I’ve been reiterating the IH PR letter and it is obviously extremely carefully worded aimed at several entities. As I wrote earlier, it’s i a broader sense directed to the overall community to raise LENR credibility and to fend of the pathoskeptical cult in particular.

But there are more to it. As I said, this paragraph gives credibility to earlier third party tests, ie. the Lugano Report team, but also refers to the present 352 day ERV report. They want somebody to know that they are in control …

We value credibility through sound LENR research. That’s why any claims made about technologies in our portfolio should only be relied upon if affirmed by Industrial Heat and backed by reputable third parties who have verified our results in repeated experiments.

And I believe that this somebody could be very specifically Rossi/Leonardo. Because no one is even close to benefit as much from the ERV report as Rossi and Leonardo. This IH knows.

Following the JONP blog it is clear that Rossi is NOT in control of the EVR. He does not decide if and when to release it. Rossi has been very clear on that he is now working for Leonardo, not IH. He has also been clear on that Leonardo plans to start manufacturing in both US and Sweden.

And he is also clear on that, even though he knows the result of the test, his credibility is limited compared to IH.

IH knows, that even though they might benefit from a release (or maybe not), it comes with a serious downside; loosing control over the Rossi know-how, which is as close as IP as they have. Rossi on the other hand clearly boosts his plans to work with Hydro Fusion building a factory in southern Sweden.

So we have a standoff; Rossi has the IP and wants to pursue other goals than spending time in a container. IH has the credibility and controls the report. They are negotiating …

Putting it all together I believe it looks like this:

IH are holding back because:

1. They value the information advantage. Although this one is not new. Still, there is no product in the market yet. It is work in progress, and the less other entities know, the better for them.
2. They are negotiating continuation of the Ecat series with Rossi and rights to the technology. We dont know the fine print between “manufacturing” and “know-how”. Rossi comments supports this thesis by suggesting delays.
3. To keep Rossi in line. Releasing report would boost his credibility enormously, possibly leaving IH for Leonardo/Hydro Fusion to build a plant in southern Sweden, with his core innovation team and know-how. That would move focus from IH as main LENR player to Leonardo who has the IP. Ie. not good for IH investors; they certainly would like IH to have more control over IP than they have. Rossi comments support this thesis also. As well as IH letter stating only they themselves are credible.
4. Maybe there is an issue with the ERV entity. Especially if the COP is really good. The downside is huge and upside limited. Negotiations going on here as well?
5. They realize that regardless of ERV report there will be multitude of attacks also on IH stating fraud/scam. The better/longer report the more attacks. It’s easy to invent scenarios of fraud, not having to prove them. Harder to prove oneself innocent. This thesis is also supported by the IH letter.

It makes business sense to me. Hopefully Rossi, who benefits the most from a release and is in the loop can put enough pressure on IH to release it anyway. A summary would be nice 🙂 Actually I think less is more in that case, leaving less for the pathoskeptic cult to fantasize about.

The market was actually $8.5 trillion 18 months ago. So a lot has already happened, which is easy to forget.  Since the Lugano Report the oil price has dropped from ~$90 to $38, even touching $28 on Feb 11th.

So the energy commodity (I’m not even talking utilities, refining and distribution here) has gone from contributing with 11% of global GDP (roughly $77 trillion) to 4.5%. Looking at it that way, we have global deflation of 6.5% in 18 months … No wonder central banks are printing money as much as they can to counter it. I wrote about it here:

Black Swan slides

So what is going to happen with the energy market as a whole in a LENR context. I’ve made som research on the licensees and made a map. I think I got it more or less right, but it includes som guessing due to lack of information.

Of course I realize the E-Cat will not be the only player in the long run but but right now no one else is really close. This is what the world according to LENR looks like today…

An impressive market. The areas covered by the licenses are hard to comprehend. My take is that 90% of the energy market will be replaced within 15 years and today this is covered by four (tiny) companies/groups and very few investors.

Of course this is going to take some time, and the players might change, but basically all oil, gas and coal will be replaced by LENR due to marginal cost per Joule approaching zero. Capital costs for the migration will be measured against a falling price of oil. At $10 the transition will start to slow down maybe. But with falling capital costs (my estimate is <$100 per kW) and a COP of maybe ~50 (20-80 range) it will be really hard to argue for the alternatives.

Recently Mats Lewan recieved the following email from JT Vaughn at IH.

