OIL

Art and oil have more in common than people think. Both are finite resources whose value depends entirely on what someone is willing to pay.

Oil prices are ultimately determined by geology and thermodynamics, not by what traders think on any given Tuesday.

I missed the shale revolution. Anyone who says they saw it coming at scale is lying or got lucky.

Oil is the most political commodity on earth. You can’t trade it without understanding geopolitics.

I'm riding at a pretty high altitude now.

We're big enough to look for oil anywhere, but small enough to act fast. We don't have to go through five layers of executives to find a vice president on vacation in the Bahamas to get a decision.

So many family-owned oil companies no longer exist because they failed what I call the intergenerational management succession challenge.

Our view is that we're in the business to create long-term value. Long-term is not 6 months. Long-term also isn't squeezing all the value out of an asset in its first 3 years.

In the end, you'll end up with a soft partition of Iraq, a very decentralized government, with authority granted to three provinces.