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Energy was most punished sector in 2020
- Lockdown crushed demand
- Energy transition theme (solar, batteries, lithium, rather than oil & gas
2021: Economic recovery & found out the world was still running on fossil fuel
2022:Russia/Ukraine was the cherry on top. Along with greatest inflation surge in more than 40 years
by april investor where most overweight commodities since 2006
2023: XLE underperformed SPY by 26%
2024: CKE underperformed SPY by 24%
2025: may 25 weight among investor 2.5 std dev below average, energy as never been so hated, not even in 2020
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