Comment: Russian gas could shift 2006 investment strategies

We’ve gradually seen the price of oil and energy stocks creeping upwards over 2005 and there were already concerns in some quarters about the amount of investment in energy and oil stocks. Indeed, it had been suggested the decision by many fund managers to invest heavily in oil companies was the equivalent of the 2000 technology boom and could have damaging consequences for portfolios which were insufficiently diversified. Regardless of the fund type of classification, Morningstar, the data provider, had already pointed out most funds were overweight in the energy sector, just as they were...