💼 06/25: Crude Thinking 🛢️
Before the oil & gas deep dive, a look inward: five key shifts behind our evolving portfolio strategy w/ a thorough quarterly review
Welcome back dear fellow 🧙♂️ Hermits 👋
Want more context? Track the journey so far:
Index
Our Businesses in Brief
What the Market’s Dealing With
Briefing
This thirteenth dispatch arrives in a convenient 28-minute box packed with fireworks. Five quiet shifts, each reshaping how we think, allocate, and act.
Stage I ➤ Self-reflexion
We looked inward. This quarter brought conversations that shook our mental models… meetings with dozens of managers: some old titans, others rising stars.
Out of the noise, one idea took hold: there’s a smarter way to do this. Simpler. Sharper. Smaller.
Stage II ➤ A Very Precise Scalpel
We made cuts. Pruned back the noise. Rewired the portfolio for precision and reviewed our entire strategy as we do every quarter.
This has led to fewer names, more conviction, and an obsession with the invisible thread that pulls price and value together in just a few weeks.
Stage III ➤ The Signal
Some signals came early. Some we had to squint to see. But they are there, hiding in plain sight… footnotes, press releases, and 8-Ks. When they clicked, we moved fast. We saw some dilution, some repurchases, and announcements of expansion.
Stage IV ➤ The Winds Are Shifting
Beyond our area of expertise, the (macro) world convulsed. Markets pretended to be calm. But a few moves from far-off capitals made it clear: calm is an illusion. If you know where to look, the tremors are obvious. And we’re adjusting accordingly.
Stage V ➤ The Blueprint
We’re entering a new phase. Stage 3 means faster sourcing, deeper conviction, better math, and a portfolio that will feel lighter but pack a punch.
We’ll tell you all about it, and as a small bonus, we’ll give you an extended teaser of our latest write-up on Oil and Gas fundamentals. We’re still putting the final touches, but it’ll be out soon.
Bring tea. It’s a long one. ☕
Please note that this portfolio accurately reflects the author’s investment portfolio, which is being actively reallocated into our regulated vehicle, Equity Focus FIL.
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None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
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Updated on June 26th, 2025
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