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.