Doomberg: These "Big" Energy Solutions Will Power Tomorrow's Economy
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In today's discussion we look at the all-important energy market. Remember, without energy, there is no economy.
As we look to the future, where are global energy trends headed?
Which ones are we likely to turn to more to power the world of tomorrow?
And where are the best opportunities for investors likely to lie?
To discuss in depth, we're fortunate to sit down with the green chicken himself, the energy expert Doomberg.
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Global energy markets are currently well-supplied across oil, natural gas, and coal, making near-term energy prices bearish, but long-term energy security depends on technological fungibility between fuels rather than geopolitical production constraints, with nuclear and natural gas offering the most immediate opportunities for investors.
- Current OPEC weakness, positive calendar spreads, and excess refining capacity indicate oil oversupply despite price levels cheap relative to historical gold-denominated values
- Natural gas gluts in the US and Europe will resolve through technological substitution (CNG vehicles, LNG export, fuel switching) rather than production cuts, closing price arbitrages downward
- Long-term energy returns flow to producers who invest in fungibility and technological efficiency, not volume, making Trump-era deregulation paradoxically worse for oil equity returns than Biden-era constraints
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The economy is a derivative of the energy sector, becoming apparent during energy shortages but easy to forget when energy is plentiful and abundant, which is why macro analysts should prioritize asking whether the world is long or short energy.
“the economy is a derivative of the energy sector um which is something that becomes apparent during energy shortages and we're um easy to sort of forget when energy is plentiful and abundant and so the most important question we ask ourselves every day when we come in is um what is the state of the energy markets are they well supplied is is the world long energy or is the world short energy”
Technology doubling times are shrinking and will soon be measured in weeks or days rather than years, making it impossible for individuals to choose a single career for 60 years or stick with one company long-term—adaptability and willingness to learn will be increasingly critical.
“you cannot choose a career and expect to stay it for 60 years anymore you cannot choose to work for one company and expect that company to be paying you to do the same thing in the way that uh we used to do for decades the doubling time of Technology shrinking and soon it'll be measured in in weeks or days as opposed to years like it is now that's very profound hard to model but in all scenarios people who are willing to learn and willing to work hard will be in high demand”
Associated natural gas from Permian Basin operations (produced as byproduct of oil drilling) is competing with and displacing production from dedicated natural gas fields in Appalachia and Marcellus, since oil companies produce gas regardless of price while gas-only producers must curtail unprofitable output.
“the huge natural gas fields in Appalachian and hanesville um are sort of in a war with the associated gas fields like the peran for example where natural gas is sort of a nuisance and is produced as a byproduct or Associated gas um and what we're seeing is a bit of a slow down in the production in the gas only fields to make room for the um production agnostic byproduct Associated gas”
Natural gas gluts resolve over time; they cannot persist indefinitely—this is a century-long knowable fact about primary energy: gluts and supply crises resolve and work themselves out.
“this gluts resolve right crises uh of Supply resolve this is this the century long one knowable fact about primary energy is gluts and Supply crises resolve they worked their way out and um and this this glut shall resolve”
Trump Administration policies (deregulation, opening permitting, removing federal constraints) would be bullish for oil production volume but bearish for oil company equity returns and oil prices, because more production drives prices down faster than it increases profits.
“Trump is good for volume bad for profits bad for Price Biden is good for price and bad for volume but if you had to choose between the two in the commodity sector You'd take price over volume every time”
Philip 66, the top midstream company, is building out infrastructure to extract and process natural gas and NGLs (natural gas liquids) from the Permian, enabling further oil production and using NGLs in its own refineries, showing how fungibility deployment drives economic activity.
“the top company in the Midstream is Philip 66 read a great blog post at rbn news which is a great energy blog that people should subscribe to um they have all these refineries on the gulf coast and they're building out the ability to take you know to um to take gas and ngls out of the perine which thus enables more oil production”
Several things must happen for the nuclear renaissance to materialize: nuclear industry must deliver on promises, supply chain development is needed, labor force training for technicians is required, and administrative state constraints must continue to be removed.
