Is ICE going to outperform energy?
Exchanges outperform their underlying markets. CBOE > VIX Nasdaq > QQQ LSE > FTSE 100 HKEX > Hang Seng NYSE/Nasdaq > SPY Tradeweb > US Treasuries MarketAxess > Corproate Bond Indices
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If they were still a pure energy exchange & over a medium time frame, I would say yes. Supply/demand imbalances will resolve eventually but ICE's fee capture will remain after calm returns to markets
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Imagine VIX outperforms Cboe
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Own the goldmine not the gold
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some of the publishers too MSCI > any msci index
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