I’m back at looking at the stock markets and individual stocks. I cannot escape finding companies that have P/E ratios in the 30s, which are relatively slow-growth and arguably have limited prospects. In many cases, these stocks are promoted by billionaire investors who are attempting to inflate their stock prices. This used to be illegal, but now it’s an everyday occurrence.

“Valero (VLO): Michael Burry, of “Big Short” fame, revealed this week that he’s owned Valero since 2020. He argues that Gulf Coast refineries are “purpose-built for Venezuelan heavy crude” and would eventually “produce better margins across jet fuel, asphalt, and diesel.”

Valero operates 15 refineries that can process 3.2 million barrels per day of the heavy, sour crude Venezuela produces.”

I guess his ownership of Valero was kept quiet until now. I don’t know about you, but this stinks.