Nancy Pelosi's Stock Portfolio On Retirement -- November 14, 2025

Locator: 49717PELOSI. 

Completing my thoughts on this. Re-posting the first part from November 7, 2025. See this note, also.

Locator: 49372PELOSI.

This is my pet peeve of the day:

This is being reported "everywhere" in conservative / MAGA / Trump-supporting media outlets.

I have no problem with Ms Pelosi's investment results. None whatsoever.

I would congratulate her on what she has accomplished. I can't recall anything that she and I would both agree upon. Having said that, she was probably "more" correct for the average American than I was but that's a different discussion for a different time.

But with regard to her investments: good for her.  

I'll provide a rationale for these comments later. But I'm doing more important things this evening -- like watching college football. LOL.

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Nancy Pelosi

She entered US Congress in 1987 and will have served 38+ years when she retires.  

General officers in the military generally serve 30 - 34 years. One-star general and flag officers probably serve around 34 to 36 years. The rare four-star general and flag officers will serve close to 40 years. 

In 2007, Nancy Pelosi became the Speaker of the US House for the first time. There have only been 56 people who served as speaker of the US House. How many were women? One. There  has been only one woman to serve as Speaker of the US House. There has been only one person to have served longer than Nancy Pelosi as speaker of the US House: Sam Rayburn.

In other words, Nancy Pelosi:

• is an extremely rare American statesperson;
• has excelled in a world dominated by men;
• has had an annual salary nowhere near what an individual of her stature would have made in the civilian world
• unlike military general and flag officers who easily move into high-paying military-industrial jobs at very high levels, such opportunities generally don't apply to retired Congressmen/women
• has suffered greater political / public abuse than almost any military officer

In my mind, even though I find very little about her that I support, I have no problem with how she has done with investments. 

But look at this. How well has she actually done? Two graphs: 

Compared to that 18,000% appreciation in Walmart, Nancy Pelosi's stock portfolio has appreciated 17,000%. BRK-B has been even worse. See below. I know we're comparing apples and oranges. 

Walmart vs BRK-B:

Computer Storage -- Memory -- November 14, 2025

Locator: 49716TECH. 

Link here. Archived.

Best external storage SSD.  1TB to 4TB. About $100 / TB. On sale, a 4TB for $300.

For AI, How Much Natural Gas Are We Talking About? November 14, 2025

Locator: 49715LNG. 

Link here. 

So, how much, in toto, are US liquified natural gas plants using now?

• Average consumption: In the first half of 2025, daily natural gas deliveries to US LNG export facilities averaged 12.8 billion cubic feet (Bcf).
• Recent figures: More recent projections for 2025 suggest an average of 15 Bcf/d.
• Fluctuations: Daily consumption can reach higher levels; for example, a monthly record of 14 Bcf/d was set in April 2023.
• Contributing factors: The high and increasing consumption is driven by robust demand for US LNG, particularly from Europe, and the return of terminals like Freeport LNG to commercial operations. 

Thank goodness for chatbots. I wonder how much natural was needed for that search? LOL. 

LNG = exported natural gas. 100% of LNG produced is exported by ship. Any natural gas exported to Canada or Mexico is pipeline natural gas, NOT LNG. 

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More Calculations

To move from ~15.4 Bcf/day today to 40 Bcf/day (Cheniere’s bullish upper bound) the U.S. would need roughly +24.6 Bcf/day of feedgas, equivalent to ~185 mtpa new liquefaction capacity — which translates to roughly 25–53 new liquefaction trains, depending on train size (most practical scenarios put it in the ~30–40 additional trains range using common 5–6 mtpa train sizes). 

