By: Scott Davis, Carter Copeland & Rob Wertheimer

On our Melius launch in Oct 2017 we stated that we are only in inning 3 of the upcycle, however the market seemed to already be discounting ~80% of it.  Since then we are even more fully entrenched in a bullish cycle call but…admittedly still haven’t had a bearish investor meeting in quite some time.  Sentiment was too positive. We needed a correction and got one, well…at least until yesterday’s rally.  Either way, we still have 1/2 of our coverage down 8% or more.

Report Here