It didn’t take Sherlock Holmes to predict that last week would be dominated by Debt Ceiling negotiations and Nvidia results, and sure enough it came to pass. NVDA added Chevron’s entire market cap in 30 minutes after its results, and held the after-market spike the next day. EBITDA estimates were raised by 50%-100% by analysts, underlining the staggering ability of the market/buyside to get in front of positive earnings dynamics. Even then, NVDA surprised to…

The late 1990s oils mega-consolidation trend (BP – Amoco – Arco; Exxon – Mobil; TOTAL – Fina – Elf; Chevron – Texaco) ushered in one of the most powerful bull runs in oil versus the market; commodity and equity. The issue was lack of inventory: companies were struggling with exploration, lacked strategic options, reserves lives were falling. Managements and boards capitulated and sold themselves. It also signalled that the oil productivity cycle that drives oil…

Greetings from Boston, They don’t like it if you call it Beantown, which I always understood to be a reference to accounting as in bean counting, but it seems it is a reference to the Puritans, and their forerunners the Native Americans, love of baked beans. Anyway, Boston is buzzing with the comeback being staged by the Celtics in the NBA divisional finals against the Heat, having rallied from 0-3 down, they won big last…