Sell telecom, buy energy.

Barrels, not bits.

Bits are worthless. Go for scarce. Go for oil and water.

Vivendi was right to sell media holdings; it should sell more of them. Shareholders should stick with the water company.

The question is whether $40 a barrel oil is or isn't a transitory peak. My view is that it's the new reality. The era of cheap oil is over.

Ugly Reality No. 1. We love unlimited energy, but we don't want to do anything to get it.

Ugly Reality No. 2. The Middle East remains the largest pool of oil reserves in the world. That's bad news.

Ugly Reality No. 3. There are disturbing signs that Hubbert's Peak is arriving as predicted.