Earnings season began this week with mixed results. And if there are two companies that tell the story of these times, they are Snapchat (SNAP) and Schlumberger (SLB). Snapchat you surely know. Once the darling of young people sending ephemera to each other during lockdown, it is now little more than a glorified penny stock sent reeling from its soaring pandemic-era valuation. A dreadful year for tech, social media most of all, and another dreadful earnings call to mark its passing. Schlumberger on the other hand sounds like a retail outlet for elderly European equestrians. It is in fact an Oil company. And its star is on the rise. The so-called Great Rotation, from overvalued Tech to undervalued Commodity companies, continues.
Which begs a recurring question of this podcast? Are we entering the Last Great Age of Oil? A final shortage that will send commodity prices soaring and with it the profits of the fallen Oil Giants? Or will a recession wipe demand off the board? For the purposes of investing, does it even make sense to chase the rally in Oil, or has the opportunity already passed?
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