US LNG terminals: project snapshot, nameplate mtpa, status:

Terminal	Operator	Status	NP_mbta	Expected_online	NP_Bcf/d
Sabine Pass (LA)	Cheniere	Operational / expanding	30.0	Existing (expansions ongoing)	4.0027
Corpus Christi (TX)	Cheniere	Operational + Stage 3 expansions (under construction/FID)	18.0	Stage 3 phases 2025-2026; further trains later	2.4016
Freeport (TX)	Freeport LNG	Operational (debottlenecking completed)	16.5	Expansion/debottleneck complete 2024	2.2015
Plaquemines (LA)	Venture Global	Commissioning / ramping (2024–2025)	27.2	2024-2025 (ramping)	3.6292
Calcasieu Pass (LA)	Venture Global	Operational (uprate approved)	12.4	Operational; uprate approval 2025	1.6545
Golden Pass (TX)	QatarEnergy / ExxonMobil	Operational / commissioning	18.1	Commissioning/early operation (2024-2025)	2.4150
Cameron (LA)	Sempra consortium	Operational/expansions possible	13.5	Operational (expansion studies ongoing)	1.8012
Port Arthur (TX)	Sempra / Partners	Under construction (Phase 1) / Phase 2 permitted	13.0	Phase 1 ~2027-2028 (Phase 2 later)	1.7345
Rio Grande (TX)	NextDecade	Under construction / FIDs for multiple trains (rapid expansion)	30.0	Multiple trains 2026-2031 (staged)	4.0027
Cove Point (MD)	Berkshire Hathaway Energy / Brookfield	Operational	5.75	Operational (since 2018)	0.7672
Elba Island (GA)	Kinder Morgan / Southern LNG	Operational (modular)	2.9	Operational; optimization/upgrades 2024-2025	0.3869

 Nameplate Bcf/d (adding up the numbers in the right column (rounded): 25 Bcf/d (nameplate).

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The Movie Page

Nick and Nora's After The Thin Man.

Sam Levene, police inspector. Decades later, Walter Matthau would channel Sam Levene. 

Walter Mathau in Charade sounds exactly like Sam Levene in After The Thin Man. Mathau yells at "Mrs Lampert" and Sam Levene yells at "Mrs Landis" and the "voices" are almost indistinguishable.

Wow, the "Nick/Nora" / Thin Man movies were excellent.  

Separate beds for Nick and Nora. LOL. 

Alison Ritter's Quick Connects -- November 14, 2025

Locator: 49714B. 

Quick connects:

• North Dakota approach to energy economics gets an A+ -- RealClearEnergy 

• US Supreme Court to consider North Dakota ranchers' pipeline fee dispute -- KX News

• Why an oil state Republican is fighting to protect an EPA emissions program -- InForum

• North Dakota backs $45M in EOR research to extend Williston Basin production -- World Oil

• WBI Energy advances plans for $500 million Bakken East Gas pipeline project -- Pipeline & Gas Journal

• Standing Rock Sioux argues against pipeline lawsuit dismissal in latest DAPL filing -- North Dakota Monitor

• Harwood residents continue to raise concerns to the Applied Digital data center during townhall -- InForum

• Company looking to build a 150 MW solar farm northwest of Arnegard in McKenzie County -- KFYR-TV

• McKenzie County ranchers property compensation appeal before US Supreme Court -- Institute for Justice

• Two-day event focuses on future of North Dakota's coal-fired energy production, policy updates -- KFYR-TV

• Senators Cramer and Hoeven tout deal to end government shutdown as a win for North Dakota -- KX News

• North Dakota's youngest lawmaker Dawson Holle announces state House reelection bid -- Bismarck Tribune

• North Dakota Supreme Court justices Fair McEvers, Tufte announce candidacy for Chief Justice -- KFYR-TV

• District 31 Republican Don Schaible to seek re-election to state Senate; first elected in 2010 -- KFYR-TV

• Airline passenger numbers in North Dakota set September record; top 100K boardings -- Bismarck Tribune

• Williams County Commission to explore application for new Commerce Department grant -- Williston Herald

• 'Magic Medora Christmas' to be performed at Minot State University on December 6th -- Minot Daily News

• 'A Magical Medora Christmas' touring musical to return to Crosby for the first time in four years -- The Journal

• Local leaders hear an update on Talon Metals project at Vision West energy workshop -- Hazen Star

• Dickinson approves $29.7M general fund budget for 2026 with 7.8% increase from 2025 -- Dickinson Press

