The Divergence in Energy Stocks vs. Crude

In the last two weeks, we’ve received several inquiries regarding energy equity outperformance relative to declining oil prices. Many people reference some version of the following chart:   Source: Strategas, 11/29/22   For a commodity-driven sector, the...

Assessing the Downside

When we think about narratives surrounding slowing economic growth, our job as investors is to translate narrative into number. In other words, if the Federal Reserve continues to hike interest rates, if the housing market gets sluggish, if unemployment starts to...