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It is in many ways the culmination of years of research and effort to put together what an answer to a question that i have always wanted to ask. That was, who were the other guys and gals . Who were the other people who compromised the story of oil . A lot of times we know about johnny rockefeller, the richest man in the world. When he was alive and today, of all days for the release of the softcover of breaking rockefeller is important. Because i do not pick this day. But may 23 is the 80th anniversary of rockefellers death. So 80 years ago, John D Rockefeller, there was some historical symmetry there always good for some who lets really good stories about history. Interestingly enough, on the day that he died, rockefeller failed to achieve what was essentially the biggest goal in his life. Sure, it was to get rich. Sure it was to beat is very powerful oil but as he achieved his first both his new goal emerged. He truly want ....
Environment drives stocks highers, isnt it . Over the average either at or striking distance from the year, dow gaining 18 points, s p advanced. 13, nasdaq inched down, we have to go over what allows us to reach these levels. The backdrop thats conducive to higher prices for the overall market. In short, whats so special about stocks right now that we are at or near or challenging these high s . First, investors like to see low inflation. When you have low inflation, that means the longterm value of stocks, the future earnings streams youre buying are going to be preserved. High inflation erodes that value because it means those future earnings will have less purchasing power. Last friday we gotten a employment number that signalled there is no inflation in the system other than the mandated inflation that comes from higher state and local minimum wages. Tame inflation means that all stocks are worth more so even if you hear that the stock market is expensive, it might not be as expens ....
Old smokestack. Let me set the scene. Conventional wisdom has been if oil goes higher, its a good day for the market and if oil goes lower, sell, sell, sell. Its a bad one. So, it went down two bucks. Got hammered. We saw the urgency of that formula writ large today because we learned jpmorgan has 44 billion in oil and gas exposure. Thats 44 billion in oil and gas exposure. Kind of like making it the exxon of banking with hopefully exxons discipline. Oddly given the plumeting price of oil, only 15 million in loan loss reserves. Even though 19 billion is loan portfolios. Say firms with junk bond status. Boo. Exploration production companies. The wos f the worst when it comes to who is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tlau low loss sickle i can only say give me a break. Im not buying it. Oil retreats hard here, they could double that number and i wouldnt ....