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The Crude Necessity: Excerpt From “How To Listen When The Markets Speak”

The Crude Necessity: Excerpt From "How To Listen When The Markets Speak"

From "How to Listen When Markets Speak", the latest book by veteran…

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The Crude Necessity: Excerpt From "How To Listen When The Markets Speak"

From "How to Listen When Markets Speak", the latest book by veteran Lehman Brothers trader and creator of the Bear Traps report Larry McDonald, available now for sale at Amazon and all other book sellers.

"The Crude Necessity"

Excerpted from Chapter 5, "Fossil Fuels Paving the Way to the Green Meadow"

If Trudeau was here, I’d tell him this coffee is made of oil,” Rafi Tahma­zian commented wryly as he poured a cup for each of us. I was sitting with Tahma­zian, one of the world’s finest energy asset managers, in his office in Calgary in November 2021. “Machines to grow it and harvest it, vehicles to transport it, more machines to pack it, electricity to roast and grind the beans, heat to boil the water,” he continued. “It doesn’t happen with pixie dust, old pal. It happens with crude oil.”

I could hear emails chiming into his inbox as he spoke. He runs the investment division at Canoe Financial, a $2 billion management firm focused on oil, mining, and natural gas. He wasn’t political in his views, but he’d firmly maintained a single belief for many years: “The entire planet is run by crude oil. Everything we touch. Everything we consume. It’s nothing to do with politics. It’s pragmatism. And this war on the supply side of oil is the dumbest thing I’ve ever seen.”

The COVID-19 pandemic changed the oil sector, perhaps for a de­cade. In 2020, demand dried up like a drop of water on a hot copper pan. The oil markets crashed, sending West Texas Intermediate oil to $0 a barrel. Companies right across the industry switched off their wells, turned off their equipment, and sent their em­ployees home to collect unemployment checks. Even the highways emptied, and Manhattan on a Saturday night didn’t have a car horn within earshot. The Gen Zers and millennials were con­vinced that the energy future was not in the dirty oil patch anymore, that it would be different somehow, free of carbon emissions in a new electri­fied world, and the gas-guzzling cars of the last hundred years would be towed, finally, to the junkyard of history. But this was a terrible misjudg­ment.

When the world reopened in 2021 after the COVID lockdowns, OPEC imposed a firm limit on supply, while U.S. production was slow to re­cover. Rhetoric about “killing shale” dominated Democratic Party de­bates in 2020, too, which scared a lot of participants away from the space, especially after Biden won the election. Why invest in a kill zone? Unsurprisingly, oil prices climbed higher and higher. Demand quickly outstripped supply, and inflation started to roll through markets as fleets of airlines turned on their massive kerosene- powered turbofans, diesel cruise ships for three thousand people cast off their lines, and highways steadily reloaded with gasoline-powered cars, buses, and trucks. And this was occurring not just in America but all over the world.

Tahma­zian had been around energy investments all his life, and he was born to trade the energy booms and busts. As we spoke, he leaned in intently: “Larry, think of India. Energy use has doubled there since 2000, and it’s going to grow at three times the global average because they’re urbanizing so fast. That’s going to mean a colossal surge in air-conditioning demand from 2021 to 2031. So we are in a climate crisis, and 1.4 billion people make up the fastest-growing swath of energy demand on planet Earth. That’s three to four times faster than the U.S., UK, Germany, and the rest of the developed world. Of the roughly 320 million households in India, fewer than 22 million have air-conditioning units right now.”

As I traveled back home to New York, I couldn’t stop thinking about the supply of energy in the foreseeable future or, rather, the lack of it. With the global population on an upward trajectory, planet Earth will have an unstoppable demand for energy in the coming years. Meanwhile, supply growth is under arrest. Western politicians are driving hard for alternative energies and run the other way if someone suggests a continuation of drilling, fracking, and mining. This has left a gaping chasm between the amount of energy and critical resources needed to continue raising our global standard of liv­ing and the amount on tap—a chasm that will only widen in the coming decades.

By my estimate, $2.4 trillion was cut from the fossil fuels and metals capex between 2014 and 2020. Over the same period, the global population grew by 800 million. Today, we might need $3 trillion in additional capital expenditure just to play catch-up. In other words, there have not been nearly enough good old-fashioned investments in coal, oil, gas, uranium, and metals exploration and production, especially in North America.

