Although $RIG is / was far from helpless: they sold the two 6Gs that needed capex & would likely be idled for good prices, they'd already high-graded much of their fleet so their '7G premiums', 8Gs & high-spec HEs were sold out on good contracts to avoid white space in 2025.

Look at that. $VNO If you are aware of the history of NYC, you know that you shouldn’t bet against its property mkt. You only bet against poor cap structures

Galp confirmed they are drilling Mopane-2A w/ Santorini Positive sign they are accelerating exploration & appraisal program after good Mopane-1A results (AVO-1). Mopane-2A targeting AVO-3 which was said to extend "very significantly" to the west. I wonder how far? $SEI.V $GALP

All about supply…

Bryan Johnson Looks like you didn't understand much from Skin in the Game. It states that we are not supposed to be immortal; only our genes. This is aside from, in my general work, the contempt, perhaps even disgust I have for your brand of non-stoical neurotic overoptimization.

prefshares Pricing was the final straw IMO. But yes, the biggest fundamental change is economies of scale advantages are gone. Thirty years ago, only a handful of established companies could afford manufacturing, advertising, distribution and shelf space. Not today (though you have a few

God looooves the efficient market hypothesis

Another great letter by Czech superinvestor Daniel Gladiš. He discusses why Vltava Fund recently added $KLAC, $AMAT, and $LRCX.

HESS said the Guyana JV with Exxon Mobil and CNOOC plans to add two more vessels in -26 and 2027, bringing the total to six vessels. Even then, those six will only tap five of the 11 billion barrels of oil equivalent that have been discovered so far. $RIG reuters.com/business/energ…

What is this, a drawdown for ants??

It’s not just China. There’s basically 0 correlation between real GDP growth and real stock returns:

How come only Robertet beat the S&P over the last decade of all the flavours/fragrances businesses? And what the heck is going on with Treatt?

The biggest news came at the end. Buffett will ask the board to make Greg Abel CEO at the end of the year. Standing ovations followed. Incredible life and career.

5,502,284%

Hosking Partners consistently write some of the best content on Capital Cycles. Excited to read their latest May 2025 Hosking Post. Link to download: hoskingpartners.com/_files/ugd/e98…

It’s easy to dismiss uncomfortable truths as “racist”. The British establishment often does. Like when emily m interviewed Rupert Lowe MP on grooming gangs. It’s harder to confront the truth. The truth may be uncomfortable but facts cannot be racist. These are the facts: 🧵

Carvana only needs to move 39% higher until Marc Cohodes has to buy me a new Ford Mustang and cook breakfast for Clifford Sosin and me. Let's see if Cohodes is a man of his word.

Uggh that sucks; truly a great investor and have a ton of respect for him and his process. ALSO, a really good guy. Ricky Sandler sorry to see this.