A guru investor from Austin, Arnold Van Den Berg (Trades, Portfolio), predicted $70 oil by the end of the year. With the price of a barrel of Bren crude oil hovering around $44, Van Den Berg signaled he still believes his case by buying three new energy-related companies in the first quarter.
Van Den Berg outlined his thesis on oil in a January paper, “CM Outlook for Oil,” from his advisory firm, Century Management. In the paper, Van Den Berg said the second half of the year should bring higher prices as U.S. production declines, OPEC continues full production and spare capacity falls to near zero. Continue Reading »