In this quarter's CIO commentary we look at the view through the windshield, March’s important deadlines, the ugly quarter that was, and the active management of AlphaGlider strategies.
The Trump Administration has gone all in with global warming denial and fossil fuels — pulling the US out of the Paris Climate Agreement, increasing subsidies to the coal industry, and removing regulations governing fossil fuel drilling/mining on public lands and offshore waters. The state of California, and AlphaGlider, push back.
Oil is now some $30 cheaper per barrel than when we bailed out in November, but we still have no appetite to be long the commodity. Although we feel that current prices have undershot levels justified by long-term supply and demand, we believe the Saudis have strong short-term strategic motivations that will continue to pressure oil prices over the coming year, maybe longer.