Giobria, I agree generally with what you say, except for the last bit about what is on the horizon. After the extremes of 2023 I now expect the early arrivals of climate disasters once predicted for 2100 or thereabouts. Now I think it will probably be in my lifetime (I'm 61). The energy transition is inadequate, it is based on outdated forecasts, and even then it was concocted with the most optimistic of the models available. 2023 proved that the so-called catastrophists were right when they spoke up 20, 30 years ago, even 50 years ago if you go back as far as "Limits to Growth" by the Club of Rome.
Climate change is an uneven process, so the precise timing is impossible to know. But 2023 was the hottest year on record, we now wait to see if it was an outlier, whether it's the new normal, or if it is the beginning of a new exponential phase of heating.
It was 2023 which made me change my mind, but I acknowledge that people still believe in the energy transition, so yes, our shares are looking good...for now. But I have a broader definition of what is "realistic" and reasons for saying "life is good".
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