XOP - AMLP CEM And NML: Still Bullish On Energy Yet Start Taking Some Chips Off The Table

• We've become energy uber-bulls, toward the end of Q3/2020, and we haven't pulled our leg off the energy/fuel pedal ever since.
• Being an "Energy Bull" during one of the strongest energy cycles ever surely gives one's portfolio wings. This, however, also creates some rich people's problems that must be addressed.
• With great (allocation to) power comes great responsibility (for risk management), and we found ourselves in a position where we have to let some (exposure) go.
• Lightening up on some of our exposure to the energy sector is a bit like waving goodbye to your kid when he/she leaves the house; you'd love to see them sticking around, but you know it's the right thing to do.
• In order for a kid/portfolio to keep growing, and reach its full potential, we sometimes have to make tough choices. Nonetheless, taking difficult decisions is often what makes long-term targets easier to fulfill.

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