Wow, Wow, Wow -- BRK Gained Nearly 17% Y/Y -- November 21, 2023

Locator: 46130NVDA.

From CNBC today:

Berkshire owns a vast array of well-established businesses, ranging from its crown-jewel Geico insurance to BNSF Railway to about 6% of Apple.

Shares of the conglomerate have gained nearly 17% this year after hitting an all-time high in September.

Wow, wow, wow, shares of BRK have gained nearly 17% this year after hitting an all-time high in September. Think about that. Seventeen percent in one year. A genius.

Let's look at Nvidia:

Yup, that 17% is pretty impressive. 

It gets tedious.

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The Mother Road

Route 66.

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Headlines

Sam Altman; back in as CEO, OpenAI.

GM: won’t be advertising during Super Bowl.

Angus Bull Sales: it appears the “season” for Angus Bull Sales has begun. Link here.

Politics: more and more, it appears Trump’s candidacy is gaining more and more traction, not less, despite the ongoing court cases accusing Trump of wrongdoing. 

State supreme courts, in state after state, are throwing out cases attempting to keep Trump’s name off state ballots for US president. 

Tonight, it was announced that the last remaining US House seat was won by a Trump supporter in Utah, beating out a “moderate” Democrat. (Was there ever any doubt?) 

Right now, the polls suggest Trump would steamroll into the White House in a race against the incumbent but those are just polls. How the election would actually unfold is a completely different story. There’s at least one wedge issue that might be key in a Biden upset.

Boston Red Line: nine slow zones eliminated.

One Year -- That Was It? In The Big Scheme Of Things, One Year Is Very, Very Transitory -- November 21, 2023

Locator: 46129ECON.

Link here. 

The Bad News Keeps Coming -- EVs -- November 21, 2023

Locator: 46128EVS.

Longer. Much longer. Link here.

Demand will continue to drop: link here.

Posted in this past 48 hours:

Locator: 46121EVS. 

That was Jim Cramer's comment this morning -- "this is the high water mark for EVs," about 8:30 a.m. CT on CNBC's "Squawk on the Street," with Jim Cramer, Carl Quintanilla, and David Faber. 

Faber ,with some light banter, pushed back on Cramer's comment. Cramer sounded more serious than Faber who simply called GM's Cruise setback a speed bump.

From the blog yesterday:

• Fake EVs: taking market share. 
• EVs: for the urban rich. Very rich. You and I don’t make the cut.
• EVs: three articles to be linked in a.m. All three were “front-page” articles in The WSJ.

Cybertruck: deliveries to begin November 30, 2023, a Thursday, exactly one week after Thanksgiving.

 

Today, those three articles on the "front page" of yesterday's WSJ:

• Are Americans falling out of love with EVs? 
• EV startup Fisker has lost another chief accounting officer.
• More than a speed bump: GM's self-driving car unit skids off course.

All this in the last 24 hours. Twenty-four hours. And the UAW is now running GM, Ford, and Stellantis.

Three New Permits; Four DUCs Reported Completed -- November 21, 2023

Locator: 46127B. 

Weekly API data: OPEC is in deep trouble --

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Back to the Bakken

Locator: 46127B.

WTI: $77.66.

Active rigs: 36.

Three new permits, #40350 - #40352, inclusive:

• Operators: KODA Resources, Grayson Mill
• Fields: Fertile Valley (Divide County); Briar Creek (McKenzie)
• Comments:
• Grayson Mill has a permit for a Sponheim well in NWSW 32-152-104, 
• to be sited 1605 FSL and 293 FWL
• KODA Resources has permits for two Stout wells SESW 14-160-102, 
• both to be sited 326 FSL with one 1995 FWL and the other 1960 FWL

Six oil & gas permits renewed:

• Petro-Hunt (6): six USA wells in Charlson oil field, McKenzie County;

Four producing wells (DUCs) reported as completed:

