Ulti

cash 20% vwiax 20% brk.b 20% aiv 7% vet 7% bti 4% c 4% ctra 4% rio 4% abbv 3% meta 3% pep 2% nee 2%

https://www.spectator.co.uk/article/sanctions-are-working--whatever-putin-says excellent article on what’s going on with the Russian economy

V, I think there are other factors at play.....cost are rising rapidly for o&g...both in terms of material\ labour as well as an increase in taxes ( either windfall or tax on share buybacks ). From what I've read and listened, it also seems that besides companies not wanting to invest billions in projects that might be null and void in the near\immediate future ; we might be seeing a decade of a more difficult time in maintaining current supply...its slowly declining.. I think that's why the Canadian sands companies as well as smaller players like VET are the way to go ( vet's leucrotta purchase and increasing stake in Coelacanth come to mind )

https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/ Tom Russo interview... Basic but always good to listen to....Disc why he has an 18% position

https://podcasts.apple.com/us/podcast/whats-next-for-oil/id1081481629?i=1000574803464 Middle East politics Russia and where the oil markets are headed

pretty amazing the reduction in capex

I think that their CEO is a winner. He got the stalled Mongolia copper mine deal done and it looks like the Guinea iron ore will also get done. Everything that I've read is that mining deals in the future will be much more difficult to implement.

https://finance.yahoo.com/news/rio-tinto-says-simandou-deal-161912941.html

Excellent podcast on climate change and energy https://podcasts.apple.com/us/podcast/the-science-behind-extreme-heat/id1081481629?i=1000571254119

https://www.nytimes.com/2022/07/27/opinion/environment/energy-crisis-oil-gas-fracking.html

I agree and will continue to slowly add… tough comparisons to last year…

https://podcasts.apple.com/us/podcast/a-new-chilean-constitution-could-mean-big-changes/id1056200096?i=1000571311369

https://www.zumper.com/blog/rental-price-data/

https://www.cnbc.com/video/2022/07/26/pain-from-inflation-is-more-broad-based-than-recession-says-former-fdic-chair-sheila-bair.html Spot on on QT

https://africa.businessinsider.com/markets/warren-buffetts-berkshire-hathaway-has-piled-about-dollar27-billion-into-chevron-and/8thjqvq

https://bisoninterests.com/content/f/buffett-buys-oil-gas-stocks Dont know if this has already been posted but a good historical read.

Energy crisis is everywhere From Australian Financial Review on Monday\(middle of july $1a=$.70 us) "Prices for wholesale power more than doubled to an unheard-of average of $323 a megawatt-hour in Queensland in the June quarter, easily the highest of any state in the past two decades, according to adviser Energy Edge. “And the quarter was so high that it nearly lifted the average price for the entire financial year above the previous highest quarter in Q1 2017,” Mr Stabler said. "Price increases were even higher in other states, rising 293 per cent from the March quarter to $$224/MWh, of 247 per cent in NSW to $302/MWh; and of 260.5 per cent in South Australia to $256/MWh, according to the Energy Edge data." Of course not all of this is due to green lunacy. The problem is that continued green activism has demonised coal so much that no-one is building new conventional plants (there is one gas plant in the pipeline which the government is building, that's it) and the aging plants still in service cannot cope. The part below is a fair summary of what's happening. Remember its winter in Australia. "The elevated prices have been driven by record prices for coal and gas, exacerbated by the war in Ukraine which has caused international buyers to turn away from Russia, a major supplier of global energy. At the same time, several coal-fired power stations have been shut for maintenance work, suffered breakdowns or have had coal supplies constrained, tightening up the balance between supply and demand during the peak winter months."

https://foreignpolicy.com/2022/07/22/russia-economy-sanctions-myths-ruble-business/

https://investorintel.com/markets/technology-metals/technology-metals-intel/the-critical-minerals-list-is-becoming-more-critical/

https://www.mckinsey.com/industries/metals-and-mining/our-insights/navigating-a-decade-of-challenges-five-winning-initiatives-for-mining-ceos

Definitely metals in general. I've been a Valueline user over the years and RIO was recently added to their 3-5 year potential growth portfolio . It has some issues such as: Pricing for key commodities, such as iron ore, aluminum, and copper, have been under pressure recently due to concerns about the slowing global economy, particularly China. At the same time, costs for labor, fuel, and supplies have been on the rise, pressuring margins. But in my tax deferred accounts should do fine over the next few years. The mining sector today seems more heavily dependent on the Chinese economy. However it seems like due to NIMBY and ESG...also increasing demand from growth in emerging markets....that mines are becoming much more valuable. Also RIO just opened an almost fully automated mine in Aus. ( hopefully lower labor cost down the road. This seems to be an extremely volatile sector... My reading \exposure to podcasts and this board has help me gain conviction in the energy sector. Hoping to do this with metals.

Don't know if there is any interest, but I figured I'd give the Metals topic a try. Energy security and Metals security seem to be intertwined. I've recently been establishing a position in RIO and have been delving into the subject ( see below podcast as samples ). The Energy and Metals markets have some similarities in being cyclical and having a current lack of investment as well as the infamous ESG.( and throw in some NIMBY). Hopefully there are some on the board who can further my education and direct me to other resources. https://smartermarkets.media/systems-at-risk-episode-6-andy-home/ https://podcasts.apple.com/us/podcast/why-copper-may-be-one-of-the-tightest-markets-the/id1056200096?i=1000564501284 https://podcasts.apple.com/us/podcast/the-metals-money-and-markets-weekly-r-is-for-recession/id1537184725?i=1000570864251

https://smartermarkets.media/summer-playlist-episode-1-jeff-currie/ excellent podcast 7-2-22 and looks like a good site to explore all things energy

Pretty sharp guy