By Paul Sankey
Published on June 8, 2025 at 12:11 PM
“There is a Lot of Land in West Texas” One of the oldest oil companies in currently quoted US oil equities, Texas Pacfiic Land, originating in 1871, is a barely known outsider that emerged seemingly from nowhere to S&P500 inclusion in 2024: TPL now has a larger market cap (no debt) than Devon, Coterra, Halliburton, Antero or Permian Resources. In this note we deconstruct TPL’s valuation, and establish the massive implied AI Data Center land …
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By Paul Sankey
Published on May 14, 2025 at 10:00 AM
Tomorrow Happy Hour we welcome back one of the hottest Strategists on Wall Street, Torsten Slok! Zoom 4pm ET. He has been causing a sensation with his widely distributed macro work for private equity giant Apollo. One question I want to ask him: how many participants did you get on your immediately-post-“Liberation Day” strategy call? A lot. My guess: 20,000? Our own Happy Hour was brilliantly timed that same week, actually a day earlier post-Tariff …
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By Paul Sankey
Published on May 11, 2025 at 1:47 PM
Hello from Boston, “Hello”, he said, in a most British tone. The British are coming! Sure, the Tea Party, Independence Day. Don’t believe the hype, they are sequels. We need a Democrat Tea Party, in true Boston style, but the Democrats here are hopeless. My youngest son Harry’s full Boston graduation (Northeastern) is this evening, putting me free & clear from private education fees that are crippling. His college: $84k per year. We are leaving. …
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