The Rising Influence of Rising Affluence

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RE "Can you folks share your largest potential energy equity holdings?"

I don't have anything significant other than indirect allocations in indices. IMO they are expensive relative to my past experience because of yield seeking behavior. I remember the good ole days when you got paid 5-7% while waiting for oil prices to recover from cycles. If I were to buy currently, it would have to a reflection of optimism on oil prices going up so someone has to convince me that there will a long term shortage of supply, even if there can be short lived spikes.

If I had the urge to buy something, it would be the shale servicers. The lowest risk being CLB (special core analysis) and more volatile HAL (fracking). Just look at Bahrain, that will keep those two busy for a while. If I am chasing yield, I would look at Gazprom and Lukoil particularly if Russia market craters further. I may do the latter if I think it is irresistibly cheap.