They were just citing industry projections. Market research groups have similar estimates.
I did exactly this. I'm no fan of O&G related stocks, but I bought OVV and SCL. More than tripled my money on those. Now 20% of my portfolio.
I recall looking at HUT and HIVE back in April 2020. I wanted to take a position in one of them or even both of them, but I wasn't confident enough because I'm a beginner. Certainly my biggest opportunity losses. They've 10x to 20x. These kinds of gains are game-changers and potentially life-changers.
Did this as well. I have positions in SU, ERF, ENB, MEG, and TVE. I don't consider these gambling, though. But they are doing well.
Don't sweat it, I've missed out on a LOT of huge gains, I considered the Google IPO, and it took me years to understand Amazon, or realize the MSFT reorientation.
That's very speculative trading as well. Trying to catch a falling knife, etc.
I wouldn't call it speculative like buying in to bitcoin dealers that make $5mil revenue a year, lose twice that much, but somehow have a market cap of 3.5Bil.
This is an interesting point you bring up. Now I am no investing pro but I did want to ask something regarding this. There is a huge move to go toward green energy. Oil and gas are not considered that. I do know that the demand of oil and gas will not go away any time soon but would it be a bad idea to hold oil and gas companies for the long term? I ask because eventually the oil and gas companies will get pinched by this. I am not sure if any (O&G) energy companies have started getting into renewable energy but wont these companies eventually see a further stock decline in the future?
Are you saying it was obvious, back in March/April, that March was the low in energy stocks? And it was obvious that they would go up?
Pretty much, and I invested as such. And everyone who's worked in the industry on here also did the same. It's a pretty predictable pattern.
If it's obvious, kind of makes you wonder why investors would be willing to sell off so broadly. Most days in March had over 60 million shares of XLE traded, that's about $2 billion traded per day. Maybe around $30 billion in trades made through March on XLE.
Wasn't just energy stocks, many sectors dropped. The only questions at the time were, where is the bottom and how long for the recovery. Also, in order to make significant gains one doesn't need the exact bottom.
I see it as the highest expected value situation of my 40 years in investing. I get the falling knife though. I'll likely have more losing transactions than winners until I am up over 100% or 200%. If I get there of course. Broke through break even 2 or 3 weeks ago. Even BTE is moving up, my last position in a loss on ACB.