• Watford City officially launching new 'Where Freedom Meets Fulfillment' brand -- McKenzie County Farmer

• Williston Fire Chief Matt Clark says he will retire at the end of the year; has served since 2021 -- KFYR-TV

• NDSU President David Cook hired to lead Iowa State University; grew up in Ames -- North Dakota Monitor

• State Superintendent Kirsten Baesler leaving North Dakota post November 24 -- North Dakota Monitor

• North Dakota lawmakers dig into subsidizing online classes for out-of-state students -- North Dakota Monitor

• Dickinson Public Schools officially approve $70.4M budget for the 2025-2026 school year -- Dickinson Press

• All K-12 North Dakota students have access to a virtual reality career exploration platform -- Dickinson Press

• Climate lawfare costs are being folded into household energy budgets every day, slowing economy -- The Hill

• 'Woke lawfare' finally exposed: Attorney unmasks carbon tax intent behind massive oil litigation -- Fox News

• Our coal fleet is as vital as our military; coal fired power is foundation of national defense -- RealClearEnergy

• Colorado seeks to extend life of major coal unit in bid to prevent electricity prices from spiking -- E&E News

• Green powerhouse China increasing number of coal construction projects and why it matters -- Newsweek

• US energy secretary says biggest use of department loan office will be for nuclear power plants -- Reuters

• White House finishes reviewing EPA's plan to redefine which waters covered by WOTUS law -- E&E News

• U.S. feed gas deliveries to LNG export terminals shatter yet another record -- Natural Gas Intelligence

• Texas to explore merits of electricity production using fossil fuels versus renewables -- RealClearEnergy

• Trump Administration approves Texas application for primacy over Class VI CO2 storage wells -- World Oil

• IEA predicts demand for oil and natural gas continuing to grow well past this decade -- Wall Street Journal

• Diverse, resilient energy production needed to meet future demand, global report says -- Minot Daily News

• White House slams Gavin Newsom over "disrespect" remark at COP30 climate summit -- Daily Caller

• Absurdity reigns at COP30 as UN, China leaders gaslight on climate and energy policies -- CFACT

One New Permit -- November 14, 2025

Locator: 49713B. 

WTI: $60.09.

Active rigs: 32.

One new permit:

• 42476, conf, Petro-Hunt, Maruskie 159-94-10D-3-2H, North Tioga, Burke, to be sited 216 FNL and 1856 FEL. Well of interest, an active well in that section:
• 23697, 211, Petro-Hunt, Maruskie 159-94-3B-10-1H, North Tioga, t11/14; cum 154K 9/25; a lousy well from the very beginning.

Stories That Environmentalists Love To Pin To Their Bulletin Boards -- In The Big Scheme Of Things, Generally Non-Events -- Another Example -- November 14, 2025

Locator: 49712SPILL. 

A reader alerted me to this story. Thank you very much.

It's the epilogue to the story about the oil leak originating from the Keystone pipeline 60 miles southwest of Fargo back on April 8, 2025.

Have you ever noticed that oil spills only occur on pristine, "Garden of Eden" locations? 

This spill affected / occurred in a field near Fort Ransom, a small town in a forested area with outdoor recreation and scenic views.  

But I digress.

Unfortunately for the haters, this turned out to be a non-story.

The spill:

• 3,500 bbls of oil; almost inconsequential in the big scheme of things; probably won't even be among the top 10 spills in the US;
• affected five acres of gently rolling farmland;
• a company operater"caught" the leak almost immediately and stopped the flow of oil in two minutes -- two minutes;
• the company immediately began reclamation efforts, and, now six months later, the land it pretty much back to what it was before the spill;
• the operator's financial impact: minimal -- covered by insurance -- 

Two links: 

• epilogue: November 14, 2025;
• initial hysteria: April 8, 2025.

It gets tedious. 

LOL.

A huge thanks to the reader alerting me to this story. Validates / confirms my faith in the oil companies.

Enbridge: Another Huge Story 99.999% Of American Will Never Hear About -- November 2025

Locator: 49711ENB. 

I track pipelines here; haven't updated this page in years; lost interest when the Keystone XL finally killed.

