From Bloomberg TV, this clip of Jim Chanos explaining how, unnoticed by what my friend Gregor calls "investors [who] are slack-jawed cotton candy eaters, moving from the Medicine Man Tent to the Bumper Car ride", the major oil companies are busily doing a stealth liquidation. That, you see, is what happens when you are an integrated oil company that hasn’t replaced reserves in years, and yet persists in borrowing to pay out dividends and support the share price. You liquidate and hope no-one notices.
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