Robert Taylor enjoys playing a game of pickup hockey and knows how to skate to where the puck is going, not to where it has been. The portfolio manager applies that strategy to picking stocks, too. He avoids crowded trades and seeks companies with potential value surfacing in the future. So far, he’s scoring. His $1-billion Canoe Equity Portfolio Class fund gained 6% in 2022, when the U.S. and Canadian markets sank into the red.
Oil prices likely have a floor between US$70 and US$80 per barrel. The mid-cycle price could be closer to US$100 in a strong economic recovery. For gas, the long-term opportunity is as a transition fuel for renewables because it can be a source of baseload power for the electricity grid. A much warmer winter has caused gas prices to fall sharply, but they should move higher in anticipation of a more normal winter in 2024.
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