I have a page devoted to ENB (Enbridge) here.  Likewise, I haven't updated that page in a long time; bored with all the controversy over Line 5.

But now it's time for an update.

Right, wrong, or indifferent, I've always maintained that the best thing that ever happened for Enbridge investors was when the Keystone XL was canceled.

I'm not going to review the history of the $6 billion refinery debacle decades ago; the heavy oil / light oil issue; the difference between Canadian oil / American oil; but let's just note that one pipeline network imports 70% of all Canadian oil into America.

So, here we are.

Today's story, link here. 

Background, from the link: 

The timing lines up cleanly with Canada’s production trajectory. Oil sands output is on track for a record this year and is projected to approach 3.9 million bpd by 2030, driven by low-decline, high-efficiency expansions rather than new megaprojects. Extra pipeline capacity keeps barrels moving to the highest-value markets and reduces the risk of the painful differential blowouts Canada has seen whenever egress tightens.

Enbridge is already running close to the ceiling. Mainline throughput averaged a record 3.1 million bpd in Q3—evidence of how little spare capacity remains and why incremental debottlenecking is the only realistic near-term solution. The company has also been exploring the 200,000 bpd “Southern Illinois Connector” to move more crude from Illinois toward the Gulf Coast, a sign of continued pull from heavy-capable U.S. refiners.

The regulatory backdrop has softened slightly. The U.S. Army Corps of Engineers recently approved Enbridge’s 41-mile Line 5 reroute around the Bad River Reservation in Wisconsin. The project remains politically explosive, but the approval removes one regulatory unknown for shippers who depend on Enbridge’s network for multi-year planning.

For an overview of the Enbridge Mainline, see wiki. 

ENB is one of my "longest" holdings -- have held it for decades, always adding to positions, never selling. I have no idea if it's been a good investment or not. All I know is that I love the dividends (except taxed by Canada) and then re-invest the dividends in growth / generally low-dividend companies. And wow, some of the investments made from ENB dividends. 

See blog's disclaimer.

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Disclaimer

Brief Reminder

Briefly:

• I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.
• I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• See disclaimer. This is not an investment site. 
• 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 something appears wrong, it probably is. Feel free to fact check everything.
• 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. 
• Many posts are not proofread for several days after they've been posted.  
• Reminder: I am inappropriately exuberant about the Bakken, US economy, and the US market.
• I am also inappropriately exuberant about all things Apple. 
• And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia. Nvidia is a metonym for AI and/or the sixth industrial revolution.
• I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom.
• And Oracle. 
• Longer version here.

Vaccines And Religion -- November 14, 2025

Locator: 49423VACCINES. 

From Bloomberg Law today. Fast and furious.

Link here. 

Patient-care medical workers who were denied religious exemptions to Covid-19 vaccine mandates are struggling to get their lawsuits in front of federal juries, despite the US Supreme Court making it harder for employers to deny faith-based accommodations.

The 2023 Groff v. DeJoy decision changed the way employers assess religious exemption requests from workplace policies that conflict with workers’ beliefs. Employers must prove that granting an accommodation “would result in substantial increased costs” to their business, rather than just a minimal burden or expense, causing undue hardship.

Groff raised some expectations among legal observers that religious objections to vaccine requirements under Title VII of the 1964 Civil Rights Act would succeed more often, even if the facts in each case differ. While some workers successfully invoked Groff, those in patient-facing roles repeatedly failed to win summary judgment rulings, according to a Bloomberg Law docket analysis of appellate court rulings.

There’s a “close nexus” between the purpose of vaccine rules and the “goal of the health care business itself, which is to make and keep people healthy,” said Elizabeth Sepper, a religious liberty, health law, and equity legal scholar at the University of Texas-Austin School of Law.

At least 10 appellate court opinions referencing Groff found undue hardship to an employer when an exemption risked violating state vaccine rules and exposing medically vulnerable patients and staff to the virus. Avoiding vaccination with daily testing, which may necessitate costly operational changes, and remote work that can hinder essential job functions, are among the factors that qualify.

