What weights would you give for asset allocation on a geographical basis for 12 months. Rather than focus on where shares are listed, we look at the location of a company's assets. We recommend investors emphasize Canada for this reason. We also like selected foreign regions. We have exposure to gas in India and oil in Kazakhstan.
Reserves vary tremendously by region.
The Canadian oilsands can produce for the next 100 years. Reserves in the Middle East will also last 50-100 years. In contrast, reserve lives of onshore wells tend to range between 5 and 10 years. We believe there is still plenty of oil. The cheap stuff that is easy to find and easy to get at is depleting rapidly.