Tag Archives: Energy


Our weighted average return in October was +1.5%, bringing our year-to-date net return to +15.68%.

Last month, equity markets traded up strongly and US corporate earnings continued to show impressive growth – most notably from the information technology (+22% EPS growth in Q3) and energy sectors (+156% EPS growth in Q3). According to Goldman Sachs “S&P 500 earnings grew by 7% in 3Q, the latest piece in a mosaic showing an extremely healthy operating environment for US corporates.” Furthermore, “S&P 500 earnings grew two percentage points faster than expected by consensus in 3Q. 51% of companies reported positive EPS surprises, in line with the first two quarters of 2017 and above the 15-year average of 47%.”

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Our weighted average return in August was +1.28%, bringing our year-to-date return to +13.29%.

Going into August, we had reduced our positions in the technology sector. We did so because we had managed to make extraordinary profits in the sector this year, and decided to focus our efforts on less crowded trades.

As such, we continued to increase our positions in base metals miners. We find this sector attractive because it is wildly under-owned and has a minute weighting in the S&P 500 index (0.1%). As a new generation of investors dreams of start-up ‘unicorns’ and ‘mining’ virtual currency, we have been taking a decidedly ‘old school’ approach and buying quality mining companies that have emerged from cyclical lows with stronger balance sheets and are poised to benefit from global economic growth.

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London’s Black Cabs Are Going Green

Iconic London Taxi goes electric!

The London Taxi company has come out with statement saying that a new, electric, version of the famous London taxi is coming out later this year. Reportedly, the new taxis are going to have a range of around 400 miles, with the emission-free range being north of 70 miles. No doubt this will have a positive impact on the air quality of London.

The air isn’t the only thing positively affected by the new vehicles. On average, the taxi drivers are going to save an estimated hundred pounds per week on fuel, which would equate to saving over 5000 pounds per year. Summing it up: you do less harm to the environment and you increase your income by about 21%. Sounds pretty good…

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We Are Headed Towards Free Energy

OK. Maybe not, but the calculus is moving markedly in that direction:



But what about night time? What about places that don’t get much sun?

The ever-increasing supply generated from solar power will lessen demand for all other sources of energy, thus reducing their cost.

“But Paul, how can you be sure of this?”

Me: “Will the sun rise tomorrow?”

There you go.

Also, cheaper solar power makes projects like this more and more feasible:

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