Today we consider energy and oil and gas stocks once again.
While oil and gas prices have done a great deal over the last six months – up a bit, down a bit, then sideways – the associated companies have done very well: the producers, the service companies and so on.
Many years of bear market belt-tightening are now paying off.
However, in my opinion, we are not yet at that point of excess and decadence that marks the end of a cycle – crazy mergers and acquisitions, insane valuations and Bacchanalian behaviour from the executive classes. So I venture today, as last week, that there is still plenty of gas left in the tank of this bull market.