But aren’t we well on our way towards knocking out oil with wind farms, solar panels, and hydroelectric power? I largely support the push to adopt green energy, but we’re about twenty years too early. Knocking out oil with green energy right now is a mathematical impos­sibility, especially since some of the most populated countries in the world (such as India, China, and Russia) have no intention of being bound by Western emission standards. If governments really wanted to replace oil as a source of energy on planet Earth, it would currently take a wind farm a little bigger than France, 134 million acres of land. A solar field to replace oil would need to be the size of Spain, at 120 million acres, not to mention that it would need to experience at least 70 percent sunshine for eight hours a day, every day, every year. Now think about the amount of plastic that would be used, the fiberglass, the steel shafts and turbines, the endless mainte­nance, the millions of batteries and cabling. It simply cannot be done without bankrupting the planet. Maybe one day, over the course of many decades, but not today. Right now the top priority should be keeping the lights on, and keep­ing the gargantuan global economy rumbling forward in a responsi­ble, low-inflationary fashion.

But an increase in oil supply doesn’t just happen with a snap of the fingers. First, there are multiyear regulatory loopholes to jump through. Then govern­ments need to incentivize the companies to do it, instead of slapping windfall taxes on them. Next, the exploration phase has to be carried out, finding the most oil-rich patches of land to drill. That’s an expensive game. Phase four is moving the equipment, a multimillion-dollar problem. Then comes the hiring of qualified people, and then the drilling, infrastructure, transportation, and logistics. It will take about seven to ten years to flood the market once again with oil and gas after the ESG drive eventually fails. And it will.

As you can see in the above chart, the oil reserves of the majors are in decline. This dynamic is making independent E&P companies attractive acquisition targets. Likewise, the sector has de-levered. There has been far less investing in production, as the large oil companies have been aggressively paying down debt.

With the global population growing, energy demand surging, and supply growth under arrest, I believe higher energy and metals prices will be sustained for the next decade. From the COVID lows to the end of 2022, as inflation raged higher, the Energy Select Sector SPDR ETF (XLE) was up 325 percent, the Sprott Uranium Miners ETF (URNM) was up 318 percent, the Global X Copper Miners ETF (COPX) was up 260 percent, and the SPDR S&P Metals and Mining ETF (XME) was up 260 percent. The oil stocks are still in the early innings, and I predict that in the next few years billions of dollars will flow into these companies.

Juicing Inflation

Energy prices are the root cause of inflation, when you get right down to it. Think of every drop of gasoline and energy used in something simple like our Calgary cup of coffee. Add high oil prices to that, and suddenly that $4 cup of coffee at Starbucks costs $6.

But there’s a second layer to the relationship between energy and infla­tion. Not only will higher energy costs drive other costs up along with it, but it will make inflation harder to fight. If inflation normalizes in this cycle at 3 to 4 percent instead of 1 to 2 percent as in previous decades, trillions of dollars are misallocated across the investment asset ecosystem, as most portfolios are still massively overweight growth stocks.

Usually, during a time of recession, the prices of energy and oil drop dramatically due to lower demand, which acts as a major deflationary force. But going forward, the price of energy will likely stay relatively high even during recessions. Through chronic underinvestment in the oil and gas industries, the United States and Canada handed over valuable market share to the Saudis, the Russians, and OPEC, giving them way more control over the global price of oil. In a multipolar world, these not-so-friendly players can now coordinate supply cuts during recessions to keep the price high.            

If the U.S. had eight thousand drilled but uncompleted wells (DUCs), we could just ramp up production and steal market share back from them. But we don’t. DUCs are at a ten-year low, and this dynamic sets us up for a longer-term battle with higher and stickier inflation. We saw this during the minor energy crisis in 2022, and it is going to be the norm in the years ahead.

With the endless issues hanging over the global energy markets, you might be asking how an investor can capitalize on this knowledge. And my advice is simple: Get long oil. The energy ETFs XLE and XOP are great places to start, along with Chevron, Shell, and ExxonMobil. In particular, Exxon is interesting because of its massive new reserves in Guyana, right on the northeastern tip of South America. The company has an operating office in Guyana’s capital, Georgetown, with numerous ongo­ing exploration and development operations offshore. At its Stabroek oil field, in operation since May 2015, it has made significant discoveries, and the company expects production capacity to reach 1.2 million barrels per day in 2027, up from 375,000 barrels in 2022. This implies that in four years Guyana will represent approximately 25 percent of Exxon’s worldwide production.

