In the darkest days of the Civil War, Abraham Lincoln learned that Confederate cavalry had captured a Union general and a hundred horses. Lincoln knew what was scarce, and it wasn’t the general.

In this special episode, recorded at More Than Capital’s Global Annual Meeting at Rice University’s Baker Institute in Houston, we sit down with four leaders who have made consequential decisions under pressure:

- Retired Lt. Gen. George W. Smith Jr., former commanding general of I Marine Expeditionary Force

- Ambassador David Satterfield, director of the Baker Institute

- Dr. Kenneth Medlock, senior director of the Center for Energy Studies

- Britt Harris, who has led major financial institutions like Bridgewater, TRS and UTIMCO

Chapters

(00:00) Lt. Gen. George W. Smith Jr. on knowing what’s scarce

(05:08) Britt Harris’s seven storms

(15:11) Ambassador David Satterfield on the Iran war and its two likely outcomes

(19:08) Maritime choke points and asymmetric forces

(26:26) Satterfield on the administration’s “two original sins”

(29:06) Dr. Kenneth Medlock on how oil markets reorganize

(32:24) 1970s industrial power generate and why data centers may follow the same path

(40:59) The Marine Corps’ trust tactics

(44:52) Britt Harris on leading UTIMCO through COVID

(50:18) Core values as a fixed point in uncertain times

Sponsors

Big thanks to EQT Corporation for helping us bring you the stories of market history and how they apply today. To learn how EQT is unlocking energy to power AI, go to PoweredByEQT.com.

Note: this show is for informational purposes only and isn’t investment advice. Backtest hosts and guests may have investments in the companies discussed.