A deep dive into question #1 of my “Big 5 questions to start 2023”, which was how to think about ROCE volatility in the shortterm versus the longerterm structural ROCE upcycle I expect.

Disclaimer: My views are my own and not attributable to any current or past affiliation.

Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.

Exhibit sources: All exhibits were previously published at https://arjunmurti.substack.com on December 3, 2022 (“Where Are We in the Energy Cycle, A Framework”) or December 10, 2022 (“Attracting Capital Back To Energy: Q&A and Clarifications”). Sources include Bloomberg, S&P CapitalIQ, and SuperSpiked.

This episode of SuperSpiked Videopods was created and lightly directed, edited, and produced by SuperSpiked Productions.