Link to Mats: Industrial Heat Statement

My interpretation of the statement is that IH (and everyone involved on a personal level) probably is under fierce attacks from all kinds of random weirdos, trolls and pathosceptics. Most of them only stupid, but some of them I’m sure have a bigger agenda.

Look at this statement:

Unfortunately, there is a long and continuing pattern of premature proclamations in the LENR sector. Because of this, we encourage open-minded skepticism. We believe society suffers when technological advances and innovative experimentation are stifled; likewise, society and the industry suffer when results are promoted and claims are made without rigorous verification and precise measurement.

The “long and continuing pattern of premature proclamations” obviously relates to 27 years of thourogh and deliberate miscrediting of everything and everyone related to cold fusion and LENR put into action mostly by the skin-in-the-game academic reasearch community spread by the corrupt presstitutes from the so called respected academic journals and borderline MSM like Nature and Popular Science.

Open-minded sceptisim is exactly what all of the above are lacking. There is no question about that technological advances have been stifled due to these academic and media powers. They are indirectly responsible for the suffering/death of millions of people that otherwise could have been reduced. Will they be held responsible? Of course not. Not any more than the politician/bankers that created the financial mortgage meltdown some years ago.

This email would probobly not have been written unless IH

1. Recieves a lot of discreet threats and general harassing
2. Knows the result of the 350 day test is positive and that the third party report will leave no doubt.

However there is no doubt either that everyone that has had anything to do with with the report will be attacked. Even on a personal level. We will see massive discrediting down to the level of spelling errors and old speeding tickets.

We value credibility through sound LENR research. That’s why any claims made about technologies in our portfolio should only be relied upon if affirmed by Industrial Heat and backed by reputable third parties who have verified our results in repeated experiments.
Our portfolio of work has never been stronger and we remain excited about the potential we see.

Apart from beeing very positive, this is yet another credit to the Lugano Report. It is absolutely obvious that they trust the results of the report, and they should know. Pathosceptics and fools like Stephan Pomp and Peter Ekström, that have never even been close to an E-Cat obviously suffer from extreme hubris (or something worse)

On a positive note. Maybe it all comes down to fear of change, fear of the unkown. On the paper people seam to like change and innovation, but when confronted with it in the real world they will voted it down by a clear majority, due to mostly hate of the people bringing it to them and fear of the consequences it brings. Sad it is, but at least better than the criminal alternatives.

Generally though I believe the worst enemies of LENR is not the oil and energy business. They can transform to new conditions of their own powers. No. The worst ones are found among people and organisations that are dependent on tax financing. Obviously expensive academic research within hot fusion comes to mind, but there are other neigbouring areas in research like alternative energy. Also the whole climate change industry is thouroghly unprepared. Up until now they have been shouting fraud and/or been in denial. It will change and they will fight for their lives trying to regulate … something …

Finally they might change signs in their excel models and call for preventing a new ice age instead … That will work … oxygen tax …  taxing the trees … Well. Maybe not, but they will find another fear to capitalize on. For sure.

Finally.

“Never attribute to malice that which can be adequately explained by stupidity, but don’t rule out malice.”

— Albert Einstein

 

Mats Lindgren, CEO and Founder of a major Swedish strategy think tank Kairos Future tank puts LENR the hot list of trends for 2016.

If the present pace of installment of solar energy will continue, the capacity of installed sun energy in 12 years will equal the total installed energy capacity of today. And yet we have only seen the beginning of the “sunification” of developing countries. But maybe even more revolutionizing energy sources are in the works – 2016 could, if the rumors coming from early reports are true, imply the break-through for LENR, another term for cold fusion. The energy markets might already even have to have taken this into account when calculating oil prices. The chief engineer of the project Fulvio Fabiani states in an interview “I have seen things that you never would have thought could be possible”. Qui vivra verra.

