We ran off the naysayers. We took positivity classes. We placed the most inexperienced people in management positions. We overreacted to everything. We put all our eggs in one basket. One basket—Permian. We fed the chickens the finest grain and said we had the best eggs. Then we borrowed money to Buy chickens to make more eggs for the basket, Anadarko. We promised Uncle Warren eggs every morning. We also promised breakfast to some bankers. Now the Saudi’s have a sale on eggs. No more breakfast for stockholders, uncle Warren likes his omelettes. No cash to buy more chickens. Can’t sell chickens right now. Uncle Carl likes breakfast too, but he is particular about the chef. Chickens might catch the flu too. Farming is tough— let’s sing a song at a town hall.
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We’ve been manipulating commodity prices for over half a century as the rest of the world dealt with our sentiment of “our dollar, your problem”, hence only two exchanges that price commodities in the dollar and pound to strengthen both currencies. Now the Russians and the Saudis have the opportunity to manipulate values of their resources and we’re surprised that they’ve chosen to put shale drillers out of business? Seriously?