There's an old saw take what they give you.
Right now the market is focused on the possibility of another slowdown or even slipping back into a recession. It's a global concern.
Commodities in general and metals and mining in particular, that's what the market disdains now. And hydrocarbons. Could there be a trap here? Of course. Life's full of traps.
But even hydrocarbon haters like Jeremy Grantham, a UK transplant who's investment strategist at Grantham, Mayo and van Otto (CMO ), a Boston asset management firm, admits in a recent interview are holding onto their hydrocarbons.
Grantham's a big climate change believer, a guy who like a lot zealous converts thinks his facts are the only real facts. That he admits to holding onto his hydrocarbons is more about hedging than honesty or conviction.
Ask yourself these questions. What is all the easy-money policy about and what do all these central bankers want? A recovery. Without energy recoveries are DOA.
If you think no recovery will ever occur, you might want to sell or short hydrocarbons. Or if you think another recovery is just a matter of when, you might start entertaining the prospect of taking what they give you.
http://www.guardian.co.uk/environment/blog/2013/apr/16/jeremy-grantham-food-oil-capitalism
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