Reserve Report

Disruptions & Derivatives

“Compute is the new oil.

Jul 17 • Matt Sterett

4

1

Tokens & the New Oil

“The energy sector is often viewed as one that should be traded - and isn’t investable - like other sectors” - Toby Loftin

Jul 14 • Matt Sterett

5

March 2022

Economic Warfare & Energy Security

“This aggression will not stand, man” - The Dude

Mar 16, 2022 • Matt Sterett

3

Rubles, Rubble, Ruin

"So the universe is not quite as you thought it was. You'd better rearrange your beliefs, then. Because you certainly can't rearrange the universe" …

Mar 7, 2022 • Matt Sterett

5

February 2022

Self-Sanctioning

“It is a matter of life and death. So the EU will provide weapons for Ukraine’s armed forces. It is the moment to stand up and to speak out” - Josep…

Feb 28, 2022 • Matt Sterett

3

Like Moths in the Fire

“... in moments of crisis our thoughts do not run consecutively but rather sweep over us in waves of intuition and experience...” - John Le Carré Russia

Feb 22, 2022 • Matt Sterett

2

May 2021

Cimarex | Cabot

Best take from the COG | XEC Deal

May 25, 2021 • Matt Sterett and Pierre Follea

1

Chipping Away

“We are masters of the unsaid words, but slaves of those we let slip out” - Winston Churchill

May 18, 2021 • Matt Sterett and Pierre Follea

1

Cyberattacks & Rocket-fire

“Our goal is to make money, and not creating problems for society” DarkSide

May 11, 2021 • Matt Sterett and Pierre Follea

1

FANG Reports

Aramco, and the bee-tee-cee basis trade

May 4, 2021 • Matt Sterett and Pierre Follea

1

April 2021

The Penn Virginia Doubletake

“Occasionally people will look at me and do a doubletake and they'll look at me like they're trying to think where they know me from”

Apr 28, 2021 • Pierre Follea

1

Substantive Shifts

“…from ESG - tweeting that it is ‘the paper straw of investing’ because it’s ‘symbolic, not substantive’ - to SPACs: ‘There’s so much dog sh*t there…

Apr 20, 2021 • Matt Sterett and Pierre Follea

1