Latest news with #oilroyalties
CTV News
21 hours ago
- Business
- CTV News
Final budget numbers land: Alberta posts $8.3-billion surplus in 2024-25 fiscal year
The final numbers are in on last years' Alberta budget, and the bottom-line figure is an $8.3-billion surplus. That's $2.5 billion more than officials had expected to get. Finance Minister Nate Horner says the jump is because of more tax revenue from a growing population coupled with oil royalties that were higher than expected. Horner says just over $5 billion of the surplus is cash the province can spend, and the government will split it between its rainy-day Heritage Fund, paying down debt and savings. However, the good times are not expected to last. Horner's current budget for the fiscal year that began in April is expected to end next spring with a $5.2-billion deficit, with more multibillion-dollar deficits in the years after that. The province says the red ink is expected because of volatile oil prices, tax cuts and global events like the trade tariffs imposed by the United States. This report by The Canadian Press was first published June 27, 2025.
Yahoo
01-06-2025
- Business
- Yahoo
Charlie Munger Turned $1,000 Into Over $1 Million — And Made His Unemployed Friend Rich Too: 'Trouble With That Story Is It Only Happened Once'
What do you get when you mix $1,000, an unemployed golf buddy, and Charlie Munger's brain? Apparently, a passive income stream that lasted decades. No hedge fund, no Wall Street pitch deck — just Munger, long before his Berkshire Hathaway days, spotting a scrappy oil royalty deal and turning it into one of the most quietly outrageous investments of his life. And the best part? He didn't go it alone — he brought his unemployed friend along for the million-dollar ride. Back in 1962, Munger was still practicing law in Los Angeles when he met Al Marshall, an out-of-work oil industry worker trying to buy mineral rights at auction. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Hasbro, MGM, and Skechers trust this AI marketing firm — Munger, seeing the flaws in Marshall's strategy but liking the bones of the deal, decided to go in with him. Each put up $1,000 and bought into oil royalties through what was then a legal tax shelter known as an AB trust, which was later outlawed. And the returns? Straight-up legendary. "Fifty years later we were getting $100,000 a year on that investment," Munger told the crowd at the 2016 Daily Journal shareholder meeting. "The trouble with that story is that it only happened once." He delivered it with a chuckle, but the message was clear: not every great investment is repeatable — which is exactly why you act when you spot one. Munger touched on the story again during his final Daily Journal meeting in 2023, a full-circle moment near the end of his career, where he once more emphasized the rarity of those life-changing opportunities. Trending: Maximize saving for your retirement and cut down on taxes: . The story is backed by Janet Lowe's 2000 biography "Damn Right!," where Marshall said, "We only put up $1,000 each, and we've each probably made a half a million out of it." He added, "I'm still getting $2,000 to $3,000 a month from that," confirming the checks were still rolling in decades later. That's right — from a $1,000 investment, Munger's family was still cashing royalty checks well into the 21st century. All from a single, overlooked opportunity. Of course, Munger never sugarcoated it. "The trick in life," he told that 2016 crowd, "is when you get the one, or two, or three [big opportunities] that your fair allotment for a life is — that you've got to do something about it." And if you're still grinding toward that first big win? He had advice for that, too: "The first $100,000 is a b*tch, but you gotta do it." Hard work. A sharp eye. A little luck. And when the rare opportunity does show up? Move fast — because even for Charlie Munger, it only happened once. Read Next: Here's what Americans think you need to be considered Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Charlie Munger Turned $1,000 Into Over $1 Million — And Made His Unemployed Friend Rich Too: 'Trouble With That Story Is It Only Happened Once' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
