Starting in 2028, AI data centers and LNG exports will need more gas than the country can produce and deliver. By his math, the US could exhaust its working natural gas storage by 2030. In his words, the upside risk to prices becomes unbounded and convex.
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The record of a money manager who merely stays close to the market is not an outstanding record—it is a record of someone who has successfully rationalized doing nothing. The question is not whether you beat the market, but whether you had the intellectual honesty to know when you had no edge and the discipline to act accordingly.
Seth Klarman — Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
I think it comes down to whether you think AI is more Oil or God, more 'an economically useful commodity that can be scaled and refined to act as a multiplier on everything we do' or 'supremely intelligent and powerful being that's going to wake up and make humanity subservient (if we're lucky).'
Packy McCormick
“It’s cheating. But sometimes it’s easier to cheat,” Wolf said. “I’ll let you decide if it passed the cyberattack test or not.”