August 14, 2015 – Real Money
A Lesson From Oil: the Consensus Can Be Right
By: Jim Cramer
Sometimes you just have to own that you got it wrong, or at least that you might be "early." For ages I simply didn't believe that oil would take out $43, because oil was so universally hated that I didn't think the whole boat could be right. I had never, in my career, seen such uniform negativity EXCEPT from two people I trusted most: Boone Pickens and David Demshur, the CEO of Core Labs (CLB)…
Read the full article here: http://realmoney.thestreet.com/articles/08/14/2015/lesson-oil-consensus-can-be-right
There's no doubt I got the demand side right. It's good and getting better.
But I believed the Saudis would be more rational than they are being, and I thought the quarters past would show a further decline in production than we got. Yes, April represented the peak. And yes, there is depletion that's high.
But I didn't listen to my friend Rusty Braziel enough. If you don't know Rusty, he has the single best newsletter on oil in the world, RBN Energy, and he made it very clear to me that we were going to pump far more than I thought we would in 2015. He got it right.
