Over the past couple of years, I’ve been particularly fixated on the energy sector. What first started as an investment muse in 2020 became a new mental framework that has greatly enhanced my understanding of the world and financial markets. The underlying conclusion that I’ve developed is that we’re currently living in an increasingly energy constrained world. A world where after years of rapid production (2000-2014), followed by years of oversupply and underinvestment (2014-2022), it is now entering a period of chronic energy shortages, most important of which is a shortage in oil and gas.