Super-Spiked Podcast

This is the audio from my appearance on the Smarter Markets podcast published August 27, 2022. It was hosted by David Greely, a former Goldman Sachs colleague and current senior economic advisor at Abaxx Technologies. You can listen by pressing play in the Substack media player directly above or you can find the links to listen on Apple podcasts, Spotify, and on my YouTube channel (links below).There will be no Super-Spiked published over Labor Day weekend. See you in two weeks and hope to give everyone a real time update on the European energy crisis, Lexus Holes in 1 at pro-am events, the pros and cons of being private versus publicly traded, and much more.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday, with an occasional intra-week additional video update.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotify or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.⚖️DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.📜 CreditsThis episode of Super-Spiked Videopods was recorded, edited, and produced by the Smarter Markets by abaxx podcast team and was originally published on their feed on August 27, 2022. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

This week’s videopod was originally recorded on Twitter Spaces on August 7, 2022, where I joined #COM to discuss my outlook for Canadian energy. It is an audio only recording, but I have included the YouTube link in case you prefer it to the Substack player.Speakers (in order of appearance):* Sohaib Abbas@sohaibab9* Arjun⚡️Murti @ArjunNMurti* Mark Skittle🇨🇦@BJamz2022* Alberta, PhD (Poor/Poorer)@Albertagarbage* David Heikkinen@heik_energy* William Lacey@William390091430:00: Welcome and introduction by @sohaibab92:15: Introductory comments by @ArjunNMurti focused on why I started Super-Spiked.7:35: Question from @sohaibab9: What is the Role of Canadian energy production in the world stage?21:00: Question from @sohaibab9: Why is there a misperception that Canadian production is high cost and unprofitable especially versus American barrels and other areas?28:00: Comment from @BJamz2022, a subsurface SAGD engineer, on how he has looked at full-cycle versus half-cycle economics.30:40: Question @Bjamz2022: Question on how can ESG considerations can play into securing expanded pipeline export capacity for Canadian oils?45:45: Question from @Albertagarbage, live from an operating SAGD pad: What is outlook for cost of capital for Canadian oils vis-a-vis US oils and potential to develop oil sands resources vs US shale oil?53:40: Question from @sohaibab9: What made you make the original Super-Spike call in 2005? What are the similarities and differences with the outlook today?1:08:10: Question from @heik_energy: What do you think it takes to get the broader market to favor Energy over Tech?1:13:50: Comment from @heik_energy on 1970s performance on Energy and then an update on what he is up to now.1:18:15: Question from @William39009143 (read by Sohaib): What does Arjun think about cost of capital for industry? 1:24:15: Question from @BJamz2022: Is it even possible for CAPEX to ramp given aging of the workforce?1:31:45: Comment from @William39009143 thanking me for participating in today’s Twitter Spaces.1:35:25: Question from @sohaibab9: When will Canadian energy companies start to draw more attention from American investors?1:41:15: Closing remarks from @sohaibab9, @BJamz2022, and @ArjunNMurti 🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday, with an occasional intra-week additional video update.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotify or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.⚖️DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.📜 CreditsThis episode of Super-Spiked Videopods was originally recorded on August 7, 2022 on Twitter Spaces. This version was lightly edited and produced by Super-Spiked Productions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday, with an occasional intra-week additional video update.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotif y or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.📜 Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* Exhibit sources: Bloomberg (slide 2), BP Statistical Review of World Energy (slide 4), Super-Spiked (all slides).* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions.* Intro and outro designs were created in Canva. The body of the video was shot on an M1 Mac Mini. The video was produced and mixed in iMovie on an M1 Mac Mini. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday, with an occasional intra-week additional video update.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotif y or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.📜 Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions.* Intro and outro designs were created in Canva. The body of the video was shot on an M1 Mac Mini. The video was produced and mixed in iMovie on an M1 Mac Mini. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

