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Good Morning! Here is what piqued our curiosity this week:
1. Howard Marks: America should be worried about the rising tide of anti-capitalism (Link)
"What I'd like to do is get some of the progressive politicians and the less-capitalist young people in a room and ask them a simple question: To what do you attribute America's preeminence in the world over the last hundred years and the generally superior living standards of its people? In short, what has been behind the United States' progress to the top of the heap? What's absolutely clear to me is what it's not: that we're superior people, smarter, better, more virtuous or more deserving. Instead, I think it's our democracy, our freedoms, and our less rigid social and financial structures. But, extremely importantly, I also think there have been enormous contributions from capitalism/free enterprise, the free-market system, economic incentives, private ownership of property, individual economic opportunity and the very limited involvement of government in the economy.
2. We are now up to 25% of Albertans that want to separate from Canada $(Link)
"The province’s future promises to be one of barely contained civil war with its fellow Canadians. If $13 billion a year in payola can’t appease Quebec, the cause is probably beyond salvaging. A Donald Trump re-election could invite talk of becoming the 51st U.S. state. If Obama-like pipeline opponents are returned to power in Washington in 2020, the squeeze will be even worse. Then what? A weak state with enormous fossil energy resources caught in the West’s culture wars over climate and energy? The cash cow of Canada up for grabs? We could spin lots of scenarios."
3. What do the oil sands look like? You'd be surprised (Link)
4. Oil bull markets past & present, and yellow jackets (Link)
Interesting comments on probable overestimation of electrical vehicle penetration, sunspot impacts and Saudi reserves.
5. Hustle culture $(Link)
"Millennials are just desperately striving to meet their own high expectations. An entire generation was raised to expect that good grades and extracurricular over achievement would reward them with fulfilling jobs that feed their passions. Instead, they wound up with precarious, meaningless work and a mountain of student loan debt. And so posing as a rise-and-grinder, lusty for Monday mornings, starts to make sense as a defense mechanism."