ENERGY STOCKS DOMINATING IN 2026 Energy is the top performing sector year-to-date with a price return of 22.0% vs. 0.9% for the overall market as of 2/20/26. So, what is driving the outperformance? Let’s distinguish the signal from the noise:   REVERSION TO THE MEAN .  After several years of underperformance, energy is the top performing S&P 500 sector by a wide margin after being near the bottom last year— Source: Bloomberg. Performance figures as of 2/20/26   —and yet the

THE POTTERY BARN RULE: YOU BREAK IT, YOU OWN IT The phrase “you break it, you own it” has recently been invoked as a warning against the U.S. pursuing regime change in Venezuela (and perhaps Iran) and facing unintended consequences. Perhaps a poor analogy geopolitically, we believe it applies well to company management teams. Management owns the decisions it makes; investors, by contrast, can sell their stock and move on.   Some of the most important decisions companies must

Happy Holidays and all the best for the new year! We appreciate all your support and help in making 2025 another successful year for Siegel Asset Management (SAM) Partners. So, what changed in 2025?  OPEC aggressively increased oil production to regain market share rather than continue to support oil prices—this was a bit of a surprise. Less surprising was the Trump’s administration’s support for fossil fuels, resumption of liquefied natural gas ( LNG) export approvals, and r