This slide is from Antero Peak's (part of Artisan Partners) Q2:2026 update. I appreciate how they have an investing process based on (1) change in ROIC, (2) earnings revisions, and (3) EPS growth...as well as how they show the three-year expected change in ROIC and EPS growth for the Antero Peak portfolio compared to the S&P 500. This is not an investment recommendation...

“We are on the cusp of leveraging both AI adoption and energy independence to drive significant economic growth.” - Henry Ellenbogen in July 2026 Barron's Roundtable

From the GOAT @ptj_official on CNBC today... “We are literally exactly like 1999 in the sense that we have a two-speed economy.” “2027 is going to be really, really challenging for the stock market because if I look at the flows, which is what I look at the most, you've probably got the most negative flow picture for the U.S. stock market that we’ve had, say, since 2002.” “certainly the most negative flow picture since 2009.”

Higher for longer - that was the core message in my discussion with @CNBC Squawk Box Europe this morning. Everyone is focused on the spot price of oil. But look further out: calendar 2027 Brent is holding around $97 a barrel. That’s close to $100 priced in for an entire year, not simply a short-term spike. That has implications for everything from industrial and agriculture production to transportation costs and inflation in the months ahead. Now look at energy equities. The Munificent 7 are hitting all-time highs as the back end of the oil curve approaches $100. This is looking increasingly structural, not transient. It's the Revenge of the Old Economy in action. The old economy is short-duration, asset-heavy and benefiting from higher commodity prices, whereas the new economy is long-duration, asset-light and increasingly exposed to higher interest rates and inflation. The irony in all this is that the old economy is fuelling the new economy. AI needs electricity, transformers, copper, high-voltage cables and critical minerals. None of that exists without the physical world. ‘Generalists’ in the market are beginning to recognise what specialists across the physical economy has been telling us for some time: higher for longer isn't just centred on bottlenecks and disruption to the flow of hydrocarbons out of the Strait of Hormuz. Instead, it’s a structural shift that is likely here to stay. We’re electrifying the world for many reasons, chief among them the so-called energy transition. The original driving force of the transition, led by the Carter administration, wasn’t the need to adopt clean energy with climate change in mind; it was driven by an urgent need for energy security in response to the oil shocks of the 1970s. We’re seeing a repeat today: the crisis in the Strait of Hormuz and bottlenecks elsewhere, impacting our ability to source and transport hydrocarbons, is forcing states to turn to electrification. Great discussion with @cnbcKaren and Steve Sedgwick - thank you for having me on.

Higher for longer - that was the core message in my discussion with @CNBC Squawk Box Europe this morning. Everyone is focused on the spot price of oil. But look further out: calendar 2027 Brent is holding around $97 a barrel. That’s close to $100 priced in for an entire year, not simply a short-term spike. That has implications for everything from industrial and agriculture production to transportation costs and inflation in the months ahead. Now look at energy equities. The Munificent 7 are hitting all-time highs as the back end of the oil curve approaches $100. This is looking increasingly structural, not transient. It's the Revenge of the Old Economy in action. The old economy is short-duration, asset-heavy and benefiting from higher commodity prices, whereas the new economy is long-duration, asset-light and increasingly exposed to higher interest rates and inflation. The irony in all this is that the old economy is fuelling the new economy. AI needs electricity, transformers, copper, high-voltage cables and critical minerals. None of that exists without the physical world. ‘Generalists’ in the market are beginning to recognise what specialists across the physical economy has been telling us for some time: higher for longer isn't just centred on bottlenecks and disruption to the flow of hydrocarbons out of the Strait of Hormuz. Instead, it’s a structural shift that is likely here to stay. We’re electrifying the world for many reasons, chief among them the so-called energy transition. The original driving force of the transition, led by the Carter administration, wasn’t the need to adopt clean energy with climate change in mind; it was driven by an urgent need for energy security in response to the oil shocks of the 1970s. We’re seeing a repeat today: the crisis in the Strait of Hormuz and bottlenecks elsewhere, impacting our ability to source and transport hydrocarbons, is forcing states to turn to electrification. Great discussion with @cnbcKaren and Steve Sedgwick - thank you for having me on.