“we need a for better domestic supply chain for the nuclear industry and a labor force constraint uh we need to start training up technicians and and uh you know really good high-paying jobs that that last Generations in these nuclear power plants um those are those are are very manageable constraints but they're the next ones we'll have to confront”
Youth entering the job market should prioritize being dependable and communicative, willing to learn, and hard-working—these qualities matter more than specific industry choice, and energy sector offers particularly strong opportunity due to long-term growth tailwinds.
“all I hear from small business owners and entrepreneurs is an an inability to find people willing to work like be a plumber be a carpenter you know work in the oil fields if you're willing to put in some sweat and some some elbow grease you could easily make six figures in this country there's no shortage of six figure jobs to be had for people that are willing to learn and willing to work hard”
Even small shifts in energy demand (1-2% displacement) significantly move prices due to the inelasticity of primary energy; Joe Biden's release of 1% of global oil demand from the Strategic Petroleum Reserve for six months cut oil prices in half.
“the elasticity argument you know if if 5% of oil demand was Satisfied by natural gas that would be enough to move the price a lot um Joe Biden dumped 1% of global oil demand out of the spr for six months and he cut the price of oil in half the elasticity is really powerful”
93-94% of hydrocarbons globally are burned to create heat and perform work; the end-use consumer does not care which hydrocarbon provides that work and will switch to whichever is cheapest when price differentials open.
“all hydrocarbons are burned to create heat to do work except for you know the subset of them that end up becoming um chemicals and materials but that's about six or 7% of the market the 93 94% of the hydrocarbons in the world that are produced are burned to create heat to do work the people who are getting that work done don't care which hydrocarbon is at the beginning of that process they just care about the work being done and they will switch they will change the engine”
Very successful people in high-value industries (Silicon Valley founders with 100s of millions to billions in net worth) report feeling miserable and unfulfilled despite massive material success, often because they've sacrificed relationships and life balance in pursuit of business growth.
“my wife is a is a couple's therapist and we live out here in the Bay Area I mean a lot of a lot of her clients are hugely successful you know Silicon Valley types and we're talking about success in the order of magnitude of hundreds of millions or billions of dollars in net worth you know some of these people run companies that that we read about in the papers all day long and a lot of them are incredibly miserable despite their immense success and and often times because of it right they're they're too wrapped up in in the the of what they're doing uh to be able to you know uh have a functional balance in life and it just destroys their relationship it destroys their own sense of Happiness”
Electricity is radically underpriced relative to its value because it is regulated as a utility; it is treated like water (another radically underpriced essential), yet consumers and businesses would pay vastly more for guaranteed supply of electricity than the 11-15 cents/kWh current price.
“there's a deep philosophical question which could be a whole other appearance which is what is electricity worth it's not worth what we pay for it like 11 cents a kilowatt hour 15 cents a kilowatt hour that's the price we pay for it but electricity is the ultimate public good it's regulated and it's radically underpriced relative to its value right just like water is”
Nuclear power today is mostly siloed as an electricity-only producer, while natural gas is far more flexible (industrial steam, fertilizer feedstock, electricity, fuel transformation), making natural gas currently superior to nuclear despite nuclear's long-term advantages.
“today predominantly given the reactor designs that we have implemented nuclear power is mostly just an electricity producer um We could decide to co-generate Industrial grade heat and you know take out a lot of the carbon emissions that are used in some of the um more intense Industries where um high-grade steam is required”
Building major infrastructure and solving energy challenges requires 'an awful lot of reliable affordable energy', which nuclear and natural gas can provide, making energy infrastructure and generation the prerequisite to all other progress.
“to do and to do all that work um we're going to need an awful lot of um reliable affordable energy”
Standardized reactor designs (like the AP1000) are more than adequate for US nuclear expansion; the pursuit of advanced reactor technologies and SMRs represents industry scope creep that delays buildout, whereas France and Canada demonstrate that standardized, proven designs enable rapid deployment.
