"U.S. crude oil production, which was just over 5M barrels per day (bpd) at the decade’s outset, surged to a record 13m bpd by the decade’s end."
"It never benefited energy stocks since they outspent cash flow...They were just huge sinks of capital.” reuters.com/article/us-glo…
"It never benefited energy stocks since they outspent cash flow...They were just huge sinks of capital.” reuters.com/article/us-glo…
Munger: "If you get even one person who's hell-bent on gaining market share.... For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I'd ruin Kellogg in the process. But I think I could do it.”
"Over the years, we've tried to figure out why the competition in some markets gets sort of rational from the investor's point of view so that the shareholders do well, and in other markets, there's destructive competition....I do not have a perfect model for predicting that."
