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May 4 • 4 tweets • 3 min read
As $TPZ is to $TOU,#MarinatingWithSBA is to #CookingwithSBA
Sure, why not cut it like that. Image
We are filling the pool @BubleQe! #MarinatingWithSBA #CookingwithSBA
And they are chilling by the pool @BubleQe #MarinatingWithSBA #CookingwithSBA Image

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More from @SadBillAckman

SBA Profile picture
May 6
1. As promised here are some thoughts on ARC $ARX Image
2. $ARX is getting a lot of hate for the hedging losses, and I understand that – we all spend everyday looking at our screens and seeing how much money is to be made in this commodity climate.
3. But that misses both the point of an E&P company, and the point of hedging.

Upside is great but you need to be able to generate returns on the capital you employ and hedging can enable you to secure those returns. $ARX
Read 17 tweets
SBA Profile picture
May 5
1.OK, after a day of flights and meetings for yours truly, I have thoughts on $CNQ. Image
2.This Q was sort of underwhelming, not bad but also not the epic blowout like $TOU had, just a solid, expected Q. $CNQ
3.On to their deck, loved to see them lightly engaging with the Elliott $SU drama by explaining why they are worth a premium – it is hard to disagree – best in class reserves, a solid asset base across commodities $CNQ #LongLifeLowDecline Image
Read 21 tweets
SBA Profile picture
May 5
Pan Hot

#CookingWithSBA The conclusion of #MarinatingWithSBA. Image
Browning the bad boys up. #CookingWithSBA Image
In truth I could have let them get a bit darker. #CookingWithSBA ImageImage
Read 7 tweets
SBA Profile picture
May 4
A dollar 1.5 per share in special divided.
$TOU 🐐 Image
$TOU is in cash flow beast mode - their HSE consultants must be scares of all back injury lawsuits coming in from shareholder hurting themselves lugging this cash around. ImageImage
Drill times flying. $TOU Image
Read 4 tweets
SBA Profile picture
May 4
From CS in 2017, if you only knew. $TOU Image
$TOU!!!!!!!!

CS, "they probably won't do much M&A"
TOU: "Just watch us" Image
We lost many soldiers over the last 5 years. Image
Read 5 tweets
SBA Profile picture
May 4
Salience and asymmetric polarization matter a lot.
Only 56% of Americans can name all 3 branches so it seems unlikely that Judicial reform is really going to be a winning political issue when people are struggling to, you know, heat they home and put food on the table.

wane.com/news/national-…
Also don't forget Acquiescence bias in polling on subjects like this - some person calls you up and askes you a bunch of questions about nuanced components of a systems you don't interact with - chances are you say "sure, that sounds good"
Read 4 tweets

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