The nicest e-mail we've ever received... Brisket revisited... Here you go, Russia... Can you blame the guy?...

BP "sold" its stake in the Kovykta gas field to Russian state-controlled OAO Gazprom this morning for between $700 million and $900 million. BP teamed with three Russian oligarchs to form TNK-BP, which acquired a majority stake in the field.

BP spent $8 billion developing TNK-BP in 2003. The partnership accounts for one fifth of BP's global reserves, one quarter of its production and one-tenth of its global profit.

And yet, according to The Wall Street Journal, "BP officials have stressed that Kovykta has no value in its current state, with the prospects for export routes uncertain and little infrastructure near the field. They repeatedly have said they wanted Gazprom to have majority control of the project because it has a monopoly on exporting Russian gas and officials had hoped to sell output to markets in China."

Welcome to the party... Long-time Blackstone Group (BX) rival, KKR, yesterday announced its intention to make an IPO. The group has been in talks for weeks and has retained Morgan Stanley and Citigroup as underwriters. Conveniently timed, KKR made the announcement the day before Blackstone shares started trading. On a separate note, Blackstone shares were priced at $31. As of this writing, shares are heading toward $38 – a one-hour run-up of 23%.

Lear (LEA) delayed its annual meeting three weeks until July 12. As we wrote yesterday, Carl Icahn's bid for the company, which will be voted on at the meeting, took a hit when Institutional Shareholder Services recommended against the proposal.

The company's management supports Icahn's $36-a-share bid, as it is more than double the price of the stock last year. The company also said it sought higher bids from 41 potential buyers without success.

Signs of a market top... Year-to-date 2007, companies in international markets have raised more than twice as much money – $48 billion – as the countries themselves.

New highs: BHP Billiton (BHP), Covanta (CVA), Grey Wolf (GW), Oakley (OO), PetroChina (PTR), Taiwan Fund (TWN).

Porter returns on Monday. Let's get fired up over the weekend. Give him something to do when he retakes the reigns... feedback@stansberryresearch.com.

"Dear Anonymous, I don't know what to say, I am grateful beyond what words can express. 'Thank You' comes to mind, but I'm not sure if that conveys the absolute feeling of gratitude. I wrote that letter, not because of unemployment, but I felt moved because of the insinuation that Porter and colleagues are nothing but 'frauds' when I knew first hand that he was a man of his word after I asked for a refund. I respect your anonymity and if you ever feel compelled to reveal your identity I would like to thank you in person. For it is people like yourself that stand proud and give out a helping hand to those that least expect it.

"In response to Goldsmith's comment, when you attach your name to some of the best advice in the country, the laws of attraction have surrounded you with some of the best people you could ever ask for, but I'm sure you already know that and now I'm very lucky to realize that. Thank You All." – Paid-up subscriber John DeProspo

"Goldsmith... How [are] the allergies? Do you have to look after Porter's dog again while he's in Ireland? (I don't golf, either. It's a masochistic game, and I'm not really into that stuff.)

"Anyways, in regards to Icahn and Lear, can you blame him? I mean, really, come on, leave the poor guy alone. When I went to buy my new truck, do you think that I went in, looked at the sticker on the window and said, "OK, I'll pay that much for it"? Of course not. I dickered with the sales guy and made myself a deal. The man is trying to get a deal on what he thinks is a good company. So, again, I ask you: Can you blame the man for trying to make a deal?

"And Porter, if you are reading this, please note the following: I read The Daily Reckoning, Whiskey and Gunpowder, The Rude Awakening, and the Agora 5 every day. It PISSES ME OFF TO NO END when Bonner, Wiggin, et al call their membership 'dear readers.' JEEZUZ MURPHY THAT MAKES ME CRAZY (Yes, I have sent them an e-mail regarding this point). Somehow, it seems almost condescending to me when they throw that in. Anyways, could you not do that, pretty please with some whipped cream and a frickin' cherry on top. As of late, it seems that they have slackened the 'dear readers' jibe and limited it to just twice per letter, but it did seem a TAD on the overused side (Please note the sarcasm dripping in my tone there)." – Paid-up subscriber Stephen

Goldsmith comment: Dear reader (please note the dripping sarcasm), my allergies are clearing up. And no, I'm not watching the dog. I value my well-being more than a few free bottles of Brunello. In regard to Icahn, I completely agree with you. I like stuff on sale, too. In fact, I just got a great Ralph Lauren shirt for half-off last night. It's green.

