FRMO August 2016 Letter [H/T @BrattleStCap] (LINK)
WD-40: A Case Study of the Bubble in “Safe” Stocks (LINK)
Big Oil Companies Binge on Debt [H/T @jasonzweigwsj] (LINK)
Some of the world’s largest energy companies are saddled with their highest debt levels ever as they struggle with low crude prices, raising worries about their ability to pay dividends and find new barrels.
Exxon Mobil Corp., Royal Dutch Shell PLC, BP PLC and Chevron Corp. hold a combined net debt of $184 billion—more than double their debt levels in 2014, when oil prices began a steep descent that eventually bottomed out at $27 a barrel earlier this year. Crude prices have rebounded since, but still hover near $50 a barrel.
The soaring debt levels are a fresh reminder of the toll the two-year price slump has taken on the oil industry. Just a decade ago, these four companies were hauled before Congress to explain “windfall profits” but now can’t cover expenses with normal cash flow.
Why 4 a.m. Is the Most Productive Hour (LINK)
TED Talk - Don Tapscott: How the blockchain is changing money and business (LINK)
Venomous Snakes Ride Ocean Currents Around the World (LINK)
Tiniest grazing mammal was a pig at the front, horse at the back (LINK)
Book of the day: The Age of Uncertainty - by John Kenneth Galbraith