Bank Proxy Statements and IEA Net Zero ReportPlease find below links to the referenced 2022 proxy statements for the banks mentioned in the videopod. Shareholder resolutions are toward the end of the proxies.* Bank of America: link to 2022 proxy* Citigroup: link to 2022 proxy* Goldman Sachs: link to 2022 proxy* JP Morgan: link to 2022 proxy* Wells Fargo: link to 2022 proxyAll five proxies make reference to the IEA’s report, Net Zero by 2050: A Roadmap for the Global Energy Sector: link to report⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday, with an occasional intra-week additional video update.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotif y or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.📜 Credits* Intro & Outro music: Dropkick Murphys Which Side Are You On?* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions. Intro and outro designs were created in Canva. The body of the video was shot on an iPhone Pro and in power point on an M1 Pro MacBook Pro. The video was produced and mixed in iMovie on a M1 Pro MacBook Pro. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

A 9 minute live update and videopod from the Home of Golf and site of the 150th Open Championship in July. Nine points to match my handicap index to highlight some of the key takeaways from this trip and recent research. And on the handicap, I started playing golf when I stopped at Goldman in 2014. I am happy with the progress I have made. Back to energy, nine takeaways:* First, as an American, thank goodness for the combination of US shale oil and gas as well as Canadian energy production. We are balanced in supply/demand for oil and a natural gas exporter. That is not the case here in the UK or Europe more broadly where a climate only ideology has run rampant. To be clear, I support decarbonization efforts. But they cannot come without due consideration for energy availability, affordability, reliability and security...none of which really exists here in the UK or Europe. * Second, I suspect the relative maturity of the North Sea means greater investment spending and less hostility from local enviro extremists wouldn't materially change UK or European balances. We are already seeing the early signs of a greater desired co- operation for more American LNG. Both US gas and crude oil as well as Canadian energy are part of the solution to wean Europe off its dependency on hostile nations. * Third, in the US oil and gas development can co-exist with climate & environmental progress while also recognizing we need to ensure energy is available, affordable, reliable and secure. We do NOT need to gut climate & enviro regs. But we do need the political class to basically walk and chew gum. We need to push back against American pipeline and infrastructure obstructionism while striving to make American and Canadian barrels and MCFs methane free and ultimately net zero on Scopes 1 and 2. * Fourth, on the sector. I am realistic about the short-term-ism that comes with the institutional investor dominance of the sector. I expect commodity prices to be super volatile this decade and during times of weakness, perhaps recession related, it would be normal to expect corrections, potentially meaningful corrections, to occur. But if I could simplify it, energy troughed at 2% of the S&P 500 in October 2020. It is now back to 4%. Based on its expected 2022 earnings share, it should get back to 7% of the S&P...and in my view in the coming years will get back to at least 10% of the S&P.* Fifth, on a long-term basis, despite the sharp rally off all-time lows, the sector is still very out of favor. Returns on capital are on-track to be sustainably better than last decade, free cash flow and returning cash to shareholders has replaced production growth as the competitive lens, balance sheet strength is returning, and the wrong mindset that this is a sunset industry, especially in the USA and Canada is simply wrong. US and Canada are about 23 mn b/d of a 100 mn b/d oil (liquids) market. We should be the last barrels produced and a much larger share of the energy pie going forward. * Sixth, there is still very little competition for capital in traditional energy. Euro Majors are out. Mainstream private equity is sitting out this funding cycle. NOCs and IOCs are going in different directions. Whose left to invest and when do they come back?* Seventh, with no competition and still lots of doom and gloom about the ultimate fate of traditional energy, and what is on-track to be a multi-year possibly decade long energy crisis era, I think it is about as interesting of a time as I can remember for new capital formation. If you have a good idea, AND, can find a sponsor, it's an interesting time.* Eighth, we all owe a big thank you to oil and gas industry workers. Go visit an oilfield or refinery. These are not easy jobs. They require hard work and strict attention to health, safety, and the environment. On Wall Street, we mostly interact with senior management. They too are needed. But make no mistake it is the working class that does the hard work to ensure I have enough power to shoot this video.* Ninth, Scotland is the Home of Golf. These links courses are spectacular. There is no comparison to golf anywhere else in the world. So, I'll end on a personal note with some first hand, on the ground footage of the energy situation here in the UK. For all of you sensitive types out there, relax, it's for entertainment purposes only.⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Regards,Arjun🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to

