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Thanks for the kind words. I think the guys did some exceptional work. Devesh's story struck me as timely, well-researched and important.
I've received two or three requests to write about particular funds in the month ahead, including Frank Value and Schwartz Value. I'm spend some time seeing what the guys are up to.
CNBC asked me about the success of a particular fund in 2022. I think the best answer might have been to send them the Visual Capitalist moving graphic on S&P500 sector performance. The same chart answers the question, "why has my ESG lagged so badly?"
Uhhh ... "Exxon." The lifting price of oil in the US (the out-of-the-ground price) is in the neighborhood of $30/barrel. If the price of oil at auction is $40, they make $10/barrel. If it's $100 (around the current price), they make $70/barrel without any additional cost or effort to them. That's reflected in the $7 billion/month profit in Q# 2022.
The Saudis pay something in the $2-5/barrel range.
My answer to them was "own oil, make huge gains this year ... which tells you precisely nothing about next year." Exxon's 10-year returns exactly match RiverPark Short-Term High Yield's: 2.6%.
Comments
I've received two or three requests to write about particular funds in the month ahead, including Frank Value and Schwartz Value. I'm spend some time seeing what the guys are up to.
CNBC asked me about the success of a particular fund in 2022. I think the best answer might have been to send them the Visual Capitalist moving graphic on S&P500 sector performance. The same chart answers the question, "why has my ESG lagged so badly?"
Uhhh ... "Exxon." The lifting price of oil in the US (the out-of-the-ground price) is in the neighborhood of $30/barrel. If the price of oil at auction is $40, they make $10/barrel. If it's $100 (around the current price), they make $70/barrel without any additional cost or effort to them. That's reflected in the $7 billion/month profit in Q# 2022.
The Saudis pay something in the $2-5/barrel range.
My answer to them was "own oil, make huge gains this year ... which tells you precisely nothing about next year." Exxon's 10-year returns exactly match RiverPark Short-Term High Yield's: 2.6%.