I just had my first podcast interview ever and I say “Turn the drill bit to the left” Left??? Really, I said left?  Was I on drugs?  There is nothing that will turn your brain into mush faster than being worried about saying “um” and “ah”. Oh well, at least I didn’t say “um right”.

The interview came about because after I met Eric Schleien at the Berkshire AGM this year.  I mentioned that I enjoyed his podcasts (https://intelligentinvesting.podbean.com/) and then after twenty minutes spent chatting about microcap stocks, he’s inviting me on his show.

Last week, I talked with Eric again for the podcast. We discussed two of my favorites, Contura Energy (CNTE) and Hostess Brands (TWNK), but frankly his Travis Wiedower and Geoff Gannon interviews make for much better listening.

As I mention in the podcast, “Turn the drill bit to the right” was one of the late CEO of Contango Oil and Gas, Kenneth Peak’s, favorite things to say.  Because as Ken saw it, virtually all the exploration and production industry’s value creation occurs through the drilling of successful exploration wells, and if you’re going to drill that successful exploration well, then you need to turn the drill bit to the right to actually make the hole and prove your idea right or wrong.

Ken was also one of a kind, he not only named his largest field discovery after his parents, he also once named a set of three exploration wells after The Big Lebowski’s protagonist: the prospects Dude, His Dudeness and El Duderino.  He was anything but ordinary.

I will close this post with my favorite example of his non-traditional thinking from this August 2012 investment disclaimer slide.

August 2012 Investment Presentation

Contango Oil and Gas August 2012 Investment Presentation