Ferg's Finds
This is a short weekly email that covers a few things I’ve found interesting during the week.
Article
If you needed a another reason that ESG is a complete scam:
Big Oil Is Boosting ETF Returns and ESG Funds Are No Exception
“After an analysis of Exxon and Chevron on all metrics used for the energy sector, the companies scored high enough for inclusion under our best-in-class methodology,” he said.
Translation: Our Green investments are a dumpster fire, so we better get some actual energy exposure before investors pull their money.
Podcast/Video
The two macro thinkers I value.
MacroVoices #396 Luke Gromen: The Dollar Treasury Feedback Loop, Deconstructed
What the WSJ Gets Wrong About China with Louis Gave
Quote
"You can measure everything about a bubble except the most important part: When investors will stop believing in it. The end of the bubble is just the end of enthusiasm. And enthusiasm isn’t a tamable statistic. It’s a hormone that owes nothing to the logic of your data."
-Morgan Housel
Tweet
Love this question.
Charts
I love Louies question at the start of the interview, in what has the US got to show for $30 trillion spent since 2000?
"Like if I was American and I'm not I would say hold on what did we get for this 30 trillion in debt where's the Hoover Dam that we've built where's the Tennessee value Authority where's the high-speed rail? When you pile on the debt it's got to be for productive stuff if what you're doing is running up the credit card debt to fund your current spending that's much more problematic.
Something I'm Pondering
I’m pondering the history of consolidation in asset heavy sectors and subsequent returns.
Take railroads.
As we are seeing and have seen a lot of consolidation announced across the offshore and tanker space (Frontline & Euronav).
The obvious example is Offshore drillers.
And even OSVs, as look at the acquisition spree Tidewater has been on.
Hope you’ve had a great weekend.
Cheers,
Ferg
If you’re interested in my story and why I started this Substack, you can read the story here.
"What has the US got to show for $30 trillion spent since 2000?"
Isn't that too sarcastic? :)
1. How about energy independence, mostly LNG and Oil independence. It is probably not 100% but close. We all talk about cheap money and the shale boom so..
2. How about $ exported to the rest of the world ? :) World reserve currency.
3. How about IT and Bio Tech innovations
There is probably more
Would you disagree? Would you add anything to the list? I am originally from Europe, now in Australia so I am not a US citizen.