Whoa. It’s ugly out there and I’m confused. Investors rightly said to E&P companies “cut capital. Increase dividends. Buy back stock. Don’t do dumb M&A”.... And for the most part, companies have complied. Then why are energy stocks down 25%?!? Oh. Hold on. I know this one... my LPs still don’t like the energy space. Somehow fake meat and cab companies get all the love. Here’s a new thought: Buy back as much stock as possible. Merge. Cut rigs and completion crews. Hide out for the...

Life is too short for “fine”. Perfect is the enemy of great. You have to figure out the balance.

I fully admit I was wrong: I didn’t think it was possible for Devon to exit Canada - at any price. That they did at almost $3b is a huge win for shareholders (of which I am one... and you know why). A wise man once told me: you can’t put a price on clarity. Devon is now a much cleaner story; CNRL continues to build its brand as the company likely to “turn out the lights” on the WCSB and it shows that...

The trade war has transitioned from a battle over economic interests to a fight for nationalistic pride - which never bodes well when it comes to the potential for a win-win resolution. What do we know? 100% - American consumers will pay more for goods (as discussed, the importers pay the tariff and pass it on through increased prices short term). This should lower demand and therefore slow growth and negatively impact the stock market in the short to medium term. The long term question...

“If you don’t want to be criticized... say nothing, do nothing, be nothing.” - Elbert Hubbard. Imagine my surprise when a hottake was seen 300,000 times.... about 15x the usual readership - and over a fairly tongue in cheek remark about “evening email strategies.” Who knew it was such a hot topic?? Of all the posted comments: the most frequent seemed to be “turn off your notifications” (aka- I’m gonna keep doing what I’m doing). Maybe it’s just me but that’s like saying- if you don’t...

In the last month, the average small cap E&P company is down 26% while the independents are down 16%. This on the back of a significant takeover, prices 20% higher than companies budgeted and a wave of quarterly calls that included the phrase “we are focused on profitability and free cash flow”. What gives? Certainly oil falling 10% in 2 days didn’t help sentiment but it would seem to me - the move to “risk off” assets in the wake of the trade war is significantly...

Today - in my third installment in a one part series on email etiquette, I am going to be totally without controversy and ask that everyone please stop using the Reply All feature to say things like “Thanks” “Got it” or “Ok” when you aren’t the intended recipient or the 3rd person replying. Quit clogging our inboxes. You’re welcome.

I love the comments and discussion that can occur on LinkedIn. The forum keeps it professional (more or less) and hopefully the content makes people think and weigh in. 101,000 views in 24 hours (5x any topic I’ve posted- ever...) says emails at 10:30 at night are a very big deal. In reading some of the comments I did wonder - do you ever think that sometimes.... maybe.... we take ourselves a little too seriously and others a little too literally? As one person said...

Some advice: Stop sending emails at 10:30 at night. Your poor time management all day should not cause me stress before I go to bed. There is software that allows the email to send the next morning. I’m really glad it’s off your mind... but don’t be selfish. If you really want to impress people with how hard you work, send it at 2 pm so I can do something about it while I’m sitting at my desk.

I hate to be the bearer of bad news ... but is it any wonder analysts are calling for Tesla to trade at $36?? It’s the case of a great brand... horrible stock. It’s been public for 9 years and it doesn’t make a profit (still); it only makes 3 kinds of cars; and everyone in America who wants one... already has one. Funny - it’s goal is to put oil and gas companies out of business... and yet, it does less to be free...