In short: Brown's specific instrument for the "energy is not exhausted" case, chosen because it strips out the majors: "the IEO is the producer — taking the Exxons out of the equation, it's more like the independent energy companies, and they are making all-time record highs today. And from my perspective that is not bearish. The IEO is up 54%, better than the XLE, up 45% on a year-to-date basis." The point being that the leadership sits in the E&Ps rather than in the oil-price-levered integrateds — which is also where Harrington's objection doesn't apply.
This fund holds the companies that actually find and pump oil and gas — the independent producers — and deliberately leaves out the giant integrated oil companies like Exxon that also refine and sell fuel.
Brown uses it as a cleaner instrument for the same trade. It is up 54% this year versus 45% for the broad energy fund, and it is making all-time record highs right now. His conclusion is simply stated: a group setting record highs is not a group about to break down.
The distinction matters because of the argument Jenny Harrington makes in the same segment. Her objection to energy is that the big integrated names have gone up simply because crude went from $58 to $86 a barrel — the businesses did not change, the commodity did. The producers in this fund are much more directly the same bet, so the criticism does partly apply; the difference is that their leadership and breadth is stronger, not that they are insulated from the oil price.
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