Alfred Vereenooghe

Vir sapit qui pauca loquitur.

[Alfred Vereenooghe @AlfredVereenoo1]

Être une heure, une heure seulement
Être une heure, une heure quelquefois
Être une heure, rien qu'une heure durant
Beau, beau, beau et con à la fois…

[Jeffrey Currie 🆔++ @CommodMkt]

The macro repricing of energy is now underway. Check out today's move in long dated oil - that's calendar 2027 WTI. When long dated oil moves this strongly in tandem with energy equities making new ATHs, financial markets need to listen. This is not a transient spike in prompt oil. It's far more structural. Get long, buckle your seat belt, and hang on for the ride.

[Karun Pal @karunpal]

The real purpose of wealth is to become a kid again. To have the freedom to follow your curiosity and do whatever the fuck you want, whenever you want.

[Bjorn Lomborg @BjornLomborg]

Self-inflicted: Europe closed 30 refineries 2009-24

Now diesel is record-high compared to oil prices

https://t.co/AuFNHEPpS2 https://t.co/GCwP6gMaYC https://t.co/QAoyCOR8nY https://t.co/6okqRDOjXq https://t.co/bfyug33gPE https://t.co/Bs2wPXKtbL https://t.co/o0vt4BrJha

[Alfred Vereenooghe @AlfredVereenoo1]

@TankersInt

[Alfred Vereenooghe @AlfredVereenoo1]

@contang_o Gm

[Alexander Stahel 🌻 @BurggrabenH]

Oh the irony

Rutte spent 14 years running one of Europe’s largest refining countries, the Netherlands. Did he use those years to build energy resilience?

Gosh, no. He was busy championing the Green Deal and prematurely reducing hydrocarbon supplies ahead of demand realities - like all of them!

His government shut Groningen, Europe’s largest gas field, imposed a 5-year moratorium on shale-gas exploration and production, and introduced a national CO₂ levy on industry on top of the EU ETS.

Now Rutte changed jobs and, as NATO Secretary General, discovers the strategic value of energy security: in a war, Europe needs “massive amounts of diesel and all the oil products.”

[Alfred Vereenooghe @AlfredVereenoo1]

@letuscompound

[Hedgeye @Hedgeye]

Foreign buying of T-Bills has fallen -80% YoY, per U.S. Treasury data

[Alfred Vereenooghe @AlfredVereenoo1]

RT @BurggrabenH: 1/ One thing about commodities that increasingly frustrates me is the constant government hyperventilation whenever energy…

[Trafigura @trafigura]

Introducing Volare Shipping — a new Trafigura group company built to own, operate and scale a modern fleet of oil tankers.

🚢 The fleet: six VLCCs on the water, eight newbuilds on order, commercially managed by Trafigura's global shipping business.

https://t.co/TccBQggGbB

[Matty Dread @MattyDread]

I could watch this all day on loop. BBC net zero moron getting owned by Guyana president.

[Alfred Vereenooghe @AlfredVereenoo1]

@thomas_spaas @HermansRob @ModaalJos Gerontocratie en ‘après moi le déluge’. Stemrecht begrenzen tot pakweg 55 jaar.

[Alfred Vereenooghe @AlfredVereenoo1]

@thomas_spaas Ik hoorde recent iemand vertellen dat haar moeder van 81 graag al eens naar de afspraak kijkt, want ze kan daarbij zachtjes in slaap vallen. Waarmee het programma dan toch nog minimale maatschappelijke waarde biedt, denk ik dan.

[Rose Celine Investments 🌹 @realroseceline]

There is a strange point in life where money keeps increasing but your life barely changes. When you have very little, every additional dollar matters because it buys security, a better home, opportunities for your children and eventually freedom. But eventually the next dollar adds to your net worth without really adding much to your life.

Economists call this diminishing marginal utility, which is really just a complicated way of saying that the first dollars are worth much more than the last ones. Going from having very little to financial independence can completely change your life, while going from $20 million to $40 million may change almost nothing about how you actually live. Somewhere along the way money can stop being about improving your life and quietly become a scoreboard.

The problem is that we also get used to almost everything. The house you once dreamed about becomes the house you live in, the incredible new car becomes your car and the vacation that once felt unbelievable becomes normal. Your lifestyle improves, but your expectations rise right along with it, which is how someone can become richer every year without ever really feeling rich.

That is why I think enough may be one of the most important words in finance. It doesn’t mean becoming lazy or losing ambition, it simply means recognizing when another dollar has become less valuable than whatever you have to give up to earn it. Most of the time what we are really exchanging for money is our time.

When you’re young, trading time for money can be a fantastic deal because you have lots of time and very little money. But eventually, if you’re fortunate, the equation reverses and you have plenty of money while time becomes increasingly scarce. A wealthy 55 year old can make another million dollars, but he cannot make another year of being 55, another summer when his child is six or another Christmas with a healthy parent.

Investors understand compounding, yet strangely we often fail to apply the same idea to the rest of our lives. Relationships compound, health compounds and memories compound too, but unlike money you cannot neglect them for thirty years and simply make a giant contribution at the end. Many of the most valuable things in life have windows, and once those windows close no amount of money can reopen them.

Maybe real wealth should be measured partly by how much of your life you actually control. Can you spend an afternoon with your child, help your family when they need you, walk away from people you don’t want to deal with and decide for yourself how you spend your time? None of those things appear on a balance sheet, yet they are probably closer to the reason most people wanted to become wealthy in the first place.

None of this means successful people should stop working. If you genuinely love building companies, investing or creating things, there is nothing wrong with doing it forever. But there is a huge difference between continuing because you love the game and continuing because you have forgotten how to stop.

When you’re young, one of the most important questions you can ask is how do I get more? Learning how to earn, save, invest and compound money can completely change your life. But if you are fortunate enough to succeed, eventually a much harder question arrives, how do I recognize when I already have enough? The first question can make you rich, but learning how to answer the second may be what finally allows you to feel rich.

🌹

[Alfred Vereenooghe @AlfredVereenoo1]

👀

[Tarek Mansour @mansourtarek_]

We ran a study on over 2 million markets to evaluate their calibration. To our knowledge, this is the largest replicable study on this topic.

Here are the results: 🧵

[Tarek Mansour @mansourtarek_]

We ran a study on over 2 million markets to evaluate their calibration. To our knowledge, this is the largest replicable study on this topic.

Here are the results: 🧵

[Jeffrey Currie 🆔++ @CommodMkt]

Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it.

Scarcity in the physical world. Repression in the financial one.

Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement.

Commodities are the only asset class that wins on both sides.

The structural case for commodities has been turbo charged. Underinvestment, deglobalization and electrification all pushing markets like diesel cracks and copper to new highs.

Meanwhile the chokepoints are increasing, from Hormuz to the Red Sea, the Rhine, the Panama Canal, the Black Sea grain corridor and Russian refining capacity. It is becoming increasingly apparent that not a single one of those is reachable by anything in Washington's toolkit whether it be caused by war or weather.

The illusion of abundance is likely behind us. I said as much on CNBC this Monday, and I got long gold, silver and agriculture last week.

Ten points for you to consider. (1/11)

[Alfred Vereenooghe @AlfredVereenoo1]

@contang_o Hagw

[Alfred Vereenooghe @AlfredVereenoo1]

@ancapoen @FionaFeagle Paar maand geleden twee Gazelle Esprit gekocht. Robuust en geïntegreerd licht, ketting of riem, 3 of 7 versnellingen. En een dosis nostalgie naar mijn communiefiets, dat ook.

[Alfred Vereenooghe @AlfredVereenoo1]

@contang_o Vir sapit qui pauca loquitur.