Energy is the classic late-market-cycle investment that rises when growth begins to slow and stocks look expensive. What’s more, energy stocks have been subdued since 2014. The market doesn’t seem prepared for a reversal since the three largest energy producers – U.S., Russia and Saudi Arabia – are reaching new production highs. A possible catalyst could be Iran, which has vowed to take revenge for U.S. sanctions. Even without geopolitical instability, the current energy supply may simply fail to ke
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