SPECULATIVE CALVALLEY

CVI

Picked up some CVI here, although my position is very small. This is very speculative as it has no production yet, but it appears that it has found a sizable oil reservoir. I am a bit of extended here I’d better be a little careful. Despite the continuing strong fundamentals, the market is euphoric and panic. The right thing here would be paring back some exposure, not adding more. On the other hand, so far, I have been terribly wrong of cutting my winners short!