This chart also highlights several smaller oil and gas producers with an attractive valuation and the potential to be acquired by one of the oil majors.

One way to value a company in the energy sector is to compare its enterprise value (the sum of its debt and its market capitalization) with the value of the oil and gas reserves it has in the ground. This comparison measures what the value of the company is per “barrel of oil equivalent,” which is the oil and the natural gas converted into barrels of oil. The lower a company’s enter­prise value is compared with the reserves it has in the ground, the cheaper the company’s valuation is. PDC Energy, for example, is very cheap. Chevron thought so, too: It made an offer for the company in May 2023. (The chart shows PDC’s valuation before Chevron’s offer.)

In 2022, BlackRock CEO Larry Fink penned a letter outlining his vision of a decarbonized future, calling those working to help knock out oil with green energy “phoenixes,” the immortal birds from Greek mythology that rise from the ashes of their pre­decessors, and suggesting that those who resist the net-zero transitions are “dodos,” a kind of flightless bird that went extinct in the seventeenth century.

The dodos of the future will be those who cling to their ailing growth stocks. The phoenixes will be invested in hard assets and the still-unloved energy stocks. Borrowing costs will be high, the $2 trillion capex hole will take years to plug, and low prices for fossil fuels—oil, gas, and coal—will soon be a distant memory.

Much more in the full book

Tyler Durden Wed, 03/27/2024 - 21:00

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Reclaim ‘wellness’ from the rich and famous, and restore its political radicalism, new book argues

A new cultural history of the 1970s wellness industry offers urgent lessons for today. It reveals that in the seventies, wellness was neither narcissistic…

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A new cultural history of the 1970s wellness industry offers urgent lessons for today. It reveals that in the seventies, wellness was neither narcissistic nor self-indulgent, and nor did its practice involve buying expensive, on-trend luxury products. Instead, wellness emphasised social well-being just as much as it focused on the needs of the individual. Wellness practitioners thought of self-care as a way of empowering people to prioritise their health so that they could also enhance the well-being of those around them.

Credit: Icon Books / Anna Morrison

A new cultural history of the 1970s wellness industry offers urgent lessons for today. It reveals that in the seventies, wellness was neither narcissistic nor self-indulgent, and nor did its practice involve buying expensive, on-trend luxury products. Instead, wellness emphasised social well-being just as much as it focused on the needs of the individual. Wellness practitioners thought of self-care as a way of empowering people to prioritise their health so that they could also enhance the well-being of those around them.

 

Today’s wellness industry generates trillions of dollars in revenue, but in a new book, Dr James Riley of Cambridge University’s English Faculty, shows that 1970s wellness pioneers imagined something radically different to today’s culture of celebrity endorsements and exclusive health retreats.

“Wellness was never about elite experiences and glossy, high-value products,” says Riley, a Fellow of Girton College, noting that “When we think of wellness today, Gwyneth Paltrow’s Goop and other lifestyle brands might come to mind, along with the oft-cited criticism that they only really offer quackery for the rich.” By contrast, in the 1970s, “wellness was much more practical, accessible and political.”

The word, as it was first proposed in the late-1950s, described a holistic approach to well-being, one that attended equally to the mind (mental health), the body (physical health) and the spirit (one’s sense of purpose in life). The aim was to be more than merely ‘not ill’. Being well, according to the likes of Halbert Dunn and later in the 1970s, John Travis and Don Ardell, meant realising your potential, living with ‘energy to burn’ and putting that energy to work for the wider social good.

Riley’s Well Beings: How the Seventies Lost Its Mind and Taught Us to Find Ourselves, published by Icon Books on 28th March, is the first book to explore the background of the wellness concept in the wider political and cultural context of the 1970s.

“Wellness in the 1970s grew out of changing attitudes to health in the post-war period – the same thinking that gave rise to the NHS,” Riley says. “When coupled with the political activism of the 1960s counterculture and the New Left, what emerged was a proactive, socially oriented approach to physical and mental well-being. This was not about buying a product off the shelf.

“The pursuit of wellness was intended to take time, commitment and effort. It challenged you to think through every facet of your life: your diet, health, psychology, relationships, community engagement and aspirations. The aim was to change your behaviour – for the better – for the long term.”

Riley’s book also makes a case for what the 1970s wellness industry can do for us today.

