When you are in your 90's your horizon is no longer 30 years. No matter what they say.
Semiconductors are for those with at least a 5-year horizon.
Oil is for those with a one-year horizon. Or less.
Disclaimer: this is not an investment
site. Do not make any investment, financial, job, career, travel, or
relationship decisions based on what you read here or think you may have
read here.
All my posts are done quickly:
there will be content and typographical errors. If anything on any of
my posts is important to you, go to the source. If/when I find
typographical / content errors, I will correct them.
This was basically a $50-stock for most of the period that Buffett would have bought it.
So, he doubled his money in five years.
The big question: why did he sell 88% of it rather than all of it.
Disclaimer: this is not an investment
site. Do not make any investment, financial, job, career, travel, or
relationship decisions based on what you read here or think you may have
read here.
All my posts are done quickly:
there will be content and typographical errors. If anything on any of
my posts is important to you, go to the source. If/when I find
typographical / content errors, I will correct them.
Why in the world does Buffett invest in companies that make up less
than 1% of his entire portfolio, which is the vast majority of his
holdings -- companies that make up less than 1% of his entire portfolio.
Link here. It took three screenshots to get his entire portfolio, and this does not include the companies he owns outright.
Again, one has to ask: how did America that fought two wars to liberate Kuwait and Iraq let this field "go to" China. I assume we were distracted by some weather balloons and/or more concerned about advancing social agendas in diplomatic and military circles than in safeguarding the country. But I digress. It is what it is.
But look at this: "China" is now the sole lead operator of a giant Iraqi oilfield estimated to hold 43 billion bbls of recoverable oil. That's recoverable oil, not oil-in-place.
For perspective, if that's possible, back in 2019, it was estimated that Saudi Arabia held upwards of 275 billion bbls of recoverable oil. Link here.
Our experience has been that Companies will drill in a pool without a
division order once the participation interests have been confirmed for
that pool via prior wells, etc.
Original Post
A mineral owner / reader asked me whether oil companies (operators) can drill a well in North Dakota without issuing division orders.
My not-ready-for-prime-time reply:
That's a very, very interesting question. I don't know
the definitive answer, but I believe I'm 99% correct in saying that some
companies have notified mineral owners that once "things are
established" (my words, not theirs), some operators will commence
drilling without signed division orders for future wells.
I
heard that from one reader with regard to one company and have never
verified it but just out of curiosity, I will post it on the blog and
see if anyone responds.
So, I'm curious -- do any readers have any experience in this regard?
I believe the blog allows readers to reply anonymously. In addition, my personal e-mail address is available somewhere on the blog.
******************************** For The Archives -- Nothing About The Bakken
I've mentioned many times my love / hate relationship with The New Yorker. A year or so ago, I started a new subscription after a lapse of several years. The "introductory" rate was about zero dollars for six months. It was ridiculous not to take out a new subscription.
Then, some months ago, I was offered to renew the subscription at pretty much the going rate, which is very, very expensive by my standards, but not as expensive as organic eggs. The subscription is $169, if I recall correctly, for one year, an issue every two weeks.
I consider myself lucky if there is more than one article / one essay in any given issue that I might read, much less enjoy. Last week there were none. But when there is an article that I enjoy, it pays for the subscription.
This week, there was such an article. The articles in The New Yorker are incredibly long, generally ten to twelve pages. This article, on Austin, Texas, was sixteen pages. I have six more pages to read.
It's an incredible article written by a writer who has written and lived around the world, and currently writes for Texas Monthly.
Three takeaways.
I did not know Austin, Texas is now the eleventh largest city in America (needs to be fact-checked).
I had forgotten that Apple, Inc., has a campus in Austin.
There's a reason Palantir, headquartered in Austin, turned a profit for the first time in its history this past quarter.
***************************** A Musical Interlude
It's impossible to not listen to music while reading an article about Austin, Texas. The nice thing about that: Austin, Texas, allows you to listen to any genre one wants, except perhaps Bach or Beethoven.