“a standardized ap1000 Westinghouse reactor is way more than good enough whatever we could possibly need yes the seduction of smrs and new technology and and um you know oh this reactor is it's impossible to melt down and these are all you know Angels on the head of a pin like this technology was cracked 60 years ago France built out 70% of its electricity Supply from nuclear in the 70s trying to tell me that we can't do better than France 50 years ago right”
Fungibility in energy means that one primary fuel can be chemically transformed into a molecular replica of another (natural gas → gasoline/diesel) OR the downstream engine can be redesigned to accept multiple fuel inputs, closing price arbitrages between fuels.
“fungibility means that you can do the same work either by transforming one of the energy inputs into a molecular replica of the other or changing the engine that's doing the work to accept um multiple primary fuels and so we're seeing this drive”
The WTI-to-Henry Hub price ratio was trading at 40 when it should historically trade at 6 on an energy-adjusted basis, with the alligator jaw closing to around 25-30 currently, driven by elasticity of demand allowing natural gas to displace oil in various applications.
“we put a piece out called generational Arbitrage where we said this is how the natural gas glut in the US will resolve we had a chart in that piece where we showed the ratio of the WTI price divided by the Henry Hub price on an energy basis it should be six historically it's traded between sort of 9 and 15 to 20 and at the time we wrote that piece was trading for 40”
Nuclear waste is actually a fuel for future engineers—fast breeder reactors can recycle spent fuel rods to extract the 95% of uranium energy that wasn't used in standard reactors, making nuclear waste a 'gift to the Future' rather than a disposal problem.
“nuclear waste is a gift to the Future Engineers of the country because they have a readymade source of unlimited power basically um this is all just bad branding by the nuclear industry”
Biden Administration (specifically Jennifer Granholm's speech in Georgia) has shifted from opposition to aggressive support for nuclear, saying '2 down, 198 to go' about expanding US nuclear capacity—this is a complete 180-degree reversal from a decade ago.
“we paid great attention to J her grand holes uh Speech in Georgia where she said that you know the Vogal reactors are you know two down 19 to go that's a a serious about face by the Biden Administration”
Global commodity energy markets are currently well-supplied to over-supplied across oil, natural gas, and coal sectors, with oil showing a flaccid OPEC+ response, near-zero front-month calendar spreads on WTI (15-20 cents), and tight crack spreads of $25 per barrel indicating abundant physical supply.
“our view of the global commodity energy commodity markets is that the markets are pretty well supplied uh if not over supplied in some sectors”
Supply chain and labor force constraints are now the binding constraints on nuclear expansion, not political constraints, and these are 'very manageable constraints' that are 'great problems to have' compared to policy opposition.
“we're moving on to the other constraints and those include supply chain we need a for better domestic supply chain for the nuclear industry and a labor force constraint uh we need to start training up technicians and and uh you know really good high-paying jobs that that last Generations in these nuclear power plants um those are those are are very manageable constraints but they're the next ones we'll have to confront”
Cheap hydrocarbon supplies in the US provide a huge competitive advantage for manufacturers through low input costs on natural gas; at $250/million BTU natural gas equivalent to $15/barrel oil is a massive advantage compared to global peers.
“look at natural gas in the US it's such a boon for Manu facturers all those co-generation facilities fertilizer producers um their input costs are are dious compared to the rest of the world and they have a global Advantage”
Approximately 800,000 barrels per day of diesel demand has shifted to natural gas in China through CNG and LNG long-haul trucking conversions, creating demand destruction that dampens global oil and natural gas prices.
“I saw an estimate that Goldin put out approximately 800,000 um barrels per day of diesel supply has been shifted to um natural gas in China combination of CG and LG Long Haul Trucking that's having a a dampening effect on the market”
The oil and gas industry is characterized by a complete inability to discipline itself; when left unfettered, the industry will overproduce and crater prices because individual operators are driven by the temptation to grab the marginal dollar.
