The world wants cheaper energy.

The world also wants more AI, more data centers, more electrification, more manufacturing, and higher living standards.

These goals don’t point in the same direction.

Oil will play a larger role in the energy mix over the next decades than many investors currently expect.

What’s your view?

While everyone watches tech stocks, something else is unfolding:

grids, transformers, cables, turbines, substations.

The physical backbone of the digital economy is becoming a bottleneck. Bottlenecks tend to get priced.

Investing isn’t about being right every time.

It’s about being roughly right more often than you’re wrong, and letting winners compound.

Discipline beats excitement. Every time.