BUFFETT MEETS HUBBERT

The 'tourist returns to his familiar position of long energy

Over the past few months, I’ve been increasingly worried about the energy market. Although over the long-term, I am convinced energy still has a long way to go to the upside, I was worried by the certainty at which bulls proclaimed their thesis. The trade became crowded. Much too crowded.

It pained me to do it, but I sold my crude oil. Then my energy sto…