Subject: Re: Yale Finance Prof. advises 100% stock
I believe Charlie Munger's position on US oil was that it was stupid to use it. We should keep it becasue one day we'll wish we had more of it.

That reminds me of a remark made to me by a prominent professor of chemistry in the mid-70s while I was managing an internal organizational consulting group at UC San Diego. That was about 50 years ago. He said oil is a most precious resource because of its many invaluable applications, and that burning it up to propel vehicles or to provide heating or whatever was shamefully wasteful.

Tom