Link to article

Nice to get some support for my energy market analysis as well …

Also worth mentioning is that Kairos Futures is one of the sponsors for the New Energy Symposium held in June.

http://new-symposium.org/

I’m expanding my Twitter harvesting tool looking for everything in relation to LENR

These are the most read links related to LENR during the last week counting followers and retweets in the complete Twitter fire hose feed. Note that the algo might include false positives since it tries to search a little broader than #LENR also including references to the E-Cat and LENR without hashtags, which might result in complete misses in random languages now and then …

1 http://cryptogon.com
2 http://j.mp/1L6WfUw
3 https://www.lenr-forum.com/forum/index.php/Thread/2838-Antonio-LaGatta-and-John-T-Vaughn-have-incorporated-HMRI-R-D-Inc-in-North-Caroli/
4 https://lnkd.in/ds6GxXK
5 http://ln.is/www.scoop.it/t/lenr-/Q9tL7
6 http://www.lookingforheat.com/press-release/
7 http://www.occuworld.org/news/3035520
8 https://www.youtube.com/watch?v=QxBJjWzlKl0
9 http://www.e-catworld.com/2016/03/01/looking-for-heat-launches-webstore-to-supply-needs-of-lenr-researchers-press-release/
10 http://ln.is/www.scoop.it/t/lenr-/LePuB
11 https://www.lenr-forum.com/forum/index.php/CustomPage/?id=2
12 http://www.cryptogon.com/?p=48335
13 http://www.LookingForHeat.com
14 http://ln.is/www.scoop.it/t/lenr-/J4HMB
15 https://animpossibleinvention.com/2016/03/07/finally-this-is-possibly-how-the-e-cat-works/
16 http://www.sifferkoll.se/is-it-time-to-short-the-solar-energy-market/
17 https://www.lenr-forum.com/forum/news/index.php/News/112-Zhang-Hangcheng-reports-replication-of-Songsheng-experiment-done-in-January-2016/?s=15244737b962fe3fcc15480d28e1060de31fba8d
18 http://meetings.aps.org/Meeting/APR16/Session/E11.9
19 http://www.lenr-forum.com/forum/index.php/Thread/2073-BIG-Tom-Darden-interviewed-in-Fortune-on-his-LENR-insvestment/?postID=8098#post8098
20 https://www.lenr-forum.com/forum/index.php/Thread/2838-Antonio-LaGatta-and-John-T-Vaughn-have-incorporated-HMRI-R-D-Inc-in-North-Caroli/?postID=14674#post14674

These accounts are the most retweeted and followed during the last week.

1 @ALAIN_CO,,LENR-Forum technology-watcher & Influencer. Disruptive technologies: #LENR_ #EmDrive… #Heretic #Dissident_ #Connard #Malpenseur
2 @LENRFORUM,,An optimist_ born with a lot of snow in northern Sweden. Founder of http://LENR-forum.com
3 @DRBOBCREW,,Engineer working on Green Energy Devices In my Under Ground Lab because I believe Information & Technology Can Solve All Our Problems! http://www.drboblog.com
4 @MATSLEW,,Speaker_ author and tech journalist_ focusing on cutting edge technologies and their increasing impact on our lives. Always one foot in Italy. Love my family.
5 @BELUGAX8,,Following the Cold Fusion Revolution
6 @LENRLTD,,Open Research & Internet Store
7 @SIFFERKOLL,,Following #LENR #ECAT & #oilprices closely and #energy in general. Also #bigdata #algotrading interest. Long distance runner and triathlete.
8 @FXPHILW,,“As for me_ I am tormented with an everlasting itch for things remote. I love to sail forbidden seas.” ― Herman Melville_ Moby Dick
9 @MATEMATHIEU,,Engineer_ Physics Experimentalist. Scientific advisor of the Martin Fleischmann Memorial Project. Lang.:Fr/En
10 @SKOLKOVO_IT,,
11 @PMAHER_ART,,Retired 69 year old man looking to devote the remainder of his life to alternative energy. https://t.co/7nejONSr2Y
12 @CLIFFKFF,,Sustainable Human Freedom_ Environmental and Energy issues_ LENR_ MFMP_ Electric Vehicles_ 3D Printing_ Bitcoin_ Travel_ Art
13 @CHARLESFRITH,,If you are a child abuse/MKULTRA survivor my tweets can trigger. #FreePalestine #tbmc #multiple #multiples Here_s some more info on me: http://j.mp/frithcharles
14 @SENGAKUT,,通称「常温核融合(Cold Fusion)」と呼ばれている科学分野に興味を持ち、全くの素人ながら理解を深めたいと願っています。
15 @PUIPUIWING,,知人のアケボノインコ 埼玉県富士見市 2012.3～迷子捜索中_♡parrots / stone / food / art / flower / music / creative / science♡　_調和した人類による地球、人類の潜在能力と 愛のエネルギー♡♡世界平和を実現するフリーエネルギー普及の新時代へ！
16 @FUSIONEFREDDA,,Notizie in italiano su fusione fredda_ esperimenti con reazioni nucleari a bassa energia LENR ed aggiornamenti sull_e-catalizer dell_ing. rossi
17 @CAPSTREAMX,,Tweets are from CapstreamX founder Grant Draper_ who works with startups and Fortune 500s in #AgTech and #Energy.
18 @ALTA_PIPELINES,,Alberta Pipeline Concerns is a place for people to discuss their pipeline issues. For solutions to climate change visit Eco Inventions over 700 videos 200+ LENR
19 @CULBERSONERNEST,,
20 @FROSTORBOSPHERE,,The battery is dead.

