In short: Base-oil prices (lubricants, motor oil) "went completely into geosynchronous orbit" and "Calumet is a company that some people have mentioned as a beneficiary of that. Not a recommendation… It is kind of a crapgo. So, buyer beware."
Calumet refines specialty products, including base oils — the raw material for motor oil and industrial lubricants. With refineries knocked out in the Gulf and Russia, prices for these products have exploded, which helps a producer that still has capacity.
Polomny passes on the name only because others have flagged it as a beneficiary, and he immediately hedges: "not a recommendation… it is kind of a crapgo. So, buyer beware." In other words, the theme is real but the company is a low-quality, leveraged way to play it.
15:36fine. I like companies that both have upstream and downstream. That's really doing well. Another thing that people aren't paying attention to is base oils. Things that are used for lubricants and your motor oil for your engine, things like this. This has went completely into geosynchronous orbit. I think Calumet is a company that some people have mentioned as a beneficiary of that. Not a recommendation, just interesting
In short: A realised winner, named without a forward view: asked about the all-time-high run, "CLMT was a driver… from like $12.00 all the way to 27 or something," held through calls, and credited to another investor ("I got Toilet King to thank for that one even though I didn't listen to him"). Included for the record of what actually produced the P&L, not as a live position.
Calumet is a US specialty-products and renewable-fuels refiner. It comes up only in the accounting of how his portfolio recovered to new highs: he held call options on it and the stock ran "from like $12.00 all the way to 27 or something."
There is no forward view attached, and he credits the idea to someone else. It is recorded here for two reasons: it shows the shape of what actually generates his returns (a small number of leveraged, high-conviction expressions rather than a broad book), and it is a rare case of a pundit naming which position drove a headline P&L number rather than leaving it vague.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.