In short: "Sold some Patterson" — another energy name trimmed into the extension, still part of the long-energy thesis.
Patterson-UTI is an oilfield-services company — it owns the drilling rigs and equipment that oil producers hire to get oil and gas out of the ground.
Like Chevron, he trimmed some after a strong run, but it remains part of his long-term bet that energy is in the early innings of a multi-year bull market.
6:23Because right now the XLE ETF, all the stocks combined are only worth about two trillion bucks. And then if you look at the FCG ETF, the OIH, and the XOP — those are the four big energy ETFs. It's maybe three trillion dollars in all of the energy stocks combined, whereas the NASDAQ 100 is about 31 trillion. So we're in the early stages of this multi-generational bull market for energy equities.
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