Team 🇺🇸 4:1!!! ⚽️

In Investing, it takes a lot of activities and certain kind of temperament to do nothing. Doing nothing is the necessary but insufficient condition for outperforming.

The Seawall Holds: Federal Judge Tosses Activist Lawsuit Against California Offshore Production $SOC A federal judge just delivered a long-overdue reality check to the professional obstruction industry strangling California’s energy production. U.S. District Judge Michelle Williams Court, a Biden appointee, dismissed the Center for Biological Diversity and Wishtoyo Foundation’s lawsuit challenging BOEM’s approval of Sable Offshore’s Santa Ynez Unit restart. The plaintiffs didn’t lose on the merits. The court ruled, on its own initiative, that they lacked standing to even bring the case. These groups built a business model around tying up American energy projects in federal court, funded by foundation grants and recoverable attorneys’ fees, with costs externalized onto every California driver and taxpayer. Meanwhile, since Santa Ynez shut down in 2015, California has: • Become the most expensive gasoline market in the lower 48 • Lost Phillips 66 LA and Valero Benicia to closure • Deepened reliance on foreign crude from regimes hostile to U.S. interests Sable’s platforms can produce 50,000 BOE/day from existing infrastructure on existing leases. The only thing standing between Californians and that supply has been litigation designed to delay until projects die. The playbook: File suit. Drag it out. Drive up costs. Collect fees. Repeat. Thursday, a federal judge said no, on the threshold question of whether these groups belong in court at all. A win for Sable. A win for every Californian tired of subsidizing a permanent litigation industry. More of this, please. — CA4ES courthousenews.com/nonprofit…

Thanks for having me. Excellent newsletter.

All Americans should have access to affordable, reliable energy to lower their costs and increase their job opportunities.

It’s not just cringey (though it is massively so) it’s also chock full of total bullshit.

Beautiful phrase from Semper Augustus annual letter “I have heard of buy-now-pay-later, but this is pay-now-pay-later”. Touché Chris @ChrisBloomstran !

Buffett joked years later that if he acquired National Indemnity using Buffett Partnership not Berkshire, they would have made a lot more money by now due to tax and structural disadvantages from C-Corp. Well, that decision was intentional. trigram.substack.com/p/the-a…

For those who think $strategy won’t liquidate its bitcoin because they have no short term debt. Probably it helps to read any covenants on existing long term debt. (I am neither long nor short, I am just watching from a safe distance) the whole drama.

Google purchase at Berkshire almost certainly is not by Mr Buffett. And it may not work well.

It’s a start. Art budget = 50 cents

This episode might become known as the podcast that popped the AI bubble Let that sink in

Interesting to learn that many businesses who are advertising on Google are complaining that their marketing returns have went down significantly thanks to AI insights. => marketing budget will be shifted away from AdWords buying.