Dumber than a bag of hammers…
The conventional wisdom that utility stocks are defensive.
Truth is…they get crushed in bear markets.
Problems today:
-Persistent negative free cash flow
-Excessive indebtedness
-Lack of pricing power
-Historic valuations
-Crowded trade pic.twitter.com/VaoRTMo1bN— Kevin C. Smith, CFA (@crescatkevin) November 14, 2019