Roberto

Oil&gas accounting expert, chartered Accountant. Longtime investor, 100% equity. Toughest decision to make when to sell. Fond of Italian isles and Peru Bolivia.

[Peter Clack @PeterDClack]

They told us China was cheating. Turns out they were just building while we were preaching. While the West was busy dismantling coal plants, paying people not to boil kettles and covering farmland with solar panels that don’t work when it’s dark, China did the obvious: They kept the lights on and built everything.

The result? China now makes 80% of the world’s solar panels, 70% of the batteries, 60% of the wind turbine parts and 55% of global steel (more than the next 15 countries combined). And they’re still commissioning two state-of-the-art coal plants a week – the cleanest coal plants ever built, because reliable power beats ideology every single time.

In 2000 China’s manufacturing output was smaller than Italy’s. Today it’s larger than America + Europe + Japan + South Korea combined. We outsourced the actual hardware of the 'green revolution' to our main rival, then acted surprised when they became the workshop of the world and the richest industrial power in history.

The miracle isn’t mysterious. It’s embarrassingly simple:
Abundant energy. No net-zero cults. A government that sees steel mills and giga-factories as strategic assets, not sins. The biggest transfer of wealth and power in human history didn’t happen with guns or treaties. It happened because one side built things and the other side wrote strongly worded letters and paid influencers to shame anyone who pointed it out.

China installed more solar in 2024 than the entire world had installed cumulatively by 2017.

From 2005–2023 China added ~1,100 GW of coal capacity while the West lost ~200 GW. That gap is the story of the century.

The West ran a 20-year experiment in whether you can deindustrialize your own civilization, hand the manufacturing base to a strategic rival, subsidise that rival with your own climate policies, yet still win the century.

Result so far: China’s manufacturing share of global GDP went from ~6% in 2000 to ~30% today. America’s went from ~22% to ~15%. Europe’s collapsed from ~25% to ~14%.

China didn’t beat us. We decommissioned ourselves.
Ready to discuss?

[Just Rock Content @JustRockContent]

“Moby Dick” - Led Zeppelin

Royal Albert Hall ‘70

John Bonham played the drums like a man possessed by gods and demons at once, turning four limbs into a force of nature that still rattles the earth fifty five years later.
https://t.co/525Nw7nQHt

[Arthur Schopenhauer @SchopenhauerNow]

What is life?
• Dostoevsky: It’s hell.
• Socrates: It’s a test.
• Aristotle: It’s the mind.
• Nietzsche: It’s power.
• Freud: It’s death.
• Marx: It’s the idea.
• Picasso: It’s art.
• Gandhi: It’s love.
• Schopenhauer: It’s suffering.
• Bertrand Russell: It’s competition.
• Steve Jobs: It’s faith.
• Einstein: It’s knowledge.
• Stephen Hawking: It’s hope.
• Kafka: It’s just the beginning.

[Roberto @66gabfedfra]

@jackprandelli Is this also the kind of coal to produce steel? Carbon coke?

[Razor Oil @RazorOil]

I remember one moment from around 2015 that has stayed with me ever since...we were in the middle of brutal layoffs. The company was in turmoil, oil prices had collapsed, and the future felt uncertain for everyone. Yet I walked up the stairs of a pad at Foster, looked out over the pad...could smell the tarry scent of flowing bitumen. I could hear the steady rush of oil moving through the pipes, feel the heat conducting from the steam injectors. Then a huge crow landed right beside me on the railing, completely unafraid, as if it belonged there. In that instant I understood something simple and powerful: the oil didn’t care about spreadsheets, politics, or layoffs. It didn’t know about stock prices or quarterly reports. It was just there—quietly, patiently—waiting under the ground in reserves that would last for decades. The resource was real. The value was real. And when the cycle turned and the opportunity finally came, it would be time to step up and take it. 🫡🪒

[Compounding Quality @QCompounding]

1. Why did some countries become rich and powerful…

While others stayed poor and weak?

That’s the big question in Guns, Germs and Steel by Jared Diamond.

And it started with one man’s question on a beach in New Guinea...

[Finding Compounders @F_Compounders]

Warren Buffett and Charlie Munger both believe that business valuation is not being taught properly at business school

A Berkshire shareholder then asks them how they would teach business valuation and this is what they said :

[hw97karbine @hw97karbine]

German troops riding a captured US M8 Greyhound armored car and Tiger II tanks of schwere SS-Panzer-Abteilung 501 on the move in Belgium in early 1945

[Fitness Guide @FitnessGuide0]

Incorporate these training styles into your weekly split and watch your athleticism skyrocket.

[Up Workout @Upworkout]

This 5-minute daily routine costs nothing but delivers big results No gear No excuses

[Karl Matt Button │ Apex Fitness Adv. @KarlApexFit]

Are you sitting for more than 5 hours a day?

It could be taking years off your life.

Here are 5 Simple Exercises I do at home to help bulletproof my back and optimize my health:

1. Lunge and Rotate

[Roberto @66gabfedfra]

@jigg1974 Briansk , Smolenks?

[▪️ Macroski ▪️ @MMacroski]

30 noviembre 1989

Con dos goles de Hugo Sánchez el Real Madrid eliminaba al Atlético de la Copa del Rey (2-0), la ida había terminado 0-0.

[Healing Tai Chi @GymBr_o]

At 80, you'll look 40! Follow these ancient exercises daily.👇

[Wellness Xplorer @WellnessXplorer]

These simple movements can do wonders for your body

Try these today and feel the difference. Your body will thank you 👇👇

[Roberto @66gabfedfra]

@mamboitaliano__ It’s along the road from La Villa to Corvara, right?

[Roberto @66gabfedfra]

@mamboitaliano__ Horrible

[Oguz Erkan @oguzerkan]

If you underperform for 5 years while everything was flying, you can’t blame the market.

What I think is fundamentally wrong with Terry Smith’s strategy is that he puts so much emphasis on ROIC.

ROIC generally peaks in early maturity and that’s exactly when opportunities for profitable reinvestment shrinks.

From that point on, companies generally reduce investment, and what you get is low real growth with artificially high ROIC.

At the fast growth phase, the return on investment is highest but you can’t generally see it as high reinvestment eclipses ROIC.

This is why he is left holding a bunch stocks with high ROIC at relatively high multiples but limited growth.

That’s not a winning recipe.

[Javier Blas @JavierBlas]

CHART OF THE DAY: Look at the **forward** oil price curve, and it’s $50 to $60 a barrel from here to eternity.

"... Increasingly feels like the energy market is way too sanguine about oil prices staying low [in 2030-2035]..."

My @Opinion column: https://t.co/GHUn5HOV5m