Please find attached our mid-Trump-Xi note, that attempts to cover the arc of the China energy challenge in the Age of Hormuz, mid-summit. History in the making. Hope you enjoy reading it as much as I enjoyed writing it. Paul Morelia, Michoacán, Mexico, 5/14/26
Back after our earnings one week break! I have been working on China. Stay tuned. Delighted to say that Paul Tice has agreed to join, this has been planned a while. Happy Hour today 4pm ET. Zoom. Paul Tice spent 40 years working on Wall Street at some of the industry’s most recognizable firms, including J.P. Morgan, Lehman Brothers, Deutsche Bank/Bankers Trust and BlackRock. For most of his career, he specialized in the energy sector—both
Greetings from Guadalajara, We attended family wedding. Quite the fiesta. I’ll give you a hint: this is the capital of Jalisco, the home of Tequila. ~ The past week was absolutely bewildering in global oil markets; the market seems to buy a peace narrative which we greatly struggle to believe in. As considered from the crisis start, we cannot see that the Iranian Revolutionary Guard will easily cede its sudden position of global super-power (especially