I'm fascinated by BP's attempts to stop the oil leak, especially today with the Top Kill operation underway. I've had multiple nerdgasms following the story. I mean, seriously, I'm sitting in my home office in California and watching an oil leak a mile below the surface, on a live submarine cam, as scientists try to save the Gulf from destruction. You know this will someday be a movie, and I'll watch it again.
As I mentioned in an earlier blog, I bought some BP stock recently because I liked the odds that the top engineers and scientists in the solar system, with unlimited funding, presumably somewhat freed from management meddling, could plug a hole. And yes, I averaged down.
I also assumed that the liberal media's coverage of the oil damage would depress the stock more than necessary. It's a catastrophe, no doubt, but even catastrophes have levels. I'm betting the financial damage will be very, very, very bad and not very, very, very, very bad.
This is also a test of my theory that you should buy stocks in the companies that you hate the most. In general, you hate the companies that have the most power. And BP is the frickin' Death Star of companies. They're in the process of destroying an entire region of the world and there's still no talk of cutting their next dividend. I admire them in the same way I admire the work ethic of serial killers. There's an undeniable awesomeness about BP. I hate BP, but I still want to have their baby.
Note: Do not take stock advice from cartoonists who want to have babies with oil companies.