BP

At what point do you buy some shares of British Petroleum? Their little ditty has wiped out 25% of their Market Cap ($60B). They're clearly on the hook for cleanup and some big fines but could that be anywhere near $60B?

With a P/E of 7 (Exxon is 14) it sure it tempting. Barron's calls it a "deep value" play, which made me laugh out loud but got me thinking about it. I already own some of this as part of my Vanguard Energy fund (VGENX) but maybe I could stomach a little more?

The "con" side of the argument is that the whole world is thinking about this so could there truly be any undiscovered value here? I guess not. Any gain I suppose would basically be from buying risk. This stock is probably one step away from the craps table at this point.