Never bit, but damn close tbh.

As I go on I am increasingly of the mind that it has to be just screaming at you before a dime goes in. You can't NOT invest.

$TOU was like that.

Somewhere between is the most important bit IMHO: know how, intellectual capital.

A subset of labor. Maybe capital in some cases.

Can have all the capital, resources, labour in the world & if not directed productively it can amount to nothing, or less.

Just rolled into a new lease (Ford) on very favorable terms.

Lot of inventory.

Perfection is often fleeting.

Consider that under the demand destruction regime, profits are multiples of the left hand distribution.

Conclusion - long reserve life energy stocks trading at a low multiple assuming $75 oil are dramatically undervalued.

How long you have to wait to get paid is another matter.

Also learned the hard way. A 10% bigger opponent who hit with 30% more velocity.

Element of surprise also a factor.

Advantage comes from the fact that opponent likely does not expect it.

82 is the new 27