I disagree with your last comment about diversity actually. People have gone way overboard on that part over the last decade and the idea of "not putting all of your eggs in one basket" is just trite. Instead many Investors would be better served to put all of their eggs in one basket and "watch the basket".
This doesn't mean you should buy 15 energy companies to make sure you are buying the best one; it's more about finding a great investment where the odds are in your favour and betting heavy on that investment.
As far as energy goes I think that there is still money to be made here. Some companies are still good bargains and there could be years of growth ahead. I wouldn't leave other areas off your list though. I've found some relatively amazing deals in some consumer areas lately (at least in my estimation of their value!)
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