If you’re interested in getting these kind of statistics on a daily/weekly basis you can enter your email in the form below. I’m considering making it a regular newsletter if there is a big enough interest. I’m also planning to follow the financial markets in the newsletter, primarily energy related markets on a automated quantitative basis.

Looking at the different aspects of the energy market since october 2014 (the Lugano Report) we can see that the by far worst performer (risk adjusted) has been coal energy, followed the plunging oil price. The utilities sector has outperformed everyone else actually showing a positive trend.

In between we have nuclear and alternative energy outperforming fossil fuels.

But why?

My take is that the markets on average has not yet realized that with LENR producing electricity big expensive solar farms will have no future. And probably, even more important; the “big money” has never been in solar, so they have not been selling, like they’ve done in oil, coal and gas during the last 18 months.

So I figure that there is a trade here shorting solar on a 6-12 month basis, buying cheap out of the money put options in companies like First Solar ($FSLR) and SunPower ($SPWR).

Looking at First Solar as an example below, we can see it has almost performed as well as the utilitiy sector since the Lugano Report. That doesn’t make sense to me. If LENR and E-Cat is for real, which I sincerely believe, they will most probably be affected negatively, maybe becoming more or less worthless.

The utility sector will on the other hand have a great future since we will use a lot more energy in the future and they will not charge us for the energy per se (kWh) but for the bandwidth and transport. Most of us will certainly be connected to the “smart” grid in the future and we will pay for it. So I’m long utilities (XLU).

Of course this is not investment advise, only a report on the investments I made myself.

Link to the article

A couple of months ago I made som statistics on the Lugano Report downloads. At that time Bulgaria and Netherlands topped the list. Surprisingly so, this is still the case three months later. And even more so. I tried to figure out if there were som special reason like articles that were referring to the report in these countries, but the by far most common referer is still 15 months after the release an article in Extremetech, with 10x as many as the 2nd on the list.

This is what it lookad like :

Every now and then the actual numbers surprise me. In several posts I’ve tried to show what the markets looke like in the post LENR era (or, if it’s easier to comprehend, post Saudi unlimited oil production era). Not taking the investment risk (volatility) into account in those charts might look nice and powerful, but in reality doesn’t say much about the actual global capital flows as a whole.

So, I put together a chart where I take volatility/risk into account on daily basis, adjusting movements with a 14 day ATR (average true range). Here it is:

The first thing that hits, is that cash USD has outperformed everything. Although since everything is measured in USD that is not entirely true. Putting your USD cash in 20y+ treasuries have been even better and so also some sectors of the stock market like health and med care, utilities and consumer goods.

The next thing that hits, is that it’s obvoius that staying out of European currencies and commodities, especially oil, have been a really good idea.

The third and last thing is that this massive market move has been over since april 2015. Since then the markets have been relatively stable!! China is having serious trouble, and of course oil, copper and energy. And high yield corporate bonds have been a real mess.

Here is another way to look at it in terms of 3-12 months strength/trend, with 2-3 week momentum (color).

As we can see many asian, european and emerging markets (Poland, Singapore, Brazil, Spain, Hong Kong, etc.) are having trouble. Including some currencies (GBP, CAD, CHF) and commodities (oil mainly). Also the high yield bond market has shown seriuos troubles since april being among worst performers (oil exploration is not a wild guess here …).

Allthough weaker the trend continues. While USD and US treasuries have been stable, capital flow is moving from the areas mentioned above to primarily German, Japanese, US corp. and municipal bonds.  Among stocks (US market) Utilities and Consumer goods (and technology) shows best performance in a week to month timeframe.

Has this anything to do with LENR then?

