One thing sure: we owe our Vets thanks, support, and respect.

Less sure: control of Congress. (You can help with that.)

And the future of Twitter.

And  2024.

Will it be DeSantis or Youngkin (now that Rupert Murdoch has abandoned Trump)?

Biden or youngker?

“One thing to keep in mind if Joe runs again [I concluded yesterday] is that — yes — he’s old.  But with him comes his team of more than a thousand appointees who have restored competence to the government and helped America regain the respect of the free world.  That — and the infrastructure bill, the CHIPs bill, the bill to lower prescription drug prices and confront climate, and much more — would be a lot to throw away to take a chance on someone new.”

Now comes Professor Jeffrey Sonnenfeld (68) with this ode to old:  Age is just a number — run, Joe, run!



Perpetually unsure: our stocks:

PRKR — Several of you have asked why it has tripled off its low.  Three press releases in the past two weeks may explain, with the latest coming just today.  Will the company eventually net a few bucks per share in judgments or settlements and be able to resume operations?  Will justice, as the company sees it, finally prevail?  The only thingnI know for sure is that the defendants could afford to pay up without missing a beat.

RECAF — Down three-fourths from its high, at $1.50, it got as low as 35 cents Wednesday.  (I wish I had noticed that and scooped some up.)  What gives?  My guru:


It’s ugly.  They released the results of their 3rd well. They found numerous shows of hydrocarbons (positive) but no commercial accumulations (negative), apparently due to lack of structural seals.  Obviously the market severely punished this news.

Some geologists I know aren’t discouraged by this. The well further confirms that there are hydrocarbons to be found. In a prospective area of this size there will be failures. There are examples in history of multiple exploration failures in a basin before huge success.

However the company has been slow to proceed with its drilling program. It appears this has been due to government permitting delays. Whatever the reason it is concerning that things are progressing slower than expected. And many are now questioning management’s competence in managing the process.

Personally I’m still a believer in the basic premise that there is a large basin of oil under contract. I am however very concerned by the slow pace of progress. The money is running out and the promised 4-well program is now looking like a 2.5 well reality.

I am somewhat encouraged by the rebound in the stock price, but I can’t deny the past two days have been very painful.  I plan to sell a few thousand shares to harvest some tax loss. But I’m holding on to the majority of my position.

Sigh. Nothing is easy.




BONUS

Mayor Eric Adams on policing and crime.  New York on the mend.  Sensible bail-reform reform, among other things.  (Good intentions went too far.  Time to recalibrate.)


BONUS BONUS

Bill B:  “I never thought or heard much about Broadway’s “The Lion King,” but this scene from it on late night television is spectacular.



Have a great weekend.

 

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