Hourglass Capital, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter, the Energy sector of the S&P 500 had a total return of 39.0% versus the broader Index of negative -4.6%. The fund’s thinking has proven correct in the shorter term both for the energy sector and the reallocation in technology-related names. The tech-heavy NASDAQ Index was down -19.6% at its low in mid-March before a...