A 23 minute video that discusses how we have moved from what was a messy energy transition environment pre-Ukraine to a now full blow energy crisis era post Ukraine, catalyzed by Russia moving to pariah state status. US shale accounted for 70% of global oil supply growth last decade, but faces significant pressures to not grow as fast this coming decade from a combination of traditional investors due to poor historic ROCE, ESG investors focused on energy transition, and current US government policy that is obsessed with virtue signaling about the climate portion of energy and climate policies. US and Canadian oil supply is needed more than ever, especially given the very poor track record of oil supply from pariah states. I continue to emphasize that there is a difference between “good” barrels from the United States and Canada and “bad” barrels from Russia and Iran. Even the most die-hard climate activist should recognize that as we are transitioning, it is better for all aspects of energy and climate policy to prioritize US and Canadian oil and gas production over supply from unfriendly areas. ⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Regards,Arjun🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday, with an occasional intra-week additional video update.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotif y or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.📜 Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions. Intro and outro designs were created in Canva. The body of the video was shot on iPhone and on an M1 Mac Mini. The video was produced and mixed in iMovie on an M1 Mac Mini. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

A 4.5 minute intra-week videopod to highlight the notable rhetorical shift from various politicians and “climate only” types that are increasingly calling for more US shale and today, incredibly, more Canadian oil. We need more good barrels and fewer bad barrels.⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Regards,Arjun 🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday.Subscribe to Super-Spiked to receive all content via email and directly interact with me.* YouTube channel for video only: You can subscribe directly to the video feed ofSuper-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotif y or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.📜 Credits* Intro & Outro music: Children of Bodom, Needled 24/7.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions. Intro and outro designs were created in Canva. The body of the video was shot on iPhone. The video was produced and mixed in iMovie on an M1 Mac Mini. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

My apologies for all the background noise, but it was recorded live on location at 8th Wonder Brewery in Houston where the event was held.The intersection of crypto, bitcoin, and Web 3.0 with energy markets, both traditional and low-carbon, is a general topic area I am in the process of ramping up on. Toward that end, I attended the Digital Wildcatter's EMPOWER: Energizing Bitcoin conference at Houston's 8th Wonder Brewery on March 30-31. Casual dress, a brewery, a "Beetles" stage, bitcoin mining demonstration projects, and free bottled water helped create an excellent learning environment (for the record, I did not drink any beer during this Houston visit). Takeaways* Signal vs noise. I will use my ESG views as an analogy to bitcoin/crypto. With ESG, I have differentiated between the “virtue signaling” variety that we could all do without and I think causes far more harm than good and “substantive” ESG that is indeed needed. The equivalent for bitcoin/crypto, in my view, are what I believe are called the Bitcoin maximalists that believe the US dollar is doomed and Bitcoin is its inevitable replacement. While I reserve the right to change my mind in the future, I do not share the view that Bitcoin will be an excellent reserve currency replacement for the US dollar. The part of the crypto-verse I do find highly intriguing is the potential for distributed blockchain ledger technology to allow for digital privacy, asset ownership, contracts, decentralization, reduced dependency on Big Tech and Big Banks, and related themes.* Future currency? Not so fast. While I agree that fiat currency debasement is a fact of life, I am unaware of hard currency alternatives that lead to better societal outcomes. I also have not heard any Bitcoin maximalist accurately (in my view) describe the Federal Reserve's quantitative easing policies and what it means or doesn't mean for money creation. To that end, I would encourage everyone to listen to Jeff Snider and Emil Kalinowsky on their excellent Eurodollar University podcast (Spotify or Apple Podcasts) for a real education on the Federal Reserve, monetary policy, and the plumbing of our global financial system. The US dollar, like democracy and capitalism, is far from perfect. But it is better than every alternative humankind has come up with thus far.* Web 3! Crypto via so-called "proof of work" is the fuel that allows blockchain verification in a "trustless" environment. Proof of work is compute power intensive; hence the link between Web 3 and energy markets. It is early days for Web 3. My initial take is that we are in the "Amazon starts selling books online" stage of it. The long-term upside potential is meaningful for energy markets to the extent proof of work remains the enabling mechanism to secure the blockchain.* Methane/gas management. Currently, the relationship between traditional energy companies and bitcoin miners comes via stranded gas arrangements. Or perhaps more accurately, areas where an E&P company wants to grow oil production but there is inadequate natural gas takeaway capacity. Bitcoin miners have struck deals to capture natural gas that would otherwise have been flared/vented (which is terrible, by the way) in order to generate power via a natural gas generator, which is then used to power the massive ASIC computers used to mine bitcoin. The oil company benefits by receiving value for otherwise worthless natural gas, while also benefitting the environment via reduced flaring/venting. A private Bakken E&P and its bitcoin mining partner at the conference indicated the E&P was receiving a price for its gas that was greater than zero but less than the equivalent pipeline gas price.* Bitcoin miners want cheap, reliable power. Apparently bitcoin miners are no different than all of the rest of humanity in desiring the least expensive, most reliable power. In some applications, this comes through renewables like solar, wind, and hydro. In other cases, it will come through stranded natural gas. Importantly, bitcoin miners enjoy (seemingly) near complete location flexibility, which could be helpful to monetizing energy resources in remote locations (e.g., Africa, rural/in-land locations).⚡️On a personal note...I would like to acknowledge Josh Crumb of ABAXX Technologies and Max Gagliardi of the TalkEnergy podcast for sparking my interest in this topic, and the team at the Digital Wildcatter's for hosting this unique conference.⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Regards,Arjun📷 Live from EMPOWER🔔 3 Ways to S

