Bloomberg - For $725 Million, You Can Buy a Texas Ranch That's the Size of a Small Nation 5-15min

FOR SALE: Largest ranch in the U.S. within a single fence. Texas fixer-upper with more than 1,000 oil wells; 6,800 head of cattle; 500 quarter horses; 30,000 acres of cropland; tombstones for legendary cowboys, long-dead dogs, and a horse buried standing up. Favorite of Will Rogers and Teddy Roosevelt. Colorful history of drinking and divorce. Fifteen-minute drive to rib-eyes at the Rusty Spur in Vernon. Ideal for Saudi oil sheiks, billionaire hedge funders, and dot-commers who can tell a cow from a steer. Profitable. Zero debt. Property taxes only $800,000 a year. Price: $725 million.

Bloomberg - McRevolt: The Frustrating Life of the McDonald’s Franchisee 5-15min

Such “foo-foo coffee,” as he calls espresso and its variants, is partly why he bailed: He loves the taste, but the complexities of making it came to epitomize his disillusionment with McD’s. “The service times went up because of the expansion of the menu,” he says. “I think they went a little overboard. It was difficult in the kitchen. When I would come down Apple Street behind the restaurant and see cars backed up at the drive-thru, my stomach would just knot up. The people were different, the company was different. It became very frustrating.” ... There are 5,000 McDonald’s franchisees around the world. They run 82 percent of the chain’s 36,000-plus restaurants and generate a third of its $27.4 billion in annual revenue. ... it’s not like people are tired of burgers. Smashburger, In-N-Out Burger, BurgerFi, and Five Guys Burgers & Fries are all expanding. ... McDonald’s is also trying to compete with Starbucks, Chick-fil-A, and Jamba Juice. Rare is the food trend that the company won’t try to prefix with Mc.

Bloomberg - The Fake Factory That Pumped Out Real Money 5-15min

Biodiesel scams are puny compared with Medicare and Social Security fraud. For sheer moxie, though, it’s hard to beat Phil Rivkin. ... He started Green Diesel in October 2005, two months after President George W. Bush signed legislation creating the Renewable Fuel Standard program. The law directed the EPA to oversee a regulatory regime designed to foster production of alternative transportation fuels, including corn-based ethanol, as well as biodiesel derived from vegetable oils, animal fats, and used cooking grease. ... The statute was a boon to renewable fuel makers—and an irritant to gasoline and diesel refiners—because it required refiners to blend at least 4 billion gallons of ethanol (for gasoline) and biodiesel (for diesel fuel) into their products in 2006, with the amount rising to 7.5 billion gallons by 2012. The program now calls for 36 billion gallons in 2022, with varieties of ethanol representing the bulk of the requirement. Each year, the EPA sets obligations for individual refiners. Most years, ExxonMobil is on the hook to blend the largest amounts of renewables. ... Making biodiesel is simple enough that high school students do it in chemistry class. In a process called transesterification, producers use a chemical catalyst such as methanol to separate methyl esters—the scientific name for biodiesel—from glycerin in such feedstocks as poultry fat. ... Per EPA rules, each gallon of ethanol or biodiesel produced is assigned a 38-digit number—a renewable identification number, or RIN—that travels with the product as it moves from producer to refiner to end user. Ethanol RINs generally remain fixed to their respective gallons throughout the process. But the EPA allows biodiesel makers to strip RINs off their product and sell them separately as tradable credits. Refiners who fall short of blending the statutory minimum of biodiesel into their refined products must buy RINs to make up the difference or pay penalties. ... It isn’t hard to see how Rivkin was able to snooker Fortune 100 companies. To them, Green Diesel—or some equally innocuous broker that had bought RINs from it—was merely an entry on a computer offering to make a problem go away. The refiners needed RINs, Rivkin was selling, and the price was trifling.