Haymaker as Host: Episode #2 - Dave & Vivek

In The Ring - September 14th, 2022

“They will say that you are on the wrong road, if it is your own.” -Antonio Porchia

Sometimes you just know it instantly when you meet someone of exceptional talent and intellect.  That’s how I felt as I interviewed Vivek Ramaswamy last week and our discussion is the basis for this week’s video Haymaker.

Per his request, we are running it earlier than our usual Friday publication date to coincide with the release of his second book Nation of Victims.  His first, Woke, Inc., became a NY Times bestseller.

Vivek is a bit right-of-center on the political spectrum, which is unusual for someone his age: a tender 37.  In fact, I kidded him that in Woke, Inc. he used the “C” word referring to himself – as in, conservative (I even pointed out my own political instincts run to the other “C” word, centrist).  However, Vivek expressed his support for the concept of No Labels, a bipartisan movement with which I am involved as a state Co-Chair. The fact is, I’ve become an equal opportunity deplorer, at least when it comes to the extreme wings of America’s major political parties.

Beyond his anti-woke views, at least toward the more extreme and nonsensical versions of wokeness, Vivek has been exceptionally successful, particularly considering his youth. In addition, as you will hear, he is extremely eloquent, and his views are well-reasoned… even if you disagree with them.  He has received extensive mainstream media coverage over the last couple of weeks, as I mention at the start of the video.  

In addition to his latest book, Vivek’s current firm, Strive Asset Management has a new ETF out, symbol DRLL.  It already has $300 million in assets and is focusing on energy companies emphasizing excellence over virtue-signaling.

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To learn more about Evergreen Gavekal, where the Haymaker himself serves as Co-CIO, click below.

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Here is a quick summary of the salient topics we discussed:

> Like me, Vivek is alarmed by the implications of what I have often called the Great Green Energy Transition (GGET).  He told me that he’s skeptical this energy shift is even desirable. 

> He believes eco-policies should be geared toward “improving the human condition”.

> In his view, Scope 3 emission calculations are particularly onerous, and he gives an illuminating “pizza delivery” example.  

> We agreed that the speed with which the GGET is being attempted is reckless and dangerous… at least in the West.

> He shares my concerns that the West is engaging in what I’ve called unilateral energy disarmament.  (Off camera, I brought up the idea that China and Russia have been stoking anti-fossil fuel and anti-nuclear movements in Western countries and he emphatically agreed.  In our defense, a former Secretary General of NATO has implicated Russia in this regard.)

> Toward the end, we discussed nuclear power, particularly Small Modular Reactors (SMRs). The conversation led us to MicroNuclear a company I’ve previously brought up in my newsletters.

> We also touched on the difficulties SMRs have had in being commercialized, despite their nearly 70-year history of flawless safety in powering U.S. Navy ships and subs.  

To make it easier for you to jump to topics you care about most, we’ve included some timestamps as you will see below.  

Much of our discussions revolve around energy in one form or another.  As you will soon see and hear, energy is something with which Vivek is overflowing!

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Timestamps

Introduction: 0:00 – 1:00

Vivek’s Week: 1:01 – 1:35

Chevron Letter: 1:36 – 3:20

ESG & Tech Mania: 3:21 – 8:37

“Supermajor” Pragmatism / Permian Basin: 8:38 – 9:46

Investment Paradoxes and Juxtapositions: 9:47 – 11:48

Defining “ESG”: 11:49 – 12:14

Carbon Capture and Hydrogen: 12:15 – 12:59

Birth of ESG + ESG Pushback: 13:00 – 16:30

What Are Scope 3 Emissions?: 16:31 – 24:07

Fossil Fuel Restrictions + Russian Reliance: 24:08 – 25:14

Transition Speed, Skepticism and Side-Effects: 25:15 – 30:33

Nuclear Power (Too Effective?): 30:53 – 32:27

Climate Justice: 32:28 – 34:16

Norway EVs: 34:17 – 34:42

Energy Divestment and Fragile Grids: 34:43 – 36:24

Global Carbon Tax (East/West Disparity): 36:25 – 42:15

Grading Emissions and Historic Carbon Levels: 42:16 – 44:01

Unsettled + The Need for More Debate: 44:02 – 45:08

SMRs: 45:09 - 48:25

EVs - Motives and the “Impossible Dream”: 48:26 - 52:04

Rational Policies: 52:05 - 53:15

“C” Words and No Labels: 53:16 - 56:00

MMT, “Social” Marketing and Free Speech: 56:01 - 59:27

Nation of Victims: 59:28 - 1:02:47

Strive + Conclusion: 1:02:48

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