Chris Bloomstran, Semper Augustus – Buffett, Berkshire, & Investing During The Energy Transition | #410
The Meb Faber Show - Better Investing
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The Arks Got Em Doing 20 Million Vehicles
We've closed three refineries in california. Californias, like germany, have lost their absolute minds on the energy front. So all this refined desails flowing into california, but it's shrinking the refining capacity of everything else we need in society and we're not going to build it. It's just absolutely insane. Nobody in europe wants to own a refinery. We bought em for the first time in march of two thousand for what amounted to between one and two times kind of normalized mid cycle cash flow. But when you met out the inventory, both the unrefined crude and all the finished product that sits on their various storage facilities in their pipe lines
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