“the oil and gas industry is characterized by a complete and utter inability to discipline themselves uh and to be uh reasonable caretakers of the market one thing that oil and gas companies know how to do is drill um and they drill and and they do it this is why it's so cyclical”
Natural gas technological improvements have compounded such that the Marcellus Shale can now produce a million BTU of natural gas for approximately $1.50 in marginal cost, versus historical predictions that it would never produce economic volumes—technological innovation is perpetually ongoing and often underestimated.
“you can produce a million B2 of natural gas in the s it's for probably a buck 50 marginal cost a million btu it's insane um the technological power of these companies is profound and it is often underestimated by people”
Virtually every home in the northern US already has natural gas hookups, making CNG (compressed natural gas) home fill-up stations economically feasible if price differentials justify investment.
“virtually every home in well not every a lot of homes in the northern part of the US have natural gas hookups already at their house right um You can imagine installing a CG um fill up at home machine they exist they're a little expensive but you know at at the right price”
France built out 70% of its electricity supply from nuclear in the 1970s; the US should be able to do better 50 years later, but the barriers are political and societal, not technological.
“a standardized ap1000 Westinghouse reactor is way more than good enough whatever we could possibly need yes the seduction of smrs and new technology and and um you know oh this reactor is it's impossible to melt down and these are all you know Angels on the head of a pin like this technology was cracked 60 years ago France built out 70% of its electricity Supply from nuclear in the 70s trying to tell me that we can't do better than France 50 years ago right I mean you know these are not technological issues these are political issues these are societal challenges”
The incentive structure of healthcare creates perverse alignment: the profitable option is treating chronic disease indefinitely rather than curing it, raising questions about whether we truly understand disease mechanisms or are captured by treatment business models.
“we put out a pretty provocative piece called um survival as a service talking about the incentive structure of curing cancer versus treating it and the fundamentals of cancer and do we really understand it”
Green energy policies are fundamentally incompatible with democracy because they are unpopular with voters; democracies are popularity contests, so enforcing unpopular energy transitions creates political backlash and destabilization.
“the piece we wrote coming apart of the seams um basically states that the green energy agenda is fundamentally incompatible with democracy because it's unpopular and democracies or popularity contest”
A nuclear power plant, once built, is essentially indestructible and good for ~100 years, making nuclear infrastructure a multi-generational asset comparable to the interstate highway system in terms of lasting economic benefit.
“once you have a nuclear plant on it's basically they're good for a hundred years I mean these things are indestructible”
The 'cure for high prices is high prices and the cure for low prices is low prices' is a cliché in commodities that reflects the reality that prices self-equilibrate: high prices incentivize production until supply glutted, low prices force curtailments until shortage emerges.
“this is why it's cyclical this is why the cure for high prices is high prices and the cure for low prices is low prices right I mean this are sort of cliches in the commodity world”
The outgoing NRC head was not renominated by Biden due to objections about nuclear regulation, and some famous environmental organizations have 'stood down' their anti-nuclear positions, indicating a shift in the political constraints blocking nuclear development.
“the uh outgoing head of the NC was not renominated because of these types of objections and Biden conceded on that point”
OPEC Plus members are getting restless as production from the rest of the world continues to take market share, and the recent OPEC meeting results underwhelmed market expectations with a selloff in oil prices.
“we just saw a relatively flaccid um OPEC meeting it seems like the members of OPEC plus are getting a little Restless um they're seeing um the production in the rest of the world continue to take share that they're leaving on the table”
Doomberg is deeply bullish on nuclear because carbon intensity will not go away soon, and nuclear is inherently a superior form of energy that should be actively produced at scale.
“I I'm very deeply bullish nuclear uh if only because we don't think that the carbon in is going away anytime soon but also just inherently it is a superior form of energy and and we should be actively producing as much primary energy as we can”
The conviction of the leading Republican presidential candidate on 34 felonies represents an unprecedented event in US history that signals serious political instability; this is not typical behavior from the United States.
