1. Opportunities
Continued strength in oil, NG and NGLs but not fully priced in equities
Increased NG demand
Replacing coal for power gen, LNG exports, chem plants, exports to Mexico
NGL Price Increasing off very low base
S/D balance, but chem plant expansions will increase demand
Especially interested in Permian Basis and Scoop/Stack companies with substantial production growth within cash flow
Permian: REI, PE, CPE
Scoop/Stack: NFX, CLR
Gassy plays:
AR –Marcellus and Utica Shale
GPOR – Numerous gas properties in Utica and Louisiana, recent SCOOP acquisition with market overreaction provides low-price entry
Frac Sand Companies: HCLP, FMSA

2. Metals (Longer term play)
Metals (Primarily Gold, Silver, Copper) Discovery, Exploration, Mining Companies
Fundamental supply/demand will drive prices especially for junior companies
Royalty Companies: SAND, OR, FNV, SLW
Prospect Generators: Millrock Resources, Midland Exploration, Evrim Resources, Riverside Resources
Many other small, speculative companies in the metals space
Uranium – prices have recently started to bounce after long bear market

3. Agricultural
Looking for recovery in prices of corn, wheat, etc. as they have been in a long bear market
Favorable weather cycle for production likely to end
Growing demand for food
Look for opportunities in fertilizer, seed, and equipment companies:
Examples: Agco, Potash, Monsanto, etc.
Biotech
Still bullish on Biotech longer term, especially with aging and growing population
Defense Stocks
Still bullish on defense stocks, particularly if US is going to push allies to spend more

4. Single-Country ETFs
Russia – RSX
India – IFN
Mexico – EWW