“We’re often warned about an imminent return to ‘the seventies’, a threat that’s based on the stereotypical image of the decade as one of social decline, urban strife, and industrial discontent. It’s an over-worked comparison that tends to say more about our own social problems, our own contemporary culture of overlapping political, social and economic crises. Rather than fearing the seventies, there’s much we can learn to help us navigate current difficulties.” 

“It was in the 1970s that serious thought was given to stress and overwork to say nothing of such frequently derided ‘events’ as the mid-life crisis and the nervous breakdown. The manifold pressures of modern life – from loneliness to information overload – increasingly came under the microscope and wellness offered the tools to deal with them.”

“Not only are these problems still with us, they’ve got much worse.  To start remedying them, we need to remember what wellness used to mean. The pandemic, for all its horrors, reminded us of the importance of mutual self-care. To deal with the ongoing entanglement of physical and mental health requires more of that conviviality. Being well should be within everyone’s reach, it should not be a privilege afforded to those who have already done well.”

 

Mindfulness versus wellness

At the heart of Riley’s book is an analysis of the ongoing corporate and commercial tussle between ‘mindfulness’ and ‘wellness’.

In 1979 Dr Jon Kabat-Zinn founded the Stress Reduction and Relaxation Programme at the University of Massachusetts Medical Center, where he taught ‘mindfulness-based stress reduction’. For Kabat-Zinn mindfulness meant accepting the inevitable stress that comes with the ‘full catastrophe’ of life and adopting an attitude of serene resilience in the face of it. Stress could be alleviated thanks to a regular meditation routine and small changes made to the working day such as the decision to try a different, more pleasant commute. Little was said about altering the pace of the work causing the stress in the first place.

By contrast, John Travis, a medical doctor who founded the Wellness Resource Center in California’s Marin County in 1975, talked about the health dangers of sedentary, office-based jobs while Don Ardell, author of High Level Wellness (1977), encouraged his readers to become agents of change in the workplace. Both saw work-fixated lifestyles as the problem. Work and work-related stress was thus something to fix, not to endure.     

Ardell argued that because burn-out was becoming increasingly common it was incumbent upon employers to offer paid time off to improve employee well-being. Better to be too well to come to work, reasoned Ardell, than too sick. “We tend to think that flexible hours and remote working are relatively new concepts, particularly in the digital and post-COVID eras,” adds Riley, “but Ardell was calling for this half a century ago.”

Riley argues that the techniques of mindfulness, rather than those of wellness, have proved attractive to contemporary corporate culture because they ultimately help to maintain the status quo. Corporate mindfulness puts the onus on the employee to weather the storm of stress. It says, “there is nothing wrong with the firm, you are the problem, this is the pace, get with it or leave”. 

According to Riley this view is a far-cry from the thinking of seventies wellness advocates like Travis and Ardell who “imagined a health-oriented citizenship, a process of development in which social well-being follows on from the widespread optimistic and goal-oriented pursuit of personal health. It’s that sense of social mission that self-care has lost.”

Riley points out that this self-care mission had a very particular meaning in the 1970s among groups like The Black Panther Party for Self-Defense, which established clinics and ran an ambulance service for black communities in and around Oakland, California. “They were saying you’ve got to look after yourself so you can then look after your community. Such communal effort was vital because the system was seen to be so opposed to Oakland’s needs. One sees the deeply political potency of ‘self-care’ in this context. It meant radical, collective autonomy, not indulgent self-regard.”

The Bad Guru

As well as suggesting positive lessons from the past, Riley is also quick to call out the problems. “The emphasis on self-responsibility in wellness culture could easily turn into a form of patient-blame,” he argues, “the idea that if you’re ill, or rather if you fail to be well, it’s your fault, a view that neglects to consider all kinds of social and economic factors that contribute to ill-health.”

Elsewhere, Riley draws attention to the numerous claims of exploitation and abuse within the wider context of the alternative health systems, new religious movements and ‘therapy cults’ that proliferated in the 1970s.

“It was not always a utopia of free thought. The complex and often unregulated world of New Age groups and alternative health systems could often be a minefield of toxic behaviour, aggressive salesmanship and manipulative mind games. Charismatic and very persuasive human engineers were a common presence in the scene, and one can easily see these anxieties reflected in the various ‘bad gurus’ of the period’s fiction and film.

“There are plenty of voices who say they gained great insights as a result of being pushed to their limits in these situations,” says Riley, “but many others were deeply affected, if not traumatised, by the same experiences.”

