energy

“I just came back from Europe, and I saw a number of our clients, and I was telling them, look, you got to own energy, and you got to own metals, and you got, most of the clients I talked to say, we can't. Like, because of ESG constraints, because of this, beca…”

“The new two anti-fragile assets are one energy and the other is emerging market bonds.”

“And then the other thing, of course, is the outperformance of energy. When I talk to people about it, they're like, oh yeah, I can't do anything about that. Can't invest. Which tells me great news. It's got lots of room to grow.”

“This time there's basically been nowhere to hide but energy. Energy is the one asset class that's up for the year.”

“Anytime something's overcapitalized, you're likely to lose your shirt. Just because a market is growing doesn't mean you're making money. That's a really hard thing for people to grasp in energy.”

“There's this concept of half cycle. How much does it cost to just do a project? And then there's the full cycle. What do I have to pay to get access to that project? And that's where a lot of people lose in energy.”

“That's representing at least a couple percent of GDP growth right now. That's driving massive investment in infrastructure and chip manufacturing and energy and all of these things.”