bizaro86

Turns out the budget didn't balance itself after all.

More JOE

+1 I'm actively trying to quit reading the MSTR thread because every time I want to put on long 2x BTC//short 1x MSTR type trade. But Saylor needing Fibre was post-of-the-year calibre.

That $33k was in Canada, where most of that stuff would be covered by the government on an ongoing basis. Obviously in the USA costs would be much much higher.

Exxon does things the Exxon way. Even if there's no practical difference they'll never ever change because that's the Exxon way.

And there are other factors working against progress in many fields. As an example - I love baseball, and go to the batting cage every week. I enjoy it and it's good exercise. But I'm not a 7% better hitter than I was last year. In fact I'm probably worse because of age related decay in reaction times etc. So many fields are like that, or at the very least have diminishing returns. The first 100 hours of practice makes you good, the first 1000 great. But it might take 10,000 to become elite. So effort is going uo exponentially but skill only linearly.

It'll certainly be interesting. Canada does not have anywhere close to the export capacity to stop selling oil into the USA. I suspect if a 25% tariff happens that would push up US oil prices compared to world prices, although maybe not by the full amount. Canada would be screwed, because quite a bit of production can't really shut in (it wrecks it) and so needs to keep going and becomes a price taker. But production would drop, exports to the coast would increase, and you'd see crude-by-rail to eastern Canada. Higher domestic US oil prices than world oil prices would spur US drilling, but would also harm US refining, which is an export industry.

One possibility here is CNQ. They are (imo) the best management team in Canada oils and are both cost conscious and capital allocation focused. They trade at a higher valuation because of that, and their stock drops less during downturns. The vast majority of the firm was built on opportunistic acquisitions. Now they tend to pay more with cash/debt and then paydown during the upcycle, but share issuance has been part of the model as well.

One example of this type of investment (that has worked out great for some on this board) is Constellation Software. Although they haven't really issued many shares, which maybe disqualifies them from this list

Nice. I think Hong Kong is very cheap. Will have to find some stuff for my TFSA.

I would like to sign up for your newsletter.

One of the many reasons I own IBKR.

With the spreads they charge on currency exchange it might still be cheaper to buy pink sheets if there's any volume at all.

JOE

SOBO.to Not selling fully, just taking a bit off the table after the post-spin run-up. I still like the assets (and given the level of leverage this isn't that big a change in EV/EBITDA which is the correct way to value this imo).