The UAE is building a ~1.4MM Bbl/d, 370km pipeline costing ~$4BN USD, started in 2025 and onstream in 2027. Canada aims to potentially build a 1MM Bbl/d pipeline, to cost ~$40BN, take 8+years, and is tying it to an obsolete/costly $30BN Pathways project. See the difference???
@BarrySchwartzBW All good till there's a run on redemptions. Fundamental liquidty mismatch in their structure. 30 - 60 day liquidity on an underlying illiquid asset leads to trouble (eventually). Just ask ROI investors from back in the day
"I’ve always thought Twitter makes you twice as informed but half as productive. On net it’s probably a wash."
So true! Another good one from Mr. Housel.
Information That Would Get Your Attention
1. The history that was never written down and the thoughts that were never spoken.
2. Meeting all the versions of yourself that you could have become.
3. How much time you have left.
https://t.co/zUB7qbakur
The 10 most popular investment quotes we shared in 2023...
some real bangers in here...#9 🤣
1. "Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity." Carl Icahn
2. "I put two children through Harvard by trading options. Unfortunately, they were my broker’s children." @jasonzweigwsj
3. "If you put the government in charge of the Sahara Desert, in five years there’d be a shortage of sand." Milton Friedman
4. "The art of investment is the discipline of inaction in the absence of a good opportunity, but aggressive action when one is identified." Li Lu
5. "To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes." George Soros
6. "The psychological mood of people changes more drastically than anything else in finance. Human nature changes least of all." Benjamin Graham
7. "If the price is right, we are going to sell. I think that's true of everything you have, except maybe your kids and possibly your wife." Carl Icahn
8. "A lot of people with high IQs are terrible investors because they've got terrible temperaments. You Need to keep raw, irrational emotions under control." - Charlie Munger
9. "The mutual fund industry is not an investment management industry. It's a marketing industry." David Swensen
10. "Nothing is linear. The world doesn't move towards what we think is rational a little bit every day. The best way to manage volatility is to have a strategy that you can stick with. If you believed in it, it wouldn't matter how poorly it did for a while." @CliffordAsness
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@timforeuk@Halfisample@JohnLeePettim13 Global coal use is set to rise by 1.2% in 2022, surpassing 8 billion tonnes in a single year for the first time and eclipsing the previous record set in 2013, according to Coal 2022, the IEA’s latest annual market report on the sector.