The Energy Trade Isn’t Over, It’s Changing: What to Buy Now

Szybunka sees energy's next leg coming from mispriced natural gas, mid-caps and services, not further large-cap oil gains.

• Cycle entering optimism stage: Szybunka says energy has moved from 'disbelief' into the early 'optimism' wave of a 15-year cycle, with energy still just 3.8% of the S&P 500.
• Rotating down-cap: After large caps and integrateds led 2025 gains (TSX energy +30%, oil equities +40%), he's shifting into natural gas, mid-caps, and oilfield services where valuations lag.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.