Jim,
Thanks for your post. Cramer is both
an iconoclast and an enigma...but interesting
nevertheless.
Picking oil services back when oil was at $10/barrel
seemed easy for a whole multiple of reasons. Not the
least of which was that Saudi Arabia was actually going
bankrupt at those prices. And all those Princes wanted to
continue living "high on the hog". And, of course, now
that they are being advised by a whole slew of Harvard
MBAs OPEC can probably keep the price at least over
$18/barrel. Oil drillers can prosper at that level. I bought
heavy into GLM and FLC when they were in the single
digits. And, to tell the truth, my arm is getting weary
from patting myself on the back.
In regards to
thrifts...I agree with you that the worm will turn. The yield
curve which is now negative (somewhat analogous to $10
oil) will reverse itself. When and just what will be
the catalyst to do it is the question. And then,
hopefully, the thrifts will pick up like the oil services.
Well, maybe not quite as dramatically...but IMO they
will as short and long rates are always in transition.
Moreover, mergers-and acquisitions should probably pick up
after Y2K.
Jack (up with HCBK...and Provident
and Investors get with the program)