 

Self-Experimentation

In addition to exploring the literature of the period, Riley’s research for Well Beings found him trying out many of the therapeutic practices he describes. These included extended sessions in floatation tanks, guided meditation, mindfulness seminars, fire walking, primal screaming in the middle of the countryside, remote healing, yoga, meal replacement and food supplements. 

 

References

J. Riley, Well Beings: How the Seventies Lost Its Mind and Taught Us to Find Ourselves. Published by Icon Books on 28th March 2024. ISBN: 9781785787898.

 

Media contacts

Tom Almeroth-Williams, Communications Manager (Research), University of Cambridge: researchcommunications@admin.cam.ac.uk  / tel: +44 (0) 7540 139 444.

Dr James Riley, University of Cambridge: rjer2@cam.ac.uk


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Moderna Vaccine Recipients Have Greater Risk Of Developing Chronic Condition: Study

Moderna Vaccine Recipients Have Greater Risk Of Developing Chronic Condition: Study

Authored by Zachary Stieber via The Epoch Times (emphasis…

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Moderna Vaccine Recipients Have Greater Risk Of Developing Chronic Condition: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

People who receive Moderna’s COVID-19 vaccine have a greater risk of developing chronic hives, according to researchers in Denmark.

A healthcare worker prepares a Moderna COVID-19 vaccine in a file image. (Thomas Lohnes/Getty Images)

The Danish Medicines Agency review of data from Denmark and the European Union validated a safety signal that arose for chronic hives, or chronic urticaria, and Moderna’s shot, the agency said on March 20.

Of 360 cases reported in Europe following the Moderna or Pfizer-BioNTech vaccine, 58 were deemed probably caused by vaccination and 228 were determined to be possibly caused by the vaccination, Martin Zahle Larsen from the Danish Medicines Agency said in a statement.

Most of the cases were reported by patients, doctors, or pharmaceutical companies.

The study found that in Denmark, it was expected based on background rates of chronic hives that 175 people who received Pfizer’s shot would experience chronic hives following vaccination and that 18 people who received Moderna’s shot would experience the issue.

While the 105 reported cases after Pfizer vaccination came in under the expected number, the 55 reported cases following Moderna vaccination came in well above the expected number.

The risk of developing chronic hives was calculated to be three times higher for Moderna recipients, compared to the general population. Researchers also stratified the risk by gender and age and found the risk was the highest—5.2 times higher than the background rate—among young men.

Most cases of chronic hives occurred from 7 to 13 days following vaccination.

The results of the study are the validation of a safety signal, or a sign that a vaccine or vaccines causes a specific health issue, Danish authorities said in a document describing the results.

Mr. Larsen, though, told Danish media that additional studies are required to confirm a connection and that scientists think the cases stem from the vaccine’s impact on the immune system.

The cases began being reported after the COVID-19 vaccines were introduced and Norway reported a safety signal for chronic hives in late 2021. The Danish Medicines Agency examined reports of chronic hives after Moderna vaccination but reached the position that the cases were not strong enough to establish a safety signal, it said in September 2022. But data from the county’s compensation system for vaccine injuries subsequently indicated an investigation into the possible side effect should be reopened, prompting a fresh look that led to the new results.

The review was strengthened by gaining access to medical records from the compensation, the agency said.

Moderna did not return a request for comment.

Based in part on the results, the European Medicines Agency’s Committee for Medicinal Products for Human Use has recommended labeling for Moderna’s shot be updated to list chronic hives as a possible side effect. Non-chronic hives is already listed as a possible side effect. If the European Union Commission approves the change, the labeling will be updated to include chronic hives.

Previous Studies

Some previous studies have detailed cases of chronic hives following COVID-19 vaccination.

U.S. researchers, for instance, reported in 2022 three new chronic hives cases after Pfizer and Moderna vaccination, including one case in a 24-year-old woman who received a booster of Moderna despite suffering persistent skin problems after the first and second doses.

Swiss researchers in 2023 said they analyzed new chronic hives cases after Pfizer and Moderna vaccination and that the results suggested a link between a booster dose of Moderna’s vaccine and the health problem.

U.S. researchers in January reported a case series of seven patients who developed chronic urticaria within weeks of Moderna vaccination and said the series indicated a “potential correlation” between the shot and the issue. Two of the patients, they noted, went on to receive a Pfizer dose with no problem.

Hives have also been associated with COVID-19, but researchers aren’t sure whether there is a causal link.

