Ulti

“You know, Berkshire is subject to the 15% corporate alternative minimum tax. And if they don't pay an effective tax rate more than 15% in cash taxes over a three year running period, they will be taxed on their unrealized gains.” From The Morning Filter: Berkshire Hathaway After Warren Buffett: An Early Read on What Investors Can Expect, Mar 5, 2026 https://podcasts.apple.com/us/podcast/berkshire-hathaway-after-warren-buffett-an-early/id1792280057?i=1000753375746&r=990 This was in an interview with Gregg Warren who covers Brk at Morningstar as to a partial reason for selling.

https://colossus.com/episode/you-retire-you-die/ Paul Jones touched on this subject and contrast his trader viewpoint on drawdowns with Buffet

How long till western Canada gets with the program? Bloomberg

https://www.wsj.com/world/middle-east/u-a-e-asks-u-s-for-a-wartime-financial-lifeline-3f9ea3a0 what if these countries run out of money to help pay for repairs… UAE gets 170 billions from oil and oil production…Saudi Arabia is cutting back… lots of us and allies military assets in the area… I could easily see a karg island takeover more escalation /much more damage in the region . In addition , us oil producers have been burned 2or 3 times this decade… I expect them not to be aggressive until they see$80 for awhile…. Meanwhile all the ancillary stuff it takes to make pipelines refineries etc have gone up in price ( companies that produce these services also see $80+ oil now and raise prices)… I agree that this is going to be with us awhile and will cost more .. Jack McClendon , a n oil producer interviewed on Odd Lots today was very informative ( technically challenged to produce link)

Thanks V …lucky …the plan is to add some lubricant to increase capacity by another 90000 barrels in 2027…. About a 10% increase in capacity…. More pumping stations later on… https://www.cbc.ca/news/canada/calgary/bakx-tmx-oil-alberta-bc-cer-9.7074250 everything I’m reading is that the Canadian economy is contracting and revenue is needed?… I like Carney… much better than who he replaced….hopefully he can push thru infrastructure projects asap( 2030ish)

V…. I’ve got to admit I’m inquiring because of self interest… I’ve owned Suncor since May 2023 and it’s grown to about an 8% position… Elliot management and the CEO RK has been fantastic ( and so has the trans mountain pipeline). The worry here is BC and how effective they will be as a province in stopping other pipelines to be developed. … how powerful are the provinces in stopping federal action?….there is talk down here in the US of building out keystone ( I think that’s what it is called) … to bring more heavy oil down to the US; I don’t see that happening in the current environment. Thanks for any insight.

I’m curious how much pushback there is to providing the infrastructure necessary to export oil to the world…saw today an interview on BNNnBloomberg with an energy economic professor from British Columbia and he basically said the economic viability for pipelines/ new ones was poor due to less demand long term https://www.bnnbloomberg.ca/video/shows/trading-day/2026/03/23/the-economic-viability-of-canadas-pipeline/ He does feel that because of long term contracts… lng is much more viable

https://inthecompanyofmavericks.com/episodes latest episode with doomberg on current energy events geopolitics etc… interesting take

https://www.brookfield.com/views-news/perspectives-podcast/offense-or-defense-positioning-portfolios-todays-market just out you might enjoy this

Don’t know if you’ve seen or it’s been posted but I enjoyed his talk on risk.

https://metro.co.uk/2026/02/20/donald-trump-orders-release-secret-files-aliens-ufos-27011837/ https://www.dailymail.co.uk/sciencetech/article-15577477/air-force-jet-area-51-trump-ufo-files.html I like the alien option better.

Add some running and you can compete. https://thebeermile.org/pages/records Go Canada

https://humbledollar.com Jonathan Clements , among many other things ,has addressed this topic for many years… He had terminal cancer over the past few years and was graciously provided folks with a what to do journey about this very subject.

https://www.euronews.com/my-europe/2025/03/19/eu-commission-unveils-plan-to-channel-10-trillion-of-citizens-savings-into-strategic-inves https://podcasts.apple.com/us/podcast/odd-lots/id1056200096?i=1000732943957 I was listening to an interview withOlli Rehn. Governing council ECB and I never heard of the savings and investment union proposal… I’m skeptical but would this be good for European equities?

Agree… Though I’m attracted to Canadian energy space… I only own Suncor because of their integrated model , CEO Rich Kruger and the Trans pipeline… is the natty gas ️ n the same boat because of lack of pipelines.politics?

https://podcasts.apple.com/us/podcast/arc-energy-ideas/id1438664577?i=1000732885299 podcast is about energy pipelines politics and battling the extremist in both sides preventing solutions to increase exports/ revenue… Jason Kenny , former Alberta premier, seems a pretty rational person on the subject.

https://podcasts.apple.com/us/podcast/doom-and-gloom-sells-guest-kuppy/id1444520320?i=1000723194238

What about a high yield corporate bond fund like vweax which has a distribution yield of over 6%

https://www.reuters.com/business/energy/how-canadas-oil-sands-transformed-into-one-north-americas-lowest-cost-plays-2025-07-16/

https://www.timesofisrael.com/israel-was-facing-destruction-at-the-hands-of-iran-this-is-how-close-it-came-and-how-it-saved-itself/ a rational look at the bombing of Iran by David Horowitz of the Times

It was a fairly complex ruling by the Supreme Court 2 exceptions ( the second of which is interesting: The justices also specified two exceptions to its new rule: class-action lawsuits, which can apply to groups of people in a similar legal situation, and cases brought under the Administrative Procedure Act, which governs executive branch rule-making and allows judges to block actions by agencies found to be “arbitrary” or “capricious.”

https://podcasts.apple.com/us/podcast/arc-energy-ideas/id1438664577?i=1000714410943 interview with CEO of Trans Mountain Corp who runs the pipeline

I have a family member in the PE business. It seems like the only way out is either European style zero interest rates/ refi or the current proposal of “ placing it in everyone’s retirement accounts “ or both…. They make it sound so easy https://www.wellington.com/en/wellington-news/wellington-vanguard-blackstone-collaboration

https://podcasts.apple.com/us/podcast/efficient-frontier-advisors-co-founder-neurologist/id730188152?i=1000712767227 , bill Bernstein, neurologist, investor, author. What a perfect time to talk to the author of The Birth of Plenty, and of course, a splendid exchange about how trade has made us all so much wealthier. Really a person who dives deep into the subject matter, understands it better than anybody else and could put it into great historical context.

https://podcasts.apple.com/us/podcast/the-steve-ballmer-interview/id1050462261?i=1000710802439