Dr. Anas Alhajji is one of the preeminent energy analysts in the world today. He is based in Dallas Texas. On today's show we are talking about the multiple factors that are affecting energy markets and global supply chains. Most of these factors are not making headlines and are largely being ignored by the markets.

To connect with Dr. Alhajji you can find him on Twitter at https://x.com/anasalhajji

His substack newsletter is widely followed and contains extraordinary behind the scenes analysis.

Daily: https://afalhajji.substack.com/

Weekly: https://anasalhajjieoa.substack.com/

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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
Website: [www.victorjm.com](http://www.victorjm.com)
LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)
YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)
Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)
Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)
**Y Street Capital:**
Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)
Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On today’s show, we’re reviewing a new book by Andrew Ross Sorkin called 1929: Inside the Greatest Crash in Wall Street History, and How It Shattered a Nation.

Sorkin is best known for Too Big to Fail, his account of the 2008 financial crisis. In this book, he goes back nearly eighty years earlier to examine the most famous market collapse in American history.

Most people know the basic outline. The stock market rose dramatically during the Roaring Twenties. Speculation took hold. The market crashed in October of 1929, and the Great Depression followed.

But knowing the outline is not the same as understanding what happened.

Sorkin’s strength is narrative. He takes a complicated financial event and tells it through the people who experienced it. Bankers, traders, politicians, regulators, journalists, and ordinary investors appear not as distant historical figures, but as human beings operating under pressure.

The book’s central lesson is not simply that markets can fall. Everyone already knows that.

The deeper lesson is that intelligent, experienced people can see warning signs and still fail to act.

Why?

Because the incentives of the moment are often stronger than the consequences of the future.

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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
Website: [www.victorjm.com](http://www.victorjm.com)
LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)
YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)
Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)
Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)
**Y Street Capital:**
Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)
Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

Cost Segregation Is The Key to Bonus Depreciation. To Take advantage of bonus depreciation and lower your taxes, reach out to the Cost Segregation Guys.

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Panama is not in the headlines, but maybe it should be. Today we’re talking about water levels in the Panama Canal.

When most people hear that the canal is experiencing low water, they assume the immediate result will be fewer ships passing through each day.

That is not yet the principal restriction.

The more immediate constraint is draft.

Draft is the distance between the waterline and the bottom of the ship. The heavier the cargo, the deeper the vessel sits in the water.

When water levels fall, the canal cannot safely accommodate ships that sit as deeply in the water. The canal may still allow the same number of vessels to transit, but each vessel may have to carry less cargo.

That means the number of ships can remain unchanged while the actual transportation capacity of the canal declines.

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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
Website: [www.victorjm.com](http://www.victorjm.com)
LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)
YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)
Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)
Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)
**Y Street Capital:**
Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)
Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)