Yet Another Value Empire

Podcast #220 is up! @FundamentEdge discusses all things pod shops, including prepping for a career there and why a lot of fears around them are overblown youtu.be/vMSk_2sPwOI

Podcast #213 is up! @JohnHuber72 and I dive into inevitable retail winners and then deep into the $FND thesis youtu.be/4OAHWQGzOqo

A little more on refining

U.S. has been so blessed in terms of being an energy consumer and producer that our policies have always just worked out; we're way less sophisticated than anyone else.

We've moved from peak supply concerns to peak demand, but both have probably been a little overblown

On refining: we'll never see another U.S. refiner again. Rational actors simply can't justify the investment.

A little more on the near term pricing outlook (this is from early june)

Where are we in the cycle? Things are good, and probably biased to the upside in near term. But the world would struggle with prices here for a long term, and they're prepared for the inevitable downturn

Here's the CEO at a conference in June kind of summarizing their plans and what makes them unique:

On M&A: they're value hunters. Remember that production growth isn't the target; financial performance and returns are