Back in August, I noted that oil looked to be making a right shoulder and that I was buying a basket of oil service companies as many of these companies, particularly in the offshore service, space traded at tiny fractions of NAV. Since then, most of my basket made new lows before rallying strongly in the past few weeks. The companies in my basket are now up 20% to 80% since I wrote about them in August. With Trump’s focus on making America great again, I’ve now exited all of these positions in order to focus on companies that will benefit more from strong economic growth–as opposed to simply the price of oil and demand for oil services.
Despite the recent rally in the market, I’m finding great values in interesting places. Stay tuned for more updates.