Reading through the areaas he is invested in in the last paragrah I find that in my personal portfolioI have representation of all areas but the integrated oil giants which I can not bring myself to buy because there is a strong probability that any one of them is only one mis-step away from becoming another BP whether in risky exploration plays, tankering mishaps or disasters in under-maintained, aging refineries.

One of the strengths of being an "oil giant" is having deep pockets and access to even deeper pockets, ie. the govt. As bad as it was, the Gulf Spill isn't the end of BP. Your point is solid - expect more mishaps, shenanigans, and general order stupidity (it goes with size of an operation like that) and when they mess up - pounce!

Look at a 2 yr. weekly chart of BP to see what I'm getting at. You didn't even have to call a bottom - the market did that for you, then gave you a nice entry point on the retrace to 35.

I'm starting to think this is the only kind of trade you can make anymore. Everything's so overhyped and overpriced these days, you just about have to wait for a blow-up, then try andcatch the rebound - a sort of arbitrage or as I call it, baby catching. Gotta be careful though. You want to catch babies near the ground floor, not by leaning out a 25th story window...heh.

ebear