“we just had the leading presidential candidate of the Republican Party convicted on 34 felonies um by you know we don't need to get into the views on that matter but just subjectively looking at it that's not something you expect from the United States of America”
Honda previously sold a CNG Civic in the early 2010s, but market adoption failed due to lack of refueling infrastructure, not technological deficiency, showing that CNG vehicle technology is proven but infrastructure/incentive-limited.
“Honda used to sell a CG um to Honda Civic back in the early 2010s that it's just people didn't buy it because the infrastructure is not there and it it wasn't worth it”
There is a bull market in skilled trades and high-paying energy sector jobs; willingness to work hard in plumbing, carpentry, or oil fields can easily yield six-figure incomes.
“all I hear from small business owners and entrepreneurs is an an inability to find people willing to work like be a plumber be a carpenter you know work in the oil fields if you're willing to put in some sweat and some some elbow grease you could easily make six figures in this country there's no shortage of six figure jobs to be had for people that are willing to learn and willing to work hard”
Work is a 'how', not a 'why'—it is a means to support the things that matter (relationships, family, personal meaning), and conflating work with purpose destroys both professional and personal life by making work the end rather than the means.
“work by itself is a it's a how right it's not a why right yes means to an end”
Germany's energy policy is failing economically and politically ('coming apart at the seams'), representing a case study in the disconnect between green energy goals and political/economic viability.
“the piece we wrote coming apart of the seams um basically states that the green energy agenda is fundamentally incompatible with democracy”
A counterintuitive lesson from a mentor (doomberg's late uncle) is that managing success is harder than achieving it; people need to proactively define what 'enough' success means or they will be trapped in endless growth pursuit at expense of happiness.
“it's not what he called me but uh uh one of the things you're going to have to learn is how to manage your success and that's not something that we give enough thought to um I'm assuming many of you listen ERS and I know you and you could characterize Us in the same way sort of type A drivers success oriented willing to put in the time willing to work have achieved some semblance of success learning how to properly manage your success to balance the growth of the digits on the screen with the growth of happiness in your life um is more challenging than many people assume”
There is likely a 'bull market in uniquely human content' and work as AI handles routine labor, making authenticity, creativity, and human connection increasingly valuable relative to technical commodification.
“I would you know it's it's going to be difficult to understand the full impact of AI and what work will need to be done by humans in the future so for that reason I think you know this is a whole separate topic but I think there's a mega Trend that's going to occur which is as humans are relieved from labor there's going to be a much higher premium on anything that is authentically human um but that's a whole other conversation I think there's a bull market in in uniquely human content um”
The proposed 200 GW nuclear buildout would be equivalent in scope to the Eisenhower Interstate Highway System as a public works project; both are nation-building endeavors that require disciplined execution and public commitment.
“the buildout of the US national highway system right the interstate highway system this was an Eisenhower initiative coming back from the war he saw the autobond he thought we needed this in America both for economic prosperity the interational defense the ability to quickly move the military around the country with speed he thought would be invaluable to defend the Homeland um the payback on the what what amounts to a a public works project of Epic Proportions has been incalculable right could you imagine a America without the interstate highway system today um there'd be no Amazon without the interstate right and and this is this is Public Work projects should be supported can be done well if we are disciplined about it and I think a massive build out nuclear power needs to be done with the same mindset um and it can be done”
Doomberg has been intentional about building doomberg to allow for life balance and happiness alongside commercial success, deliberately choosing not to chase growth for growth's sake and actively managing brand and avoiding unnecessary risks to family finances.
“we've taken the time to enjoy the success to not let it get to our heads to um take risk out of our family's Financial Futures to not Chase growth for the sake of growth to build doomberg on brand in the way that we want to be proud of it um proactively investing time in thinking about indor directly managing the success that you have been able to achieve in life”
Capital investment in engines and downstream equipment to use abundant cheap natural gas (indirect production investment) is as important as direct exploration and production capital investment when evaluating whether supply constraints will emerge.