Tyler Durden Wed, 03/27/2024 - 06:30

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What your sad desk sandwich says about your working habits

In-depth interviews explain what’s behind the ‘al desko’ stereotypes.

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Ground Picture/Shutterstock

How’s that sandwich? If you’re munching on a supermarket meal deal while reading this, well, I probably am too.

Brits in particular are known for their obsession with sandwiches, which they eat alone while continuing to work. This habit amuses but also disgusts our European counterparts. As one French scholar put it: “A sandwich or salad gulped down in front of a computer screen does not pass as a proper meal.”

Research has shown that 28% of British workers eat at their desks and 44% eat lunch alone, the highest rates in Europe. Sociologists have thoroughly researched family meals, children’s school meals, and even dining out in restaurants.

Only a handful of publications focus on the workday lunch, but studies have almost exclusively used large-scale surveys. While these are valuable in revealing patterns of behaviour and trends in how we eat, they do not help us understand why people eat the way that they do at lunch. For this, rich, in-depth interview data is required.

In my recently published research, I interviewed 21 people about what they ate for the workday lunch (and where and with whom). I found much greater variety in workday lunches than the solitary “al desko” sandwich. But there were shared understandings among my participants about how to lunch at work.

Most participants were willing to admit that the workday lunch was not exactly a premium gastronomic experience. One man described lunch as “my functional eating thing”.

Nevertheless, people greatly anticipated their lunch, seeing it as a reward or treat for a morning’s work, and noting that it was a time to eat what they wanted. One respondent, a teacher, confessed that she chose “carbs with carbs” and a cookie with custard from the canteen.

Unlike the family dinner where everyone tends to eat the same meal and the cook must cater to others’ tastes, the workday lunch was seen as a chance for personal indulgence, despite others’ distaste. Foods considered unacceptable in other circumstances (canned soup or microwave meals, for example) are acceptably convenient for the workday lunch because they are efficient. Couples I interviewed ridiculed each other for their “sad” or “terrible” lunch choices.

Efficient eating

My participants considered walking and waiting for food a waste of time. People reported using work breaks for a leg stretch and to buy lunch but, to minimise time away from work, ate back at their desks. Proximity and speed of service are deciding factors in where to eat out for lunch: you want to “go, eat and leave”.

And while it was not common among participants, the temporally efficient lunch par excellence is bringing food from home – you skip the queue altogether (not literally, Brits don’t like that).

As far as dining companions are concerned, there were mixed feelings among my participants. Eating with colleagues can be a good laugh peppered with lighthearted British banter and discussion of weekend plans. Sometimes though, being a good conversation partner and navigating the blurred line between friendly and professional with colleagues was seen as just more work.

A young woman sitting alone at a cafe with a slice of cake, scrolling on her phone.
Lunch can be a brief respite of alone time in a busy work day. Vovatol/Shutterstock

To avoid the emotional effort of eating with others, people would signal to their colleagues they wanted to be left alone by sitting by themselves and scrolling on their phones, hiding behind a computer screen or even retreating to a parked car to eat without disturbance. One woman summarised: “Eating with other people interferes with that kind of pleasure of just looking after yourself”.

Lunch and our working lives

My findings suggest that British lunch habits are not simply a matter of low standards for meals. They are about balancing the pressures of work and the need for efficiency with taking care of oneself and navigating social interactions. Like quiet quitting and the great resignation, putting minimal effort into lunch can be seen as yet another response to a working culture that is getting more demanding.

I conducted these interviews before the COVID pandemic. The rise in hybrid and remote working has, for many people, moved the workday lunch from the office to home. The commercial sandwich trade has been hit hard. But even before the pandemic, participants who worked from home ate at their desks, despite (you might expect) having a more pleasant space to eat. Perhaps the impact of the pandemic on our lunches is not so dramatic after all.

What we eat for lunch every day (and how we eat it) has an impact on our health. Some organisations and countries have recognised the importance of this. France, for example, has a labour regulation that bans workers from eating lunch in the workplace. Long lunches among French workers are linked to better food choices and health.

Improving lunchtime habits, therefore, is not necessarily down to whether you choose a salad or a slice of pizza. Your employer, through lower workload, or even the government, through labour laws, may have an influence on what’s for lunch.

This research was co-funded by the British Academy Postdoctoral Fellowship Scheme and the Sustainable Consumption Research Institute at The University of Manchester.

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