So FourWorld Capital just made a massive bet on Sable Offshore back in Q4 - we're talking 8.1 million shares for about $73 million. That's wild because Sable now makes up nearly 63% of their entire portfolio. Like, that's not diversification, that's a conviction play.

The stock's been absolutely hammered though - down 72% over the past year. The whole thing's tied up in legal battles over the Las Flores pipeline restart in California. Federal regulators gave it the green light late last year, but environmental groups sued immediately, and then a Santa Barbara judge ruled against Sable restarting it. So yeah, there's a lot of uncertainty hanging over this.

Price-wise it's sitting around $8.25 now (as of late February), which is why you could argue it's a cheaper entry point. But FourWorld's basically betting that Sable wins these legal fights and bounces back. High risk, high conviction move. Personally I'm watching how this pipeline situation plays out - could be a multi-year legal battle.