Globe says let Talisman work magic on your portfolio

UPDATE: Talisman shoots 2-D survey ahead of Sageri well

By Hwee Hwee Tan Filed from Singapore 11/6/2008 11:10:39 AM GMT

MAKASSAR, INDONESIA: Talisman Energy is shooting 2-D seismic in its Sageri block off Indonesia ahead of an exploration drilling campaign in 2010.Talisman expects to drill at least one well in the deepwater block, a spokesperson said today at the sidelines of Asia Oil and Gas Summit in Singapore.

Talisman has earlier secured a rig slot on Transocean drillship GSF Explorer through the Marathon-led Makassar Strait Explorers Consortium.Sageri covers an area of 3,878 square kilometres (1,497 sq miles) in 2,000 meters (6,561 ft) of water on the South Makassar Basin.

Talisman was awarded 100 per cent operating interest in the offshore block in March 2007. The committed work programme includes a 5,000-kilometre (3,107-mile) 2-D seismic survey and the drilling of one exploration well.

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Globe says let Talisman work magic on your portfolio

2008-11-06 07:13 ET - In the News

The Globe and Mail reports in its Thursday, Nov. 6, edition that Talisman Energy shed 46 cents Wednesday on the Toronto Stock Exchange to close at $12.18. The Globe's Allan Robinson writes in the Eye On Equities column the stock has a one-year range of $9.27 to $25.40. UBS Securities Canada analyst Andrew Potter says Talisman Energy could increase the number of drill rigs in operation on its Montney natural gas play in British Columbia and Alberta from two to 12 by mid-2009. It is also expected to reduce exploration for conventional natural gas.

Mr. Potter maintains the stock at "buy" with a price target of $19. Portfolio Management managing director Norman Levine recommended buying Talisman in The Globe's BNN Market Call column on Sept. 9 when it was trading at $16.85. He said Talisman was trading at a discount. Sprung and Co. Investment Counsel president Michael Spring was keen on Talisman in the BNN column on June 27 when it was trading at $22.13. Blackmont Capital analyst Menno Hulshof targeted Talisman at $28 in The Globe on June 12. It was then trading at $24.54. Citigroup analyst Gil Yang rated Talisman "buy" in The Globe on March 27. It was then trading at $17.64.

Warren Buffet bought his Omaha, Neb., home in 1958 for $31,500 (U.S.).

They're counting pennies and buying on sale

ANDREW FARRELL
Wednesday, November 05, 2008
Warren Buffet bought his Omaha, Neb., home in 1958 for $31,500 (U.S.). Today, Mr. Buffett is about $50-billion richer, but he still lives in the same place.

The penny-pinching nature of America's second-wealthiest man is legendary. He drives a Cadillac. He prefers burgers and Cherry Cokes to a pricy steak. When a waiter once tried to pour him some rare vintage wine, Mr. Buffett covered his glass and said “No thanks, I'll take the cash.”

He isn't the only frugal billionaire. While big spenders like Oracle's Larry Ellison grab headlines for antics like buying the longest yacht in world, the thrifty rich lie low – and spend little in comparison. Expect converts: A recent survey of 439 high-net-worth families by wealth-research firm Prince & Associates found 59 per cent are cutting back their spending.

In pictures: The thrifty billionaires

Yet such reductions may actually be hard for John Caudwell, whom we valued at $2.3-billion this March. He cuts his own hair and buys his clothes off the rack.

“I don't need Saville Row suits,” he told a Forbes reporter last year. “I don't need to spend money to bolster my own esteem.”

The same goes for India's Azim Premji, who turned his dad's cooking-oil business into technology giant Wipro. Worth some $12.7-billion, he still drove a Ford Escort for eight years before trading it in for a new Toyota Corolla. He usually walks to work from his nearby home.

Mr. Premji often stays at budget hotels when travelling in India and reportedly wears non-branded suits and flies economy. Paper plates were used at a luncheon in honour of his son Rishad's wedding a few years ago.

Ingvar Kamprad is the seventh-wealthiest man in the world, but you wouldn't know it if you met him. The IKEA founder, worth an estimated $31-billion, usually wears denim shirts and decorates his home with his company's low-cost furnishings. He drives a 1993 Volvo.

“How the hell can I ask people who work for me to travel cheaply if I am travelling in luxury?” says Mr. Kamprad. “Best to stay in touch with the real world.”

This kind of toned-down spending may grow more pronounced among many of the world's billionaires. While they have plenty of money on paper, their net worth is often tied up in investments. To make even bigger bets, they might leverage their assets. During times of market turmoil like these, their liquidity can dry up very quickly.

Aubrey McClendon was forced to sell a gigantic stake in his company, Chesapeake Energy, because of margin calls. Fellow American billionaire Sumner Redstone recently sold $400-million in Viacom and CBS shares to keep his creditors at bay.

Russian billionaires, who gained a reputation for unbridled extravagance in recent years, have been even harder hit. Oleg Deripaska, Alisher Usmanov and Suleiman Kerimov all recently faced margin calls – and sharp hits to their wealth.

While these billionaires scramble to raise cash, Mr. Buffett is sitting on a pile of it. In the past couple months, his Berkshire Hathaway put $3-billion into General Electric and $5-billion into Goldman Sachs.

Mr. Buffett received sweetheart terms in both deals because he's one of the few people with billions to invest in this tough market. Good advice for anyone, billionaire or not: Count your pennies and buy on sale.

In pictures: The thrifty billionaires

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