Certainly not directly. However the insight that there are way more oil both in the ground, and above right now, than will be consumed in any foreseable future is fundamental for the Saudi all in production strategy (incl. Russia, Iran, Iraq, etc). And then they all desperately need the cashflow for various domestic reasons. They realize that oil in the ground is worse than a NIRP bank account. I mean, if they believed for a second that the price of oil would rise again, keeping it in the ground for now and print money (sell bonds) for cashflow would be good business. But obviously that is not their strategy …

Finally, from the positive side, I’d like to focus on the fact that Utilities, Technology and Consumer goods are the markets performing well. I do not think this is a coincidene from an energy price perspective:

We will use more energy,

LENR will be integrated,

the Utilities will charge for the bandwidth,

innovation will be intense,

and the money saved will be used for consumption.

I’ve been asked how to short oil quite a lot.

The by far most traded instruments are of course the oil futures traded on the NYMEX exchange, ie. the symbols “/CL” and “/QM” .

For normal net worth people the problem is that it is quite risky. If you sell one “/CL” contract it means you are selling 1,000 barrells of oil, which makes it a $31,000 sale today. If the price of oil then rises $2 you lose exactly $2,000. And these kind of moves are common …

The “/QM” contract is mini version of the CL that is covers 500 barrells of oil, which reduces your risk by the same amount. So the $2 up move will be a $1,000 loss instead.

These futures are traded five days a week 24/7.

Among the ETFs we the main and most liquid one is “USO”. But to short oil you need to short/sell this ETF and that seems not to be possible anymore, since there are no lenders (this has not always been the case).

What I have been doing though is to buy put options on USO. This is nice since the risk is limited to the price I pay. My strategy since 2011 have been to by cheap out of the money puts in different time frames and then roll them forward a week or two before expiry. They are then either worthless (if there is no move down), but have a tremendous upside if there is a move. Needless to say this strategy have worked out well with a constant low risk exposure.

Lately I have also been using another ETF – the “SCO” which is an ultrashort (inverse) ETF in oil. It has moved from $24 to $189 since oil hit $110s in the summer of 2014. Good thing about it is that risk is limited to the amount you pay for it (unlike the futures). And it is reasonably liquid with a volume of 500k – 1M shares per day. Generally though I’m a bit sceptical of these types of instruments since I dont know exactly how they are executed by ETF fund managers.

ETFs are traded normal US stock trading opening hours.

A strategy I have not used is buying put options directly on the futures, but it is also possible and one way to manage risk.

Other instruments I have not used are CFDs (Contract For Difference) which behaves like the futures but with an extra “middle man” like IG Markets. In Sweden there are also there a number of exchange traded certificates (bull and bear), which I have not used. These behaves like ETFs.

Finally, this is the two year graph on SCO. Hard to beat 600%…

The guiding principle is to manage risk. To always know what the $1 price move will get or cost me. 

Of course this post is not an investment advise, only a description of what I have been doing (or chosen not to).  

To be honest they have actually reduced their short position by some 30% since October when price was in the $45-50 range. That probably generated some cashflow for the books, but still a 8 billion dollar short position in oil. Why?

Well.The only explanation is that they must be absolutely certain that the probabilities of oil hitting $25 is bigger than hitting $45 again. 8 billion however must be compared to the $40 billion short position they had in the $90 range.

CFTC.GOV CoT data link

For the perspective, here is todays fresh low in oil – $30.88 .

So. Where is the LENR included long term resistance of the oil price on the down side? Well I believe I predicted the $20-$30 range two years ago, and I believe this is what we’re going to see during 2016. There is “War” risk that could trigger price upwards, but it has to be physical (i.e. real bombs on Saudi resources), not like the recent Saudi/Iran issue. However, if LENR gets real mainstream media momentum when verified proof of the 1MW E-Cat in Florida is released in march, then $10 is possible. Only Mid East oil producers can handle that so from there on its all about Aramco.

Actually I think this scenario is interesting, and since I do not think the Saudis and their McKinsey advisors are completely stupid 🙂 I believe this is in their plan. Oil will be useful for a long time and Aramco will have ~100% market share, and the market will stabilize since the migratíon to LENR in transportation will take time. Their assets are also in refining and other upstream activities which are valuable even with LENR enabled synthetic fuels.  And then of course they need the cash NOW to avoid serious domestic troubles – An IPO is a brilliant idea.

Link to the site

This is sort of old news but new to me so I’d like to share it. In 1993 Arthur C Clarke had these insights about the future of fossil fuels and LENR.