"So the guy that gives you the riot act for sending him e-mails – what does he do with all of the other spam? I would like to see those letters. Gee, if I find something offensive in the ol' inbox, the delete key is pretty easy to find, and I get on with life... By the way, your customer service team is great to work with if you have a problem." – Paid-up subscriber James

"Can I know why you don't attend to your subscriber's question about the actual investing problems and only about their feelings towards you? I asked about buying a stock you recommend after it had spiked up... and got an answer that said, 'We are sorry we can not give investment advice!' What the heck? And you expect me not to cancel my trial????????!!!!!!!!" – Paid-up subscriber Mr. Barnatan

Goldsmith comment: Sorry, but the SEC bars us from doling out individual investment advice. We are, however, allowed to publish our thoughts and findings on the stocks we recommend. As far as publishing how readers feel about us, well, that's just way more entertaining.

"I know this trades on the London Exchange under MCAU.L, but I was able to buy Speymill through my U.S. online broker, TD Ameritrade, under the other OTC (pink sheet) symbol SPYUF. Ask Steve if he thinks it was OK to buy it this way. You can also pull it up on Yahoo under SPYUF.PK." – Paid-up subscriber Ron Martin

"You love negative feedback, so here it is. A couple of months ago, we had a gold stock [recommendation], from Badaili I suppose. Because it was traded in Vancouver I e-mailed and asked if it was the same company that had a U.S. listing, roughly the same price when currency variation was taken into account. In the same letter, I asked about the gold conference in Long Beach. So the response I received was that S&A isn't licensed to provide advice. Advice? I just asked if it was the same stock. Also, [you] never addressed the question about the conference.

"Now today, I get a [recommendation] about a Toronto listing. I research it, and it appears I can buy the stock using a U.S. listing... But there are two listings for this company [so] which is which... Do you need a license to provide the U.S. listing if available? After all, you are reluctant to provide an international newsletter because of lack of demand. So why not tell us the U.S. listing if available?" – Paid-up subscriber Slevin

Goldsmith comment: As I said above, no individual advice. Our editors usually recommend buying these stocks on their home exchanges because there is more volume and regulation. With regard to trading in the pink sheets, there is usually low volume and large spreads between the bid and ask prices. Investors be wary.

"I find some of the people who rant at you about one figment of their imagination or another rather sad and yet amusing. When I was young, my father... said, 'Violence is the last resort of the incompetent.' I believe that swearing and name-calling can safely be included in the same category. People do that because they are at a loss to express themselves adequately. What is sad, but amusing, about that is their failure to see that in doing this they are saying more about themselves than about the person who is the target of their rant." – Paid-up subscriber J Douglas Holmes

Regards,

Sean Goldsmith
Baltimore, Maryland
June 22, 2007

Our customer service team received hundreds of calls requesting Porter's brisket recipe. You must give the people what they want...

You'll need a whole brisket. Trim the fat cap lightly. (My butcher does this for me, leaving about an eighth of an inch of fat over the entire top of the brisket.)

For the rub you need:

1/4 cup kosher salt
1/4 cup light brown sugar
1/4 cup sweet paprika
2 tablespoons pure chili powder
2 tablespoons black pepper
1 tablespoon onion powder
1 tablespoon garlic powder
1/2 teaspoon dried oregano

For the mop sauce you need:

1 cup of beer
1 cup apple cider
1 cup vinegar
1/3 cup beef or chicken stock
1/3 cup vegetable oil
1/3 cup Worcestershire sauce
2 tablespoons Tabasco sauce (or more, to taste)
Salt and pepper (to taste)

Put the rub on 10-12 hours before you smoke the brisket. Cover all sides liberally. Leave the meat in the fridge for as long as overnight.

Set your smoker up to go for as long and at as low a temperature as you can handle. Use oak or mesquite wood. Ideally, you'll cook this beast at around 208 degrees for 12 to 14 hours.

After you put the meat on, check the temp every hour or so to make sure all is well. Don't allow the temp to go over 250 degrees, or you'll have tough brisket on your hands. Keep it low. Cook it slow.

After five or six hours, you'll notice that the meat looks dry. It's time to mop. Get the mop sauce out and mop the meat every hour or so. At around 10 hours in, cover the brisket in foil and leave the rest of the mop sauce in the foil wrap.

Keep smoking it until you achieve a high internal temperature, around 190 degrees. You'll know it's done because when you stick your meat thermo in, the middle of the brisket will feel like pudding – it'll be that soft.

When it's done, take the beast off the smoker and wrap it tightly in a few kitchen towels. Stuff it in a Dutch oven or other pot. Let it rest for two or three hours. Don't worry, it'll stay hot... and it will absorb all the fat that would otherwise run out as soon as you slice it.

One step left: Amaze your friends with the best-tasting piece of beef they've ever had. I serve my brisket with a Brunello – a big, fruit-forward red wine from Tuscany. This year it was a 2003 Togata, which was our favorite from a tasting trip we took in September. It's important to let Brunellos breathe for several hours before serving them.

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