Publications: Notes at the Margin

A Contagious and Fatal Disease (July 10, 2017)


A terrible contagious malady has spread through the oil industry and the community of analysts that follows it. It is called "traditionalitis," a belief that cash flow, big projects, and large companies and producing countries must dominate the oil business. This affliction will likely lead to the demise of many oil firms and possibly some of the banks that back them. Those suffering from traditionalitis fail to understand that they are witnessing the disruption of the oil industry. While they probably understand the concept of disruption, they have not realized that a serious one is occurring now, one that will completely change the business model, possibly destroying many firms and countries.


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