The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Miller: Top-quartile late-stage venture returns will soon match early-stage returns
“The returns in the private market at the late stage are actually going to start matching the returns at the early stage. If you look at top quartile performance of early stage funds versus late stage funds, I think they're going to be pretty close to each othe…”
Miller: Overcapitalized renewables will likely destroy multiples of shale capital losses
“I see renewables as just a massively overcapitalized space. It will likely torch capital on multiples of what happened to shale.”
Miller: 100% battery backup for Germany's grid would cost $270T
“And the back of the envelope math says, well, in order for Germany to be a hundred percent renewables plus a hundred percent battery, the battery piece of that equation was 270 trillion dollars.”
Miller: Coal-to-gas shift delivers 2.5x the environmental benefit of gas-to-renewables
“And when you look at the delta between, if I move from a coal plant to a natural gas plant, and a natural gas plant to a renewables plant, That first step has 2.5 times the environmental impact.”
Miller: Monthly AI token spend will go well above $500M
“I'm very bullish that we're going to go well above that.”
Miller: U.S. Shale Will Deplete, Forcing Reliance on Unstable Oil Regimes
“One is I think oil's off to the races. And I do say this to CIOs with a, Hey, think with your inflation hat on this thing is the input to almost every product and humanity. And the reason why is largely the world has lulled itself into a soft slumber on the ba…”
Miller: 80% of Republicans Under 35 Prioritize Climate as Top-Five Policy Issue
“Currently, Republicans under the age of 35, 80% of them say climate should be in our top five list of policy issues.”
Miller: Carbon Will Rival Oil and Gas in Commodity Scope and Scale
“Carbon will be a commodity that rivals oil and gas in scope and scale, and you need to be ready for that.”
Miller: Carbon capture will reach coal and gas plants within a decade
“We are gonna get to coal plants and natural gas plants, a hundred percent certain in the next decade.”
Miller: SEC emissions reporting rules will eventually lead to carbon taxes
“When the government's asking you to measure something, I got news for you. That thing's going to be taxed. That thing is going to be taxed at some point in time, which is a whole different revenue source for the energy transition over time.”
Miller predicts AI agents will exponentially increase compute demand for inference
“Agents start using inference in an exponential way. The demand curve goes way up for what we, what we're going to need from an inference perspective.”
Miller: Western Oklahoma wholesale power prices are negative 20% of the time
“Power prices in western Oklahoma are -20% of the time today. They will pay you to take the power.”
Miller: Good carbon capture projects yield 20–30% unlevered IRR and 3–6x returns
“A good project in carbon capture might be an unlevered 20 to 30% rate of return might be somewhere around three to six times your money. These are competitive with traditional private equity economics.”
Miller: Hybridization of everything will be the US vehicle solution
“I actually think the solution set for the U.S. Is going to be hybridization of everything.”
Miller: 99.9% of global lithium reserves are in four countries
“99.9% of the world's lithium reserves are in the hands of just four countries, China, Chile, Argentina, Australia, none of which are the United States.”
Miller: US CO2 reductions since 2005 stem largely from fracking
“The United States has reduced its CO two emissions since 2005, largely on the back of fracking and getting that natural gas molecule out.”
Miller: Token infrastructure forecasts will consistently be revised upward
“I think it's going to be just like every underestimated infrastructure forecast. We're going to spend X and we always spend X plus some multiple of that every single quarter. Everyone revises up. I think you're going to see revisions up on tokens for sure.”
Miller: Endowment ESG pressure stopped new resource commitments, not existing holdings
“The ESG pressures at your typical endowment foundation, the vast majority didn't take the form of you have to divest all of your natural resources. It typically took the form of you're not allowed to invest again in natural resources.”
Miller: Global Oil Demand Fell Only 10% During Peak May 2020 Lockdowns
“It was in May of 2020. Not a car on the road, not an airplane in the sky, not a cruise ship on the ocean. Oil prices went to -37 dollars a barrel. What do you think global demand was down? You think it was 50% that month? 70%? It was down 10%.”
Miller: Global voluntary carbon market is $3B annually versus $1T IRA
“That global market is about three billion dollars a year. For some sense of scale of how big the IRA is about a trillion dollars.”
Miller: China controls over 90% of rare earth refining capacity
“China controls over 90% of the rare earth refining capacity.”
Miller: US natural gas prices are 80% lower than Europe's
“The United States, by virtue of fracking, has natural gas prices that are just structurally lower than the rest of the globe. They are 80% lower than Europe.”
Miller: Section 45Q pays $85 per ton of sequestered CO2 over 12 years
“Really what that tax credit says is, hey, if Ted goes out and he takes one ton of carbon dioxide gas, and he injects it into the earth, permanently getting rid of it, we'll pay him 85 dollars per ton that he does via tax credit for a period of 12 years.”
Miller: Only about 10 permanent carbon sequestration wells operate in US
“There's only 10 or something permanent sequestration wells operating in the United States right now.”
Miller: Plant Vogtle projected at $14B cost $40B to build
“If you look at Vogel, the most recent Nuke plant to come online, I think Southern Company had said it was going to be fourteen billion, ended up being forty billion.”