Vanguard Energy Move...
We recently made some changes to some client’s holdings in the Vanguard Energy fund. The fund was supposed to be a hedge to inflation as well as a proxy for commodity prices (oil) and give us upside potential when the price of oil goes up. It did that for most of the past five years we held it (see blue line below). Lately though the price of oil and the mutual fund have moved...Quote from Dr. Ed Yardeni’s Econom...
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July 31, 2008 |
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The price of oil jumped $4.58 a barrel yesterday. The WSJ reports, “Futures rebounded Wednesday as an unexpected, 3.5 million-barrel drawdown in gasoline stocks for the week ended July 25 highlighted the resilience of U.S. demand.” Sorry, I don’t buy this story. Gasoline demand is falling in the US and the global economy is getting weaker. The supply of oil is plentiful right now....
