Excerpt from the Wall Street Journal quoting DataTrek’s Nick Colas:
…. ” One simple explanation: No asset manager wants to deliver subpar returns. Energy stocks have been a losing bet this year. But research from the Federal Reserve Board has shown U.S. recessions have often followed periods when oil prices have run up rapidly. During those times, energy shares have often been among the few sectors to reliably produce gains—making them an important group for asset managers, said Nicholas Colas, founder of DataTrek Research“….
Read the full article here in the WSJ!