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The Importance of Stock Picking, Illustrated in Oil

What about drillers like DO and RIG? i like DO. Refiners pay the high price for crude, the reason why a lot of them have lost since mid 2007.

On other note, as I understand it, the author seems to be making a point to follow the market, by following the cash flow. Buy what others are buying and sell when others sell. I think, retail investors will almost always find themselves buying at the peak and selling at the bottom if they follow this rule.