Fisher Investments’ founder, Executive Chairman and Co-Chief Investment Officer, Ken Fisher, shares his outlook for energy stocks in 2023. Ken notes that historically, categories that outperform during a bear market—as the Energy sector did in 2022—tend to underperform during the early phase of the subsequent bull market. Given the Energy sector’s boost from the Ukraine war and the post-covid reopening demand in 2022, he believes the sector likely underperforms in the new bull market this year.
Ken says energy companies respond to higher prices by increasing production capacity to boost profits. Ironically, higher oil and gas production eventually leads to falling prices, all else equal. Ken believes rising oil and gas supply likely puts a lid on prices this year and expects Energy stocks to lag the broad market.
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