| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 133 | $52.73 | $7,014 | 0.29% | $55.65 | $-388 | -5.2% | — |
In short: Daniel: "YPF in Argentina is going to spend 30 to 50 billion dollars building" onshore LNG — the long-dated alternative the Golar ships bridge. Named inside the bullish-Argentina thesis (trapped Vaca Muerta-type gas, Milei's surplus), no stated position.
42:10— Yes. I think it's — LNG is a symbol. — Yes. I think that they said that YPF in Argentina is going to spend 30 to50 billion dollars building that. But in the meantime, they're buying these boats and, they're going to take a toll. But the capex is minimal. It's like three and a half or two and a half billion.
In short: Cited, not owned: "I know that Howard Marks and Stanley Druckenmiller have taken large positions in YPF, which is the largest oil producer in Argentina" — his evidence for the Vaca Muerta / policy-change thesis ("Argentina is becoming an increasingly larger and larger oil exporter"), consistent with his standing view that the argued call is on the basin and the country, not the security.
YPF is Argentina's largest oil producer and the main developer of Vaca Muerta, the giant shale field that has turned Argentina into a fast-growing oil exporter. Polomny brings it up as evidence rather than as a recommendation: "Howard Marks and Stanley Druckenmiller have taken large positions in YPF" — two investors whose presence tells you serious money believes the Argentine policy turn is real.
His actual argument stays where it has been: the interesting thing is the country and the basin, not this particular share certificate. Argentina's reforms plus a world-class shale field is the setup; YPF is one way people are expressing it, and he notes the repricing is already under way.
42:05As this changing government — this is why it's very important to look at geopolitics and to see how changes in government and changes in policy that are economically positive can lead to tremendous knock-on effects for individual companies, okay? I know that Howard Marks and Stanley Druckenmiller have taken large positions in YPF, which is the largest oil producer in Argentina.
In short: Named as the capital behind the Vaca Muerta boom — "billions of dollars in investment from YPF and private producers are accelerating shale development and new infrastructure," driving Argentina's record May 2026 output (887,227 b/d, +19% YoY) toward an expected 1–1.5 Mbpd by 2030. Polomny's argued view is on the basin and the country ("a big tailwind to Argentina's economic recovery and growth"), not on the security: no valuation, no position, no buy language.
YPF is Argentina's largest oil and gas company — majority state-controlled, listed in New York as an ADR (a US-traded share that stands in for the local one) — and it is the biggest single spender developing Vaca Muerta, the giant shale field in Patagonia. Shale means oil and gas trapped in dense rock that only flows once you drill horizontally and fracture it, so output is a direct function of how much money and how many rigs are put to work. That is exactly what Polomny is pointing at: "billions of dollars in investment from YPF and private producers are accelerating shale development and new infrastructure."
Why he cares is macro rather than corporate. Argentina just printed record production — 887,227 barrels a day in May 2026, up 19% on the year, with shale now roughly 70% of all the oil and gas the country produces — and it has passed Colombia to become South America's fourth-largest producer, with analysts looking for 1–1.5 million barrels a day by 2030. A country that has spent decades short of hard currency is turning into an energy exporter, which is his stated reason for thinking Milei's stabilization can hand off into real growth: "the continued growth of the Vaca Muerta shale basin… is acting as a big tailwind to Argentina's economic recovery and growth."
What he does not do is make a case for owning the stock. There is no valuation, no position, no target and no buy language — YPF appears as the agent of a national production story, and the security is rated Neutral here on purpose. If you want the exposure he is actually describing, it is the country and the basin (and the risk he names himself: Middle East war and domestic instability "hold the potential to derail" the gains).
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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.