Zaid

So yeah, the vibes aren't great right now.

It kind of feels like we're in a bear market, but despite all that carnage, the sell-off was actually pretty narrow.

It was mostly concentrated in big tech and software stocks.

In fact, the equal weight S&P 500 ETF, which is just a version of the S&P where every stocks gets the same weighting instead of letting mega cap companies dominate.

It was actually slightly up in Q1.

Here's another interesting stat.

About one in four stocks in the S&P went up more than 10% for Q1.

So this wasn't a broad market meltdown.

A lot of stocks are actually hitting all time highs.

So let's talk about a few of the winners from Q1.

All right, let's get into some of the winners from Q1.

And we have to start with the energy sector as a whole.

The energy sector was up 39% in Q1, which is the best quarter on record for the sector.

And the reason here is pretty straightforward, oil prices.

When Iran shut down the Strait of Hormuz, trapping 20% of the world's oil, oil prices went from $70 to nearly $120 a barrel.

And when oil prices go up, energy companies make more money.

Exxon and Chevron, the two biggest names in energy, were both up over 30% in the first quarter, hitting all-time highs.

Other names like Occidental Petroleum, which is one of Warren Buffett's favorite stocks, was up nearly 60%, and some of the smaller exploration companies did even better.

Now, I was actually pretty bullish on the energy sector as well, heading into 2026, but I was basing that all from all the demand that would come from AI data centers.

I didn't expect the Strait of Hormuz to be shut down for a month.