Whenever I establish a new position in a stock, I try to write down my reasoning. Here's what I wrote about COP:Reasons to buy Conoco Philips1. I want an energy stock in my portfolio2. This one is cheaply priced (undervalued compared to XOM and CVX)3. Warren Buffett likes it4. Decent yield (2.4%)5. S&P gives it a BUY rating (4 out of 5 stars)6, COP is the 3rd largest integrated oil company in the US (more room for growth compared to XOM and CVX)7. COP is the largest natural gas producer in North America (diversification)The only reasons that I could think of NOT to buy were that:1) We are clearly in a BEAR MARKET overall, and2) A mutual fund that I own (UMBIX) already gives me significant exposure to oil stocks (COP is their 5th largest holding).Anyway, I bought shares today at 77.75 I will probably buy more shares over the next several weeks, especially if the stock price drifts lower.Wish me luck. And please share your thoughts on COP.Thanks.Jack
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