Jim Letourneau's Blog

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Day 1 - Vancouver Resource Investment Conference (Part 1)

I was up late preparing a presentation on oil and gas service companies. Thankfully, my first presentation of the day didn't start until 9:30am. The main hall was overflowing and people standing along the sides to take in the World Energy and Alberta Panel which was moderated by Peter Grandich. The other panel participants were:

  • Ian Doig, , Doig's Digest

  • Fred Kozak, Oil & Gas Analyst, Haywood Securities

  • Michael Berry, Ph.D, Morning Notes


Ian Doig (background) and Dr. Michael Berry (foreground)


Fred Kozak (or the back of his head at least - I didn't want to be too distracting)


The sea of faces in the packed Main Hall

I did a quick demographic check and probably 80% of the crowd was over 40. I was asked a couple of times as to why I asked the question. We had been talking about income trusts and I figure that whoever wants to be the next ruling party of Canada had best look after this group...who happen to like income trusts.

At 11:00am I did a workshop on Oil and Gas Service Companies. My thesis is that these companies are becoming less risky to own now that many of them are 50% off of their highs. George Soros is buying them according to http://stockpickr.com/ (a very interesting site btw). Whether using reflexivity, trend channels, moving averages or an expectation of higher energy prices in the future, the service companies are starting to look interesting. I wouldn't jump in with both feet but I suggested people start taking a serious look at this group. I'll revisit the group in June, the next time I'm in Vancouver - I'm not expecting short term explosive moves but most of the pain and suffering will be behind this group by summer.

It was a real treat to be able to talk to some of the attendees after my workshop. Often they know more than I do about particular stocks and sectors so I learn just as much as they do.