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Late Cycle Vibes.
The Gist: The improvement in OFS relative to other sectors could mean we are into the late-cycle rotation of the power boom.
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Politics and Portfolios in Miami
The Gist: A recap of my thoughts following the Goldman Sachs Energy Conference.
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38:34
Video Version - Balances Say Sell, Company Fundamentals Say Buy.
1Q26 Chart Pack
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Balances Say Sell, Company Fundamentals Say Buy. 1Q26 Chart Deck
My 1Q26 Macro Chart Deck (available below the paywall — 56 pages) is out, titled “Balances Say Sell, Company Fundamentals Say Buy.”
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Fundamentals Still Apply in Caracas
The Gist: Big Oil still needs to earn a return on capital to justify investment— even in Venezuela.
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Costs in the Permian & a need for Capital in the Kingdom
The Gist: U.S.
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Storming the Bastille
The Gist: Supply-and-demand models can fail during the later stages of a cycle, when human behavior shifts toward inventory hoarding.
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From Russia with Love
The best part of this blog isn’t the writing, the recognition, or even the financial freedom it provides (though the latter is certainly appreciated).
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XOM vs KSA
I’m releasing this a day earlier than my usual posting schedule to give you a chance to review it before XOM’s corporate update tomorrow (HERE).
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The Hyperspenders
The Gist: The Hyperscalers are cutting shareholder returns in favor of increased capital spending since the incentive structures align with such a…
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Trading Places
The Gist: The energy equities are performing better than the commodity.
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Productivity points to peaks
The Gist: If labor productivity in the U.S.
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The Crude Chronicles
The Crude Chronicles
A blog about the financial history of the Oil & Gas 🛢 industry told through charts 📈 that go back 💯+ years.
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