Explains ceasefire falling apart: IRGC charging up to $2M tolls per boat, creating bottleneck like Somali pirates. Israel-Lebanon confusion adds uncertainty. Traders likely to sell off into weekend.

Day rates for ships mean sitting costs money; insurance companies may not pay. New business for IRGC because Trump disrupted other revenue streams.

Explains different crude grades: Brent (sweet, expensive), WTI (lower grade, over $98), heavy crudes (Russia, Canada, Venezuela) sold at discount. Price depends on viscosity and sulfur content.

Brent from Libya/Nigeria; heavy crudes require more refining energy; Canadian tar sands steamed for extraction.

Recommends CVE (Canadian oil company) due to good sales/earnings forecast, more stable institutional holders, less volatility than US counterparts.

US had ESG craze reducing fossil fuel investment to <2% market value; Canada lacks anti-fossil fuel push seen in blue US states/universities.

Oil takes money from wallets via pump prices, raises goods costs via diesel. CPI showed gasoline +18.9%, fuel oil +44%. Surge in energy stopped deflation in China (first non-deflation in 3 years).

Higher transportation costs cause residual inflation. China's price increase may boost orders/economy. Core CPI only +0.2% vs +0.3% expected, making report 'good'.

Recommends ENE (Italian energy) due to refined product shortage. California refineries closing due to biofuel mandates making operations unprofitable.

Refining yields fixed proportions (19 gal gas, 12 gal diesel per barrel). Bio-diesel from soybeans/bird poop more expensive. ENE accesses sweet African crude, less disrupted.

Recommends MPLX (midstream pipeline MLP) for 7.7% dividend yield, benefiting from Trump's natural gas/LNG push.

K-1 tax complication; not for growth but cash flow.

JPM results fine; Jamie Dimon worrywart but sales/earnings up ~8%. Watch private equity/credit losses, loan loss reserves.

Missed last quarter unusual; positive analyst revisions.

BofA not as good as JPM; big behemoth, needs streamlining. Sales/earnings up ~9.5%/12.4%.

Owns Merrill Lynch; less dominant/dynamic.

Citi different: issues third-party credit cards (less safe), big miss last quarter. Sales up 9.3%, earnings up 33.9%.

Positive revisions but may increase loan loss reserves due to aggressive credit card stance.

Goldman in SpaceX IPO pipeline; sales/earnings up ~12%/14%. Positive revisions, good surprise last quarter.

Revenue from underwriting, M&A, trading; busy M&A activity helps.

Morgan Stanley also behind SpaceX IPO; sales/earnings up ~11%/16%. Positive revisions, good surprise history.

Investment banking revenue and guidance key.

BlackRock sales up 24% but earnings only +4.6%; negative surprises last two quarters. Late to private credit, concerns over loan losses.

Market too narrow for ETF/index investing; may have to eat internal losses on bad loans.

Pepsi sales up 5.6%, earnings up 4.3%, missed four quarters straight. Low expectations due to weak global economies.

Margin compression; international sales important.

CarMax sales forecast -4.9%, earnings -63.1%. Positive revisions, big surprise last quarter. Used car prices up, but erratic.

Wild card; 'dog with fleas'.

Netflix freed from Warner acquisition; sales/earnings up ~15.5%/18.6%. Focus on programming, sports streaming blurry (needs servers).

Small surprise last quarter; key is adding subscribers and upselling premium services.

ASML sales up 11.8%, earnings up 10.6%, good revisions but missed last quarter. Must surprise and guide well.

Semiconductor/circuit board business firm.

Taiwan Semi sales up 33.2%, earnings up 56.3%, big upward revisions, good surprises. Sales running faster than guidance.

Stunning; 'should hit out of the park'; best stock discussed.

Watch negotiations in Pakistan with JD Vance. Wars have no economic value, set world back via higher energy/food costs, fertilizer shortage.

At money show in Florida; charts on 'taco trade' (Trump policy changes).

Chooses CVE: Canadian energy stocks more stable, sell mostly to US despite 10% tariffs. Alberta booming.

US states/universities hostile to fossil fuels; Canada lacks anti-fossil fuel sentiment.