It’s a little early, I suppose, to be doing any kind of “end-of-year wrap-up” kind of post, but frankly, I don’t have anything new to say about the market, and I might as well share the one semi-pithy reflection I’ve got about 2015 at the moment.
My two errors this year actually contradict one another. My first error was not holding on to positions long enough. My other error was holding on to them for too long.
To address the first error: as some readers may recall, I made a post back in November 2014 called Shifting Sands which, even at the time I marked as a “Best of Slope” post since I considered it so important. My basic thesis was that oil producers were going to be wrecked, just like gold miners had. As I wrote, “I am inclined toward individual energy-related shorts, because I think they’re going to suffer the same gruesome fate as precious metals miners have”