CTEK - Capital Losses Are Tuition In The School Of Portfolio Management

• Energy is in an interesting environment given producers have financial flexibility to increase capacity based on higher, not lower prices. It is not an area we invest in and I'm in no rush to change, but there was easy money in oil when it turned negative during COVID.
• There are shifts happening in the way electricity is generated and stored. It might only be on the margin, but energy is a big pie and small changes can be meaningful. It's possible something big is happening with profound changes in valuation on the horizon for companies so disposed.
• One new idea I am buying is in the electronics space; design, assembly and distribution. The hypothesis I am testing is whether the electronics space is experiencing "a new period of electrification".

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