. The bulk of my money is in Mutual funds--Legg Mason's Value Trust and Opportunity being about 50% of my account and Vanguard INdex another 25%.
Bill Miller has beat the market for 13 years in a row with Value Trust (way beyond random luck and no one is even close to him in the mutal fund crowd) and Opportunity let's him do pretty much whatever he wants and I know I am not nearly as smart as he is.
I'll stay with BP ($30k) because it keeps paying a dividend with the low tax rate and I beleive in the long run will outperform all the other oil companies that are not moving toward sustainable and low pollution energy--)and in economic terms irrationally) it makes me feel good to have money in a company that is building a better environment for my son and hopefully some day grand children.
Never, ever put more than 4% of what you are worth in any one stock - ask the Enron, Lucent etc. employees who knew how strong and solid their companies were. Or more recently the Shell employees who found out about reserve fudging.
In long term savings its important to never have a loss you can't accept and by limiting to 4% in one stock you tend to assure that. Same applies to one industry -- DIVERSIFY