Smead’s Folly Becomes Newsom’s Folly

We became extremely bearish on energy in 2011. At the time, we saw interest in Seattle for hybrid and electric cars. This convinced us that 10% of the cars on the road nationwide might be hybrid and electric by 2020. In actuality, only 2% of total unit sales in the U.S. were electric vehicles over the last ten years. We also felt back then that the enthusiasm among investors for emerging markets/China was overblown and would cause oil demand forecasts to fall short of expectations.Q2 2020 hedge fund letters, conferences and moreIt turns out we were wrong, because we were too early in our predi…

Read More

HEDGE accordingly