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STNG - Hot Take Of The Day Interview: Oil Gas And Tankers
Scorpio Tankers Inc.
Recent interview with Hot Take Of The Day's David Ramsden-Wood.
Core investment theses as summarized by DRW:
1) the marginal cost of a barrel of oil in the world is much higher than the current price, biasing towards $50-60 oil or higher
2) unconventional (shale) companies were inflated because of a series of debt bubbles, equity bubbles, and capital allocation bubbles - at the core, they weren't a profitable business and require higher prices, possibly even higher than the past 5 year range.
3) its harder to predict the next "new" thing than to find