The Oil Industry, Ethics, and Wall Street
Do you remember the wonderful 1987 movie “Wall Street” with Gordon Gecko (Michael Douglas) and Bud Fox (Charlie Sheen)? Well, I just got off the phone from a cold call from an aggressive young promoter from Morgan Stanley who brought the whole terrific story rushing back to me.
I sympathized with the kid – in his 20s or 30s, trying to make a living – perhaps a big break – in an attempt to establish a relationship with a big-time Wall Street investor like me (joke). But the conversation was no joke at all.
“What is your position on oil?” I asked.
“They make money, and that won’t change anytime soon,” he said. “It’s the world’s most valuable commodity.”
“But what are the fundamentals (more…)