36630, 1,227, XTO, Arnold 21X-17BXC, Tobacco Garden,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	23	23125	22872	16540	40310	37440	1434
BAKKEN	8-2023	2	0	0	3060	0	0	0

• 38225, n/d, MRO, Foolish Bear USA 11-16H, Four Bears,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	29	7818	7808	7661	27184	27020	9
BAKKEN	8-2023	31	9759	9746	9494	33573	33380	25
BAKKEN	7-2023	31	11684	11769	10930	39396	39204	27
BAKKEN	6-2023	30	15169	15132	13777	46345	46064	52
BAKKEN	5-2023	31	22429	22474	21557	52038	51649	165
BAKKEN	4-2023	30	29413	29191	22080	44193	43325	673
BAKKEN	3-2023	17	2776	2729	1990	2619	2571	35

• 38226, 2,848, MRO, Coleman USAA 11-16TFH, Four Bears,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	29	14196	14194	11339	35515	35303	12
BAKKEN	8-2023	31	18527	18572	14541	45352	45095	34
BAKKEN	7-2023	31	26830	26789	18887	55436	55172	37
BAKKEN	6-2023	23	21122	21075	15320	31589	31404	34
BAKKEN	5-2023	31	31663	31599	23844	39906	39617	123
BAKKEN	4-2023	29	27530	27886	25969	36766	36050	555
BAKKEN	3-2023	26	36250	35642	31295	43819	42999	599

• 38227, n/d, MRO, Herzig USA 11-16H, Four Bears,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	28	8317	8274	6000	24958	24031	611
BAKKEN	8-2023	31	12129	12129	8713	38222	37285	541
BAKKEN	7-2023	31	15035	15204	10022	38298	37804	105
BAKKEN	6-2023	30	15996	15785	9770	30150	29657	131
BAKKEN	5-2023	31	22976	22977	13971	32744	32229	124
BAKKEN	4-2023	24	18682	18222	13900	24318	23193	876

Nvidia -- NVDA -- 3Q23 Earnings

Locator: 46126NVDA. 

 
Barron’s: link here. For serious investors, NVDA needs to be part of their portfolios.

Barron's: link here. 

From a Martin Peers' newsletter:

As the tech world remained riveted by the OpenAI soap opera, the real artificial intelligence money machine was demonstrating the fine art of printing greenbacks.

That would be Nvidia, which reported on Tuesday that its revenue soared 206% in the October quarter, to $18.1 billion from $5.9 billion a year earlier.

That’s what happens when you essentially corner the market for the specialized AI chips that are a must-have commodity for tech firms right now. And this growth is continuing.

Nvidia projected that revenue would soar to $20 billion in the January quarter, which would be an increase of 230% over the year-earlier number of $6.05 billion.

Just to give a sense of how much Nvidia’s business has mushroomed in the past couple of years, that projection implies Nvidia’s full fiscal year revenue will be around $59 billion, more than its combined revenue for the previous two fiscal years

Notably, Nvidia Chief Financial Officer Colette Kress told analysts the fourth-quarter projection would have been higher if the Biden administration hadn’t restricted chip sales to China!

In other words, Nvidia is making bank right now, but it could be doing even better. That wrinkle likely explains why the stock—which is up 242% so far this year—inched down a little after hours. (For more on Nvidia’s results, see here.)

The WSJ: the link.

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Earnings Announcement

Prior to earnings announcement: 

• NVDA: Whisper: $3.47. Consensus: $3.18. Consensus revenue: $16.12 billion.

Actual:

The chipmaker reported adjusted earnings per share of $4.02 on revenue of $18.12 billion, both of which topped analyst expectations. Analysts had expected adjusted earnings per share to tally $3.36 on revenue of $16.1 billion.

Third quarter revenue increased 34% from the prior quarter and 206% from year ago, reflecting how increased demand for AI has boosted the company's sales throughout 2023.

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Watching Nvidia Move From The Bat Cave