In April, I wrote a piece titled “The Strait of Hormuz Reverse Uno Card” which also went viral on X. In that piece, I credited President Trump with a smart move blockading the Strait in order to prevent Iran from charging vessels $2MM to traverse it safely. I wrote: This looked like worst-case scenario for … Read more
A personal update: Friday’s surgery went well. I was in a lot of pain over the weekend, but am feeling better every day. I’m doing well, am able to work without limitations, and expect to make a full physical recovery on schedule. I’m so appreciative of all the nice messages I’ve received from the DKI … Read more
When Raji Khabbaz and I were running Silver Arrow Investment Management, whenever we were trying to figure out why something happened, he was unsatisfied the explanation that people are sometimes stupid and institutions are often stupid. He correctly thought that people usually have a good reason (at least to them) for doing something even if … Read more
Is the Strait of Hormuz closed? There have been rumors of ships on fire and Iranian success in adding mines. Some of these rumors were lies and later became true, but as long as captains and ship owners think there’s danger, then the Strait is effectively closed. We saw intra-day oil price moves of 20% … Read more
