DM Monthly Report – May 2023

PRICE TAKERS & PRICE SETTERS – If energy investors blanched when the price of crude dropped by nearly 15% or $70 a barrel in recent weeks, they shouldn’t have been surprised by the move: oil has been at that same level on no fewer than nine separate occasions over the past decade and a half. The capriciousness and unpredictability of commodity prices is one of the reasons we generally shy away from resource companies, as a successful investment in this area requires a correct call on both the company and the output that it sells.

Feature Stock: Alphabet (GOOGL) – The past two calendar years were almost mirrored for shares of GOOGL, with the stock gaining more than 67% in 2021 and then falling by nearly 40% in 2022.

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