In September of 2020 Salesforce.com replaced the venerable ExxonMobil in the DJIA. Dow Jones & Co.'s timing could not have been worse if they had tried (see plot below of CRM divided by XOM). The DJIA is still holding up pretty well which shows you why 30 stocks are better than one or two.
Today fund manager Green Energy is telling big insurers to drop big oil which over time should add to the pressure on the oil supply. Remember your Econ 101, what happens when we reduce supply of something that folks have to have? Bingo, the price goes up.
Regards,
Douglas
