In the 1963 Salad Oil Scandal, Tino De Angelis defrauded American Express by faking large soy oil tanks, leading to $180 million in bad loans (approx. $2 billion today). Warren Buffett seized the opportunity, investing 40% of his partnership’s capital in American Express, resulting in a 124% gain by 1964.
Today, the focus shifts to the wind energy sector, which is positioned to thrive despite negative perceptions. One gigawatt of onshore wind power costs about $1.5 billion, significantly less than the $5 billion for nuclear energy. The San Gorgonio Pass in California showcases wind turbines converting 35% to 50% of wind power into electricity, exceeding the efficiency of top solar panels.
Eric Fry, an analyst, is advocating for investment in wind power, recently recommending an ETF that features a global portfolio of wind energy companies. He suggests that wind power could be the next breakout sector, similar to the rise of solar energy during President Trump’s presidency.
