Nobody has been more right about energy markets than Goehring and Rozencwajg, whose actively-managed commodity equity fund I recommended earlier. Unlike analysts at big Wall Street houses, they are willing to deviate from consensus in a big way, and make big calls. Also, they have often been right. Their 3Q21 letter is now out, and available to the public although you have to sign up. Highly recommended if you have a big position in energy and other commodity producers, including base metals and agriculture. My interest is mostly along the lines of allocation: when to get in to the sector, when to get out, and size. It looks to me like you want to be in, in size, for a number of years.
Read: “The Energy Crisis Is Here,” 3Q21 letter by Goehring and Rozencwajg