My guest today is Paul Sanky, who's known as being the analyst who first called for oil

prices to go negative. Well, COVID began and eventually we have the Sanky research team that

he started and recognized as a number one on many different investor surveys as the number one

blog expert that people follow in the specific area of oil. Having said that Paul, thank you so

much for being a guest on value team.

The current climate. So current climate in regards to oil,

who is happy, who is concerned, who is pushing us to get away from oil.

Well, this is not an oil analyst anymore, right? I'm an energy transition analyst and my website

says research is styled as the energy transition on Wall Street and you know we just had to

sort of adapt to the reality around us and that's you know the beauty of Wall Street we will

try to value the future and if you don't get that then you're probably not going to do

very well because essentially the value and equity is the present value of the future free

cash flow. So we're putting a value on the future and that's our job and so if you see an industry

shifting and the way that I did with oil you better start shifting and by the same token I left

the bulge bracket bank, you know the Wall Street banks in order to start up on my own because I

needed the flexibility to cover this challenge that you're talking about. So essentially what's

happened here is that there's been a bit of a conflation of COVID and the demands and

downturn that we've got as a result basically of economic collapse with the end of the oil age.

So people have thought that you know what happened last year which was the Fed essentially making

the cost of capital zero causing renewable stocks to absolutely rip and really causing a lot of

pain to oil stocks which were suffering from very weak demand. You know people confused that which

is natural as a major shift because it's occurring. Now in valuation terms there is a major shift

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