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 October 12, 2025 at 6:47 PM
Greetings from Brooklyn Heights, Well, the big story on Friday was the shocking arbitration decision against US start-up-to-giant US LNG exporter Venture Global, right? BP wins a major legal case! Wild. Well it was big news, until that is, we got a Truth Social post from Donald Trump that cratered the NASDAQ by eight handles and sent crypto-currencies to their largest one-day value loss in history of around -$19bn, sending social media into a frenzy. …
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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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