By Paul Sankey
Published on October 28, 2025 at 2:23 PM
Torsten Slok, Chief Economist Apollo, published this chart Monday, we are all familiar with the theme. Source: Torsten Slok, Apollo Considering the scale “Capex Share of Operating Cashflow %” made me wonder, and caused me to recreate the chart but add the Big Oils. Given Torsten lists five Hyperscalers, I simply used five historic mega-oils, ExxonMobil, Chevron, Shell, TOTAL, and BP. Result: Source: Bloomberg, Sankey Research That certainly changes the perspective, and obviously becomes a …
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By Paul Sankey
Published on February 9, 2025 at 6:06 PM
With so much macro noise, veritable banging and crashing, headlines emanating from The White House, it is also notable how much micro, company-specific news, we are getting. Stock price divergence has been high to start the year, for example among the Monopoly 7 (Amazon, Apple, Alphabet, Microsoft, Meta, Tesla, Nvidia). In my memory of the “Monopoly 7”, we have never seen one each of the Mag 7 in each performance quadrant on the x-plot below. …
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By Paul Sankey
Published on June 9, 2024 at 12:33 PM
Good day, Jan Stuart talked me off the bear ledge on Happy Hour this past Thursday. He highlighted, like the Saudis themselves, that there is still a high degree of market control here by Saudi. In this note we focus on this week’s comments by the Saudi Oil Minister, while in Russia. This week shareholder vote on Tesla is a big deal, we highlight it, but add little else, other than a chart showing that …
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