“the capital investment to make use of this super abundance of natural gas that we have which is an indirect way of basically capital investment to relieve um the the price gap of oil versus that natural gas”
Historical analyses of oil and gas sector performance automatically underestimate technological impact because they exhibit survivorship bias in reverse—they only capture companies that survived, not the ones killed, and ignore that a dollar invested in 2010 is fundamentally different (more productive) than a dollar invested in 2024 due to compounding technological innovation.
“it's it's the biggest natural gas play in the history of the world and right now you can produce a million B2 of natural gas in the s it's for probably a buck 50 marginal cost a million btu it's insane um the technological power of these companies is profound and it is often underestimated by people who are it's kind of like a a survivorship bias but in Reverse you know like you look at all the companies that survived and that are still trading well of course they they look great historically and because you've ignoring all the ones that are that have killed but in when you look back at historical numbers any historical numbers in the oil and gas sector you are automatically under estimating the technological impact of what that dollar invested in 2010 means in 2024”
Oil at an inflation-adjusted price of $24 per barrel today is incredibly cheap, and when measured in ounces of gold, oil prices are lower today than at any point in the last 50 years except during the COVID period.
“oil is is at an inflation adjusted price of $24 a barrel today which is cheap but in fact I was just looking before we came on uh as priced in ounces of gold gold the only time gold uh oil was cheaper in ounces of gold was during the co period um throughout the last 50 years at least that I can find on my Bloomberg terminal”
Europe faces a larger geopolitical powder keg than the US, with recent assassination attempts on heads of state (Slovakia), far-right political movements (Spain), and the German government in crisis due to incompatibility between green energy policy and democracy.
“we saw this assassination uh uh of a European Head of State for the first time and assassination attempt of a European head of state um uh footy uh in in Slovakia and um we saw this uh eruption in Spain over this sort of far right hard right um campaign”
There are tens of millions of CNG passenger vehicles on the road globally today, proving the technology's viability at scale.
“there's tens of millions of CG passenger vehicles on the road today around the world”
Most oil and gas operators in the Permian probably vote 70-30 for Trump but would be voting against their own economic interest, since regulatory constraints that limit production are what actually support oil and gas equity returns.
“like most oil and gas executives are conservative libertarian probably I would guess that if you took the uh the operators in the peran they'd probably vote 7030 Trump um at least but they would be voting against their economic interest”
Mobile/portable natural gas power plants and on-site electricity producers will benefit from AI's demand for reliable electricity that cannot be rationed, creating investment opportunities for companies producing marginal electricity supply in a constrained market.
“um you know for for for investors to ponder what does that mean who is going to give up their supply what does that mean for the people that will benefit from being able to produce marginal supply for example a mobile U natural gas power plant producers where you can literally just roll into the peran and and produce electricity on site even though it's expensive like electricity is is a public good and its value is far greater than the price everyone's used to paying for it”
Privately held oil and gas companies may be investing significantly in exploration and production despite headline announcements from public companies that they are reducing capex, making publicly-focused analyses miss substantial capital deployment.
“I think you're you're saying you're not terribly worried about that because you think technology is going to make up for a lot of the Gap but also I think you're potentially listening to a small subset of publicly traded companies who might want to put a certain message out and ignoring the vast world of private investment that's going on out there both in the US and around the world”
The entire nuclear waste concern is 'such a joke' and represents bad branding by the nuclear industry rather than a genuine technical problem.
“this is all just bad branding by the nuclear industry U”
The US is experiencing an unquantifiable geopolitical risk centered on the 2024 presidential election; the speaker suspects the outcome will be such that half the country won't believe the results regardless of winner, presenting serious risk to markets and all securities.
