It’s the basic successful investment rule: buy when everyone is selling and sell when everyone is buying. The rule has been proved right by many a legendary figure in the investment world. Now that they’ve crashed energy markets the world over, it’s the turn of OPEC’s sovereign funds to go on a bargain hunt. But can they all afford it? Earlier this month, the Wall Street Journal reported that Saudi Arabia’s sovereign wealth fund—the Public Investment Fund—had been buying stocks in European oil majors, including Shell, Eni, Equinor, and Repsol, with the total price paid for all four stakes seen at $1 billion. The fund, interestingly enough, was supposed to be the primary investment vehicle on Saudi Arabia’s journey to economic diversification away from oil. In all fairness, the fund has also bought a stake in cruise operator Carnival and became a partner in the group that bought English […]