Just Getting Started -- October 3, 2023

Locator: 45634TEXAS.

Later: the UAW strike in perspective. For GM, F, and STLA, it’s worse than you think.

BRK / HPQ: Third story in about as many weeks as Warren Buffett continues to sell his HPQ. Link here.

• again, note: Barron's won't open with the Firefox browser

• HPQ shares continue to fall in price:
• BRK sold another 5.1 million shares of HPQ in "recent days";
• now holds about 100.9 million shares; worth about $2.6 billion at current price, $25.67;
• Berkshire has been steadily selling HP stock in each of the past nine trading sessions and now holds a 10.2% stake in the company;
• before the selling began in September (2023), Berkshire held about 120 million shares of HP
• Berkshire accumulated the HP stake in early 2022 and the sales in the past month were the first since the company finished buying the stock in April 2022.
• an incredibly short holding period for BRK / Buffett
• also, TSM -- bought and then sold "almost overnight"
• it appears something abruptly changed for Buffett
• has not "yet" sold any of his AAPL

DFW:

• DFW is now the second busiest airport in the world, behind Atlanta, Georgia, USA. Link here. One through five:
  
• Atlanta
• Dallas-Ft Worth
• Denver
• Chicago's O'Hare
• Dubai International

DFW: to make significant expansion; link here.

• $9 billion project
• appears to be joint project between American Airlines and the airport
• brand new Terminal F
• upgrade the international terminal, Terminal C
• currently, 80 million passengers / year
• by end of decade, forecast: 100 million passengers / year

DFW: the typical DFW terminal has 36 to 40 gates. An expansion with "only" fifteen new gates begs the question, "why so few?"

• most likely reason: economics and that's probably how the promoters would answer, 
• but more likely, officials are anticipating much larger aircraft
• regardless, this gives the developers some flexibility
• it would be interesting to see the advantages of a "straight" terminal vs the "curved" terminal, currently the DFW standard

Daimler makes history, link here.

• reminder: Daimler's EVs are simply a transition to hydrogen -- until hydrogen infrastructure can meet demand
• but, for Daimler, EV trucks are not the answer -- except perhaps for certain niches -- hydrogen is where Daimler sees the future for trucks: economics, distance, government policy;
  

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US Oil Production: 13 Million BOPD Is The Target

Back in September, Rystad predicted that the US would hit a new all-time production record. Link here.

Where do we stand today (most recent government figures)? Link here.

When we hit that record:

• faux environmentalists will ignore it;
• faux environmentalists, on camera, when asked, will shedd alligator tears;
• the White House will have no press release congratulating US oil companies.