I remain delightfully short, and deep into margin territory, so it’s a terrific day so far. I am particularly intrigued by crude oil, which I think is going to hack its way into the mid-40s before long. A lot of people think that Apple is the market. I disagree. I think crude oil is the market. Because ask yourself this question: given the choice between (a) a rich man who wants to sell you a $10,000 gold watch that dies after 3 hours of battery life or (b) the most important commodity on the planet... which would you choose? Me? I’m going with (b).
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