“I would say that uh in our view the election is one of those uh unquantifiable geopolitical risks because we suspect the outcome will be such that half the country won't believe it no matter who wins and um that presents a serious serious political risk to markets and to the energy sector and and no no no um uh no security would be immune from a civil war in the US”
Natural gas in the US is in a structural glut with inventories at 25% above the five-year average (~600 billion cubic feet in storage), driving downward pressure on prices despite attempts by gas-only producers to curtail production.
“us natural gas inventories are at 25% above the fiveyear average I think some 600 billion cubic feet of natural gas uh in storage already ahead of the 5year average um so we we we need to see some cril ments we're beginning to see those curtailments by the the producers who only produce natural gas”
Both long and short investment opportunities will emerge from the electricity supply-demand disruption, but the direction and magnitude of price/supply changes are very difficult to model in detail, making this a domain where investors must develop their own theses.
“how that disruption manifests is actually really one of the deeper questions I think we're going to be forced to confront in the months and years ahead and I don't know who benefits and who loses but if an investor could get ahead of that there's going to be ample opportunity both on the long and the short side in our view”
Finding dependable people who communicate well is the rarest commodity in the modern economy; businesses will create work for such people to keep them in their organization.
“if you are dependable and you communicate and you show up roll up your sleeves and willing to learn there's no shortage of things for you to do right like you you find we both know this from direct experience you get your hands on somebody who is dependable and communicates you will find work for them you'll create work for them just to keep them in your orbit”
Oil is increasingly cheap and well-supplied, so the industry cannot be engaged in collusion despite FTC accusations against Pioneer CEO; oil has never been cheaper in this cycle.
“it's amazing to me that the FTC accuses the CEO Pioneer of collusion you know this is oil has never been cheaper like they they can't they're not capable of colluding”
Doomberg has expanded coverage beyond energy to health topics including cancer and diabetes, publishing 'Survival as a Service' examining incentive structures that favor treating diseases chronically over curing them, indicating deeper interest in how incentives drive policy.
“we recently put out an interesting piece that has been well received on cancer we have a a deep interest in that space um we put out a pretty provocative piece called um survival as a service talking about the incentive structure of curing cancer versus treating it”
Adam Tager remembers doomberg's stated criteria for professional relationships (dependability and communication) from a prior meeting, indicating that these values are foundational to doomberg's approach to both business and life.
“um and I I agree with you I think that's true no matter where you decide to work but but to a recent college graduate you know asking the question of hey where does the opportunity lie in in the economy right now I'm presuming you would say look to energy that's going to have Tailwinds behind it for decades looked at any of the trades but energy is certainly one of those um I would you know it's it's going to be difficult to understand the full impact of AI and what work will need to be done by humans in the future so for that reason I think you know this is a whole separate topic but I think there's a mega Trend that's going to occur which is as humans are relieved from labor there's going to be a much higher premium on anything that is authentically human um but that's a whole other conversation I think there's a bull market in in uniquely human content um”
American infrastructure is deteriorating due to underinvestment; bridges built by previous generations aren't being maintained, and America has stopped building major things besides dopamine-inducing social media algorithms, representing a loss of intergenerational responsibility.
“the bridges aren't being maintained who built those bridges you know like we used to build stuff in America it'd be great if we could start building stuff again um not just dopamine inducing social media algorithms but real stuff real stuff Bridges roads”
Doomberg's analytical approach is to remain analyst-first and not allow political biases to determine positions; they believe overproduction of primary energy is correct policy because energy is life and the baseline for standard of living.
“we are analyst first um and so by the way like if if our political policy were adopted it would be very bad for the Oil and Gas Energy sector we we believe that we should overproduce primary energy because energy is life and that is the base Baseline for standard of living”
Coal is relatively balanced at $140 per ton Newcastle price with nothing that screams crisis or shortage in those numbers, though there may be some coal stocking in China or lack of rain impacting prices.
“coal is is is relatively balanced $140 a ton Newcastle which is a pretty fair price maybe a little bit robust there might be some stocking of coal going on in China or perhaps um a lack of rain haven't really dug into the coal markets too much but at $140 a ton no there's nothing that screams crisis or shortage”