Given fast moving developments due to the Russia-Ukraine conflict, I am departing from my normal weekend update routine to provide this short intra-week video macro commentary. For the foreseeable future, I will aim to provide more frequent interim updates, as needed, to go along with the regular weekend posts.For full video, double click on video play button below or use this link to watch on YouTube.For audio only, press the black play button above.3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox, where you will also be able to hit reply to interact with me directly. All content can also be found on the Super-Spiked website.Subscribe to Super-Spiked to receive all content via email and to interact with me directly.* YouTube channel for video only: You can subscribe directly to the video feed of Super-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotif y or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

For full video, double click on video play button below or use this link to watch on YouTube.For audio only, press the black play button above.3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday or Sunday.Enter your email to receive all Super-Spiked content directly to your inbox.* YouTube channel for video only: You can subscribe directly to the video feed of Super-Spiked Videopods on my YouTube channel Super-Spiked by Arjun Murti. I have been averaging about 1 video per month.* Apple Podcasts, Spotify for audio only. You can subscribe directly to the audio only feed on Apple Podcasts, Spotify or your favorite podcast player app. The podcast is simply the audio for the YouTube videos.Related PostsPrevious Super-Spiked VideopodsESG 2.0 and Energy Transition Framework (EP2)ROCE Deep Dive (EP1)DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

Super-Spiked YouTube link (click the link to the left or double click on video below or audio only is above)You can subscribe directly to the audio only feed of the Super-Spiked Podcast on Apple Podcasts, Spotify or your favorite podcast player app.You can subscribe directly to the Super-Spiked by Arjun Murti video feed on my YouTube channel.DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions.ESG 2.0 and Energy Transition series This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

YouTube videoSuper-Spiked YouTube link (click this link to the left)Subscribe to Super-Spiked Videopods* Audio podcast: You can subscribe directly to the audio only feed of the Super-Spiked Podcast on Apple Podcasts, Spotify or your favorite podcast player app.* YouTube: You can subscribe directly to the video feed on my YouTube channel.Exhibits referenced in this episodeROCE Deep Dive Post #3DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment video/podcast and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.Credits* Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.* This episode of Super-Spiked Videopods was created and lightly directed, edited, and produced by Super-Spiked Productions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

Please find episode 3 of the Super-Spiked Podcast, now available on Apple Podcasts, Spotify or your favorite podcast player app.In episode 3, I focus on highlights of the post, Dumb Calls I Made As A Street Analyst, Post #1: OXY post the March 2000 Altura Energy acquisition.Exhibits referenced in this podcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

Please find episode 2 of the Super-Spiked Podcast. Super-Spiked Podcast is now available on Apple Podcasts, Spotify or your favorite podcast player app.In episode 2, I focus on key highlights of the 2nd ROCE Deep Dive post, From Fake Well IRRs and Capital Surplus to ROCE and Capital Discipline.Exhibits referenced in this podcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com

Please find my inaugural voice memo explainer of my December 7, 2021 post, From Not-For-Profit to a New ROCE Super-Cycle (link to full note below). I reference Exhibits 1, 2 and 6, which I have also copied below. Clicking the “play” button will take you to the weblink where you can listen. My apologies that at the time of publication, I am not yet set-up for this to appear in popular podcast apps. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com