My first post of the year. I did mention briefly last year that I had gone long on oil. That position is of course, taking some heat. I started going long at about $46/barrel oil and it still had lot farther to fall. There is an old adage “The graveyards of Wall St. are littered with the skulls of those who were too early”. They were probably margined out the hilt.
Fortunately, I’m not. So I just wait, well actually I’ve been buying more oil all the way down. I find this a lot different than piling into, say Nortel … Read the rest