Shasta, did you buy ERF?
Re CCJ, its a LTH for me.
My investment concept is that the world energy supplies are constrained for the next few years and that is just because my crystal ball is fuzzy. Oil production is maxed out, Nat Gas is constrained until more LNG tankers and facilities are built, coal production can be accelerated, nukes will be built, ethanol from cellulose, and small contributions will be made by wind and solar. All this may result in a small increase or flat worldwide energy production.
Every forecast shows increasing demand as there is a good correlation between economic activity and energy use.
Therefore, prices will rise until we are compelled to be more efficient with what we are producing. Just a guess, but I think it will take $100 oil before we here in the US meaningfully reduce consumption, primarily by increasing vehicle efficiency and electrical transmission and consumption efficiency improvements.
To make the necessary improvements in efficiency to offset demand growth, I think it is more likely to take more than $100 oil than less.
So, a long answer to a short question, but I think every portfolio should have a large energy component and I wish I had not sold half my CCJ. I lighten up several positions during the recent energy correction. When the most recent pull back reversed and took off, I was sitting on 10% cash that I wish I had just left in my energy traders.