The next scenario: CF can be scaled up to moderate levels—say 100-1000 kilowatts. Even that could be revolutionary, if cheap and safe units can be manufactured. It would make possible the completely self-contained home that Buckminster Fuller envisaged, because the electric grid would no longer be necessary for domestic distribution. And it would be the end of the gasfueled car—none too soon . . . Automobiles could, quite literally, run on water—though perhaps only heavy water!

 

The third possibility is that there are no upper limits: in that case, the Age of Fossil Fuels has ended. So has the Age of CO2 buildup, acid rain, and air pollution. Twenty years ago, when OPEC quadrupled oil prices, I remarked, “The age of cheap power is over—the age of free power is still fifty years ahead.” I may have been slightly too pessimistic . . .

Unfortunately he was not as pessimistic as he thought at the time, but probably SPOT ON. Real “free” energy is still a couple of years ahead but we’re getting there.

Finally I’d qoute the letter sent to Al Gore in 1993.

18 March 1993

Dear Mr. Gore,

COLD FUSION (?)

I am happy to learn that you are being briefed on the above—perhaps misnamed—subject, as it is impossible to imagine anything of greater potential importance from both the economic and geopolitical points of view.

After initial skepticism, I have now seen so many positive reports from highly respected organizations (e.g. NTT—which is already marketing experimental kits in Japan!—ONR, U.S. Army Research Office, SRI, MIT) that there can be no further doubt that excess energy is being produced by some previously unknown process, not essentially nuclear. I am sure that your staff has already seen much of this material, and I also refer you to Representative Swett’s statement in the Congressional Record for 16 February, 1993.

Whatever the source of the energy, which I am sure will be elucidated in the fairly near future, the sixtyfour trillion dollar question is: (1) is this merely a laboratory curiosity of no practical importance, or (2) can it be scaled up for industrial and perhaps even domestic use?

If Number (2) is correct, the consequences are immeasurable. It would mean essentially the end of the “Fossil Fuel Age” and an era of cheap, clean power. The environmental benefits would be overwhelming; at the very least, concern with CO2 build-up and acid rain would vanish.

Clearly, no effort should be spared to resolve this matter speedily, by supporting scientists who are obtaining results (and, perhaps, discouraging those who have been obstructing them). One witness you might call is my friend, Dr. George Keyworth II, President Reagan’s Science Advisor and an expert on fusion physics, who remarked in a recent letter to me: “The conventional path we’ve been pursuing is trying to build a bridge across the seas instead of inventing a boat.” Perhaps “cold fusion” may give us the lifeboats Spaceship Earth so badly needs!

Respectfully,

Arthur C. Clarke

Obviously Al Gore should know about LENR since … long, but for unclear reasons have chosen to ignored it.  Even in his best selling 2013 book “The Future” the possibilities of LENR was not mentioned at all. Needless to say the book is filled with environmental threats of every kind imaginable …

Actually this only fuels my suscpision that the “greens” are among the biggest enemies of LENR for reason that … is not entirely aligned with their marketing. The tax financed (SR) Swedish Public Radio (Ulrika Björksten et al) comes to mind …

I’m absolutely amazed by the Economist articles and interviews with the Saudi deputy crown prince  Muhammad bin Salman.

Obviously he/they belive the price of oil will never be higher than today again. Otherwise there would be no better bank than keeping the oil where it is. So they plan to use the Big Banks to sell the soon-to-be-worthless oil fields to the pension funds of the world… Actually I have to admire it. Brilliant move. Probobly advised by McKinsey (as mentioned in the Economist article and interview here and here).

The Economists is actually on the right track. Look:

Another threat is alternative forms of energy, such as wind and solar, which may well challenge fossil fuels. Selling shares in Saudi Aramco could thus be intended to cash in before the “decarbonisation” of the economy starts to gain credibility. It would also fit with a trend that has started to transform the oil industry for the first time in half a century—denationalisation.

Only question for the Saudi prince is: If there is time enough?

Two years ago I suggested what I thought was the “Fool Proof LENR Trade”. Buying the Russell 2000 Index and shorting oil (IWM/USO).

The Fool Proof LENR Trade

Looking back today is nothing less than amazing. 220% is kind of hard to beat …

To be honest I see no reason to exit this trade at the moment. If I would change anything I would maybe focus more on innovation on the long side switching from R2k to Nasdaq, but that is not essential.