Merryn Talks Money Hedge Fund Boss Barry Norris's ‘Moral Case’ for Fossil Fuel Investing
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Nov 17, 2023 In this podcast, the hedge fund Argonaut's Barry Norris discusses the 'moral case' for fossil fuel investing. They also cover challenges in the energy transition, justifying performance fees, and choosing between deposit accounts, Bitcoin, and gold as investment options.
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Shifting Macro Regime
- Governments have expanded significantly since 2008, financed by QE, leading to inflation and rising interest rates.
- This reverses the post-2008 trend, favoring short-duration assets and potentially crowding out other investments.
Hidden Costs of Renewables
- Renewable energy sources like wind and solar are unreliable, requiring backup from traditional sources.
- The cost of this backup is often ignored when touting the affordability of renewables, leading to rising electricity prices.
The Myth of 'Building More' Wind
- Building more wind turbines doesn't solve the intermittency problem, as wind patterns are often geographically correlated.
- Exporting excess wind power is unprofitable due to similar gluts in other European countries.