Ferg's Finds
This is a short weekly email that covers a few things I’ve found interesting during the week.
Article
This is a joy to read as Michael Cembalest takes a hammer to so many bullshit projections and narratives.
J.P. Morgan: Eye on the Market Annual Energy Paper | 13th Edition
Growing Pains: The Renewable Transition in Adolescence
Podcast/Video
This was worth a watch: Sohn 2023 | Kiril Sokoloff in conversation with Stanley Druckenmiller
Quote
"There's a grand-canyon sized gulf between explanation and experience."
-Jad Abumrad
Tweet
There is cheap, and then there is Pakistan cheap.
Charts
It’s absurd Apple and Mircosoft currently represent 14.1% of the S&P500.
It made me think of this chart where in 1980, energy hit a high of 27% of the S&P500 before hitting a low of 1.8% in 2020.
Something I'm Pondering
How long will it take the majority to realise LCOE is a garbage metric for comparing renewables with other power generation?
I even wrote a blog about how obviously stupid LCOE was back in 2020, as it leaves essential system costs out.
Hence why reading this was a joy; Numbers in, Garbage out, I couldn’t have said it better.
I hope you’re all having a great week.
Cheers,
Ferg
I am so appreciative of your newsletter insights, but far more importantly the sharing of your knowledge on Opens. You have taught an old dog how to fish in the asymmetric investment world. For that I will be forever grateful.
Thanks. Can you please confirm the two documents you have referred to are one and the same? Both link to the same file.
J.P. Morgan: Eye on the Market Annual Energy Paper | 13th Edition
Growing Pains: The Renewable Transition in Adolescence