Musings of the Day, 8/11/25: My vote is for Bold Bowman. She’s gotten it right most consistently and actually tries to skate to where the puck WILL BE vs. JPOW, Master of Skating to Where the Puck WAS.

There is a WAVE of Oil coming. Some nuggets from Lakshmi: Now that OPEC-8 has finished the unwind of its 2.2 MBPD of voluntary supply cuts, "they are now turning their eyes towards the 1.657 MBPD of voluntary supply cuts that were implemented on April 2nd 2023." If OPEC+ was to return the additional voluntary cuts of 1.657 MBPD + the full UAE allocation: From Mar 25 to Dec 25, OPEC+ would have added 4.157 MBPD in quota additions (2.2 MBPD voluntary cuts + 1.657 MBPD voluntary cuts + 300 KBPD of UAE baseline adjustment) From Mar 25 to Dec 25, OPEC+ would have added 3.337 MBPD in REAL supply additions, ~ 1.5 MBPD from KSA alone MY 2C: THERE CAN BE NO RUNAWAY INFLATION WITH THIS OIL DYNAMIC, TARIFF INFLATION OR NO TARIFF INFLATION.

I could not agree more. Understanding one’s emotional makeup and sources of conviction are critical. It’s completely useless to copy someone else’s trading style if it works against your emotional makeup. As Socrates said, “Know Thyself.”