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- Let us talk of Musk’s future, and how it intersects with ours, as the inevitable hour of decision for America arrives. Musk shows, or until recently showed, very little interest in politics, except as it intersects with his businesses, and is therefore a cost of doing business. Trump is a unfocused and undisciplined fraudster; “Biden is a damp sock puppet in human form.” This attitude is actually very promising, since what America needs is a clean start, not more men who want to be politicians. If Musk wanted to be a politician, he would not be a good candidate for America’s Man of Destiny, which is my fundamental claim about him. [Charles Haywood]
- For a while as an inexperienced investment professional I tried to judge whether equity markets were cheap or expensive. I even allowed myself to express pessimistic views about market prospects in public and, worse, to act on them. Now looking back over the thirty or more years of my career it seems to me every one of those negative calls I made on markets was just plain wrong. They've gone up a lot over time and, in hindsight there was always something to be enthused about. And likely there always will be. Eventually I acknowledged the, for me, futility of such guesswork about market levels and concluded that it makes good commercial, investment and - perhaps most importantly - emotional sense to be permanently bullish. This, I believe, is good, "winning" investment behaviour. Being bullish brings a competitive advantage over the many market participants who are either negative because that is their habitual outlook on life (an outlook that tends to overstate temporary problems and to underestimate human problem-solving ingenuity) or who back themselves to trade in and out of equity markets on the basis of their hunches about market levels; or both. [Nick Train]
- TPL should buy every core Midland and Delaware NRA they can get their hands on. You can’t lose with minerals and it requires very few people to manage. This exposes them to more Midland and gives them an entrance to the best rock in the basin (and world) in New Mexico. These deals won’t be around forever. Wish they’d started buying these assets years ago. [The Texas Pacific Land Trust Investor]
- The drivers for the commodities that are in the retained portfolio in Anglo American are very, very strong. That is the first thing. So copper for the energy transition, copper for the improvement of living standards across the world, copper in all sorts of applications. It is going to be very, very difficult to supply into that world, into that level of demand, with the availability of copper and copper projects in the world today. So we feel very confident in copper and copper demand, looking at the shape of the portfolio, and especially with the quality of the assets that we have got in the portfolio, even more especially with the optionality that we have in the assets in this portfolio. And thirdly, even more especially with the capabilities that we have of being able to obtain permits and be able to deliver projects successfully in this world. We like that construct and the fundamental structural support around that particular vertical in the business. We believe very strongly that the world will have to transition to carbon neutrality in some shape or some form, and steel has a very material role to play in that. And there is the transition, which will take an enormous amount of steel as we build towards carbon neutrality. And that steel is always going to lean into the highest quality of iron ore that is available in that process. And at the end of this process, there is going to be, by the looks of things, a much more significant level of demand for high-quality iron ore that could go into DRI steel making. And our portfolio looks really resilient against that as a demand trend. And then lastly, in terms of polyhalite, we understand that the world is going to be really short food at some particular point in time. We believe that this is an asset that can deliver into the bottom of this cost curve with a very unique product - all the same nutrients that exist in all fertilisers today, but packaged in a different form. So we believe that if we can get this project up and running through a resilient balance sheet, then the fundamentals of it provide a lot of support for the balance sheet in the future. [Anglo American]
- Capitalism is what has made our amazing civilization possible (and has allowed so many useless post-modern academics to live in perpetual luxury). Rejection of free enterprise is what has caused most of the societal failures around the world—failures that would-be totalitarians attribute solely to oppression that can be cured only by more oppression (but this time from them). We now face a multigenerational challenge to teach the young to love and respect liberty as it applies everywhere, including in economics, where it would actually lead the destitute children of Gaza to a better life. No society that worships failure and abjures success can long endure. [Clifford Asness]
- Jaclyn leads a team of nearly 20 people and guides the agency’s media
and messaging strategies on key priorities of the administration such as
disaster response and recovery, climate change, workforce readiness and
equity. She is committed to building strong teams and encourages
creative strategic thinking along with a forward leaning approach for
how communications plans are executed. Prior to joining the
Biden-Harris Administration, Jaclyn led the Georgia Communications Team
for the Biden-Harris Campaign. Jaclyn also previously served nearly five
years in New York City Mayor Bill de Blasio’s Administration as a
spokesperson and senior communications advisor. [Jaclyn Rothenberg]
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