The cost of having unvaccinated health care workers is making medically vulnerable patients ill and exposing providers to liability, Sepper said.

Workers demonstrating a religious basis for an exemption cited scriptures concerning bodily sanctity and personal conscience, or claimed that vaccines contain aborted fetal cell lines. 

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The Book Page

Johnson's Boswell

Transition to Romanticism ("Johnson's Boswell") 

From a biography of Samuel Johnson.

• Johnson was the old man, the established writer.
• Boswell was just starting out.

“They (Samuel Johnson and Boswell) first met in the back parlour of Tom Davies’s bookshop on the afternoon of Monday, 16 May 1763.  

Johnson was born in 1709, so Johnson was 54 and Boswell was 24.  If Johnson had been born in 1680 and Boswell in 1710, the difference between them would merely have been the difference between youth and middle age; but since Johnson’s birth date was 1709 and Boswell’s 1740 they are separated by one of those seismic cracks in the historical surface. 

Boswell is a new man in Johnson’s world; he (Boswell) belongs to the epoch of Rousseau (Romanticism; whereas Johnson was still classical); all the attitudes that we associate with the end of the eighteenth century – the onset of ‘sensibility,’ the obsession with the individual and the curious, the swelling tide of subjective emotion – are strongly present in him. Where Johnson still belongs to the world of Aristotle and Aquinas, the world of the giant system-builders, Boswell inhabits the ruins of that world. Where Johnson instinctively proceeds by erecting a framework and then judging the particular instance in relation to that framework, Boswell is the sniffing bloodhound who will follow the scent of individuality into whatever territory it leads him. The fascination of their dialogue, that dialogue of mind, heart and voice round which Boswell organized his great Life, is that is it not merely between two very different men but between two epochs.  In its pages, Romantic Europe speaks to Renaissance Europe, and is answered.” – Samuel Johnson, A Biography, John Wain, p. 229 – 230.

But the book today, actually two books, in one volume, from Everyman's Library, #253, c. 2002:

• Samuel Johnson:  A Journey to the Western Islands of Scotland, born in Lichfield, Staffordshire, the heart of England;
• James Boswell, The Journal of a Tour to the Hebrides. born in Edinburgh, Scotland; the heart of Scotland.

The journey, 1773, three years before the US Revolution (1776); August - November. 

Times Are A'Changing -- Natural Gas -- Pennsylvania -- November 14, 2025

Locator: 49422PA_NG. 

Things I would not know if I did not read the blog. LOL. 

Look at the ninth bullet below. 

Link here. 

Wiki.

Senator John Fetterman voted with the GOP for the past several weeks. 

By the way, when and how did Pennsylvania pull out of the RGGI; and, where does that stand now?

Chart Of The Day -- November 14, 2025

Locator: 49421MARKET. 

Before we get to the charts, link here:

Now, back to the charts.

These three charts taken on Friday, mid-day trading, at the end of a very, very "bad" week. 

The three tickers suggest an interesting narrative.

Intergenerational Wealth Transfer -- Update -- November 14, 2025

Locator: 49420WEALTH. 

From AI:

The "Great Wealth Transfer" is estimated to involve tens of trillions of dollars, with figures ranging from $84 trillion to over $124 trillion. This massive amount is expected to be passed from older generations, primarily Baby Boomers, to younger generations like Gen X and Millennials over the next few decades. 

While many sources cite the $84 trillion figure, others predict the total could be higher, with one estimate projecting over $100 trillion. 

• $84 trillion: A frequently cited estimate for the total wealth transfer over the next two decades, according to Comerica Bank, Bankrate, and Citizens Bank. 
• $85 trillion: Another estimate for the amount to be passed down from Baby Boomers and the Silent Generation to Gen X and Millennials. 
• $124 trillion: A higher-end estimate for the total intergenerational wealth transfer over the next two decades, as reported by ASPPA, U.S. Bank, and Alkami Technology. 
• Over $100 trillion: A more recent estimate from CNBC and Investments & Wealth Institute. 

Two links:

Fortune, link here: 

 Merrill Lynch, link here.

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Autumn In North Texas