Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The fossil fuels sector, broadly defined, is enjoying its greatest degree of success in raising capital in over five years. The volume of IPOs, follow-on offerings and debt issuances are making five-year highs. This serves as another example of the danger facing investors when they misinterpret cyclical as secular changes in the financial and real economy.
Fundraising activity has rebounded broadly. Exploration and production companies as well as oil field services firms have enjoyed renewed demand from the capital markets. Small as well as large issuers have successfully raised funds this year.
The demise of fossil fuels has been greatly exaggerated. Attractive investment opportunities abound in oil and gas stocks as a result.
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