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Quote of the Day

"High expectations, lots of leverage, plenty of competition (among both promoters and investors), rich valuations, and, of course, scant liquidity—put it all together and you have what posterity might judge to be the very asset class you should have stayed away from."

(James Grant)

Chart of the Day

“Natural gas is increasing its share of the world’s power generation, providing access to cheap energy and lowering emissions. It’s just not clear that the early, smaller E&P companies will survive to benefit.”