This article series provides a monthly dashboard of industries classified by sectors. It compares valuation and quality factors relative to their historical averages in each industry.
Executive summary
The energy sector has been hit by two black swans: COVID-19 lockdowns and an oil price war. Fundamental ratios make little sense now: many companies have hit a discontinuity in their operations. Current prices are the result of the market's opinion on the double black swan impact, plus some deleveraging action followed by a relief rally. For example, ConocoPhillips (COP) and Chevron (CVX) went up about