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Michael Fitzsimmons

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  • Charlie Munger: Energy Independence Is Dumb [View article]
    Sounds like the plan will exhaust the US dollar before it exhaust the resources.....
    Jul 26 07:34 AM | Likes Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    You make a good point eagle wrt exporting natural gas. And yeah, the Middle Eastern countries should have the money to buy it - after all, the US has been sending them our wealth for decades!
    Jul 26 07:33 AM | 3 Likes Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Good point Dave, but you'd think if we are going to burn petroleum products for transportation we'd use natural gas: it's more abundant, cheaper, and cleaner - and domestic.
    Jul 26 07:31 AM | 2 Likes Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Thank you Tom. Texas is right in the middle of the conversation...not only as an oil and gas producing state, but it also has some salt caverns that Munger would like to use to store foreign oil ;)
    Jul 26 07:29 AM | Likes Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Yes - well, not sure about ammonia. If you are gonna go that route why not just use nuclear energy generated electricity to run electrolysis processes and generate hydrogen then run cars/trucks on that.

    But the bottom line is the US has enough natural gas to run both the electrical generation infrastructure and the transportation requirements. Of course, that assumes the "policymakers" don't permit over-the-top exports of our domestic natural gas reserves.

    But nuclear still concerns me...Japan was a warning shot across the bow of what can go terribly wrong.
    Jul 26 07:25 AM | 1 Like Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Mitch - all of which I believe came primarily as a consequence of decades of importing foreign oil.
    Jul 26 07:19 AM | 2 Likes Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Yes, it was quite a rant. I am surprised he would address the oil issue without offering solutions (like nat gas transportation) other than "issue long-term bonds to buy foreign oil and store it in the salt caverns". We're issuing bonds now, and "QE" infinity to "pay" for foreign oil, we're just not storing it in caverns because we need to burn it everyday as gasoline and diesel fuel.
    Jul 26 07:18 AM | Likes Like |Link to Comment
  • Sell Whiting Petroleum, Buy ConocoPhillips [View article]
    Not sure what your faults were with the article as we seem to be in agreement about WLL. I have listened 6 or 8 of those conference calls myself and I have not heard one question on the PPP. I am sure the analysts don't wanna rock ...they all seem to be buddy buddy with management and always congratulate them on production growth "Great quarter!", but they never mentioned EPS or the stagnant stock. Not one of them even said "Hey, with the Postle sale, how about a $1/share special dividend for your poor suffering shareholders!"
    Jul 26 07:13 AM | Likes Like |Link to Comment
  • Sell Whiting Petroleum, Buy ConocoPhillips [View article]
    Yes, but there are many medium and large sized companies that issue stock options tool. It is common they vest over a 5-year period and can be worth real money if the company grows earnings and the stock follows. But without earnings growth or some fundamental catalysts, they may not appreciate. But that's the incentive: grow the earnings and make the stock go up.
    Jul 26 07:10 AM | Likes Like |Link to Comment
  • Sell Whiting Petroleum, Buy ConocoPhillips [View article]
    That's true...and has been true every since I owned the stock., Unfortunately it's been frustrating to watch the stock stagnate while production grows and grows...
    Jul 26 07:07 AM | Likes Like |Link to Comment
  • Sell Whiting Petroleum, Buy ConocoPhillips [View article]
    Well, there are an awful lot of analysts on these conference calls for WLL, CLR, EOG, KOG etc. etc. You'd think they would have their arms around something like the sale of Postle, which was a pretty simply influx of cash that WLL can redeploy in the Bakken. Speaking of Postle, why didn't WLL pay out a one-time dividend to shareholders on that deal? Note also the PPP kicks into to management on asset sales like that.

    EOG and then CLR are the class of the Bakken in my humble opinion. WLL should be in the same class, but unfortunately they are not.
    Jul 26 07:06 AM | 1 Like Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Philip: Considering the oil sands reserves, I would have to agree. However, that does not mean the price of oil won't rise. Aggregate worldwide lifting costs seem to be increasing every year.
    Jul 25 10:46 PM | 1 Like Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Jeff - that only works if you replace the gasoline and diesel fueled vehicles with electric vehicles, right?
    Jul 25 10:42 PM | 2 Likes Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    Thanks Wilson - I needed that!
    Jul 25 10:19 PM | 1 Like Like |Link to Comment
  • Charlie Munger: Energy Independence Is Dumb [View article]
    It was an oversight but I would disagree it undermines the analysis. The analysis is spot on imho, as I am sure you would expect since I wrote the piece. The petroleum portion of the trade deficit (39% in 2012) is correct whether or not the deficit is trillions or millions. It's a percentage and makes the point I was after: petro is the #1 reason the US is printing money out of thin air.
    Jul 25 10:19 PM | 4 Likes Like |Link to Comment
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