Entries by Simon Lack

Drama-Free Energy Stocks

SL Advisors Talks Markets
SL Advisors Talks Markets
Drama-Free Energy Stocks



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Supplies of crude oil were already set to increase by 2.6 Million Barrels per day (MMB/D) year-on-year before the OPEC+ announcement on Monday. Demand is growing in emerging economies across Asia, Africa and South America, but not fast enough. This has led to forecasts of stocks increasing by 2 MMB/D this year. Last year we […]

Tariffs Not Biting Yet

SL Advisors Talks Markets
SL Advisors Talks Markets
Tariffs Not Biting Yet



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On Friday the market achieved a welcome milestone in that the S&P500 rose above its pre-Liberation Day level. The unemployment report suggested that we’re not yet falling into a recession. Signs that trade negotiations with China may start was encouraging. Midstream earnings have been coming in with little discernible impact from the tariff trauma. Worth […]

The Iberian Grid Warning

SL Advisors Talks Markets
SL Advisors Talks Markets
The Iberian Grid Warning



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It’s too early to say what caused the loss of power across Spain and parts of Portugal, but early signs are that it was linked to a disruption in solar supply. Some will soon blame it on global warming. But reducing greenhouse gas emissions (GHGs) requires increased electrification of energy systems. European governments are pushing […]

Talking Midstream In the Volunteer State

SL Advisors Talks Markets
SL Advisors Talks Markets
Talking Midstream In the Volunteer State



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Midstream energy infrastructure is offering solid defense during a period when Presidential ruminations on tariffs or Jay Powell’s career prospects regularly cause 2% daily market moves. Operating a pipeline business is dull by comparison. These companies are largely immune to trade wars. They just keep generating cash and raising dividends. Last week Energy Transfer (ET) […]

Tariffs Soften Presidential Support

SL Advisors Talks Markets
SL Advisors Talks Markets
Tariffs Soften Presidential Support



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Tariff turmoil and the market’s gyrations have elicited more than normal feedback on recent blog posts. Politically, our readers and investors tend to be Republican so many are inclined to look for positives in Liberation Day and the subsequent policy switches. Some echo Trump’s claim that foreign countries have been exploiting the US for years. […]

Help With Timing Regional Conflicts

SL Advisors Talks Markets
SL Advisors Talks Markets
Help With Timing Regional Conflicts



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Dimitri Alperovitch co-founded CrowdStrike, the cybersecurity firm whose faulty software update on the Windows operating system last year led to worldwide IT failures. Alperovitch was no longer with the company, having left four years earlier to launch a nonprofit called the Silverado Policy Accelerator. In April 2024 he published World on the Brink: How America […]

The Bull Case For Bitcoin

SL Advisors Talks Markets
SL Advisors Talks Markets
The Bull Case For Bitcoin



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Last year luxury car sales in Singapore collapsed. Sales of new Bentley, Ferrari, Jaguar and Rolls Royce models were down by as much as three quarters compared with 2023. This wasn’t caused by an economic slowdown. Singapore’s government clamped down on money laundering. Most buyers of such cars are Chinese nationals. Car dealers are required […]

Tariffs And Mismanaging The Economy

SL Advisors Talks Markets
SL Advisors Talks Markets
Tariffs And Mismanaging The Economy



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A new administration took office determined to change the economy’s direction with overhauled policies. The leader and key advisers huddled, drawing up their plans in relative secrecy. Once ready, they were unveiled with great fanfare, heralding a new dawn in economic stewardship. Markets, caught by surprise without having had the opportunity to assess them via […]

Screwed By Tariffs

SL Advisors Talks Markets
SL Advisors Talks Markets
Screwed By Tariffs



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Americans did vote for tariffs when we elected Donald Trump. Many perhaps thought they’d be implemented with a clearer strategic purpose. I had hoped we’d use them to open up foreign markets such as the EU, reducing our trade deficit by exporting more not by importing less. And most voters probably weren’t voting for a […]

ARK’s Cathie Wood: Getting Rich While Losing Money

SL Advisors Talks Markets
SL Advisors Talks Markets
ARK’s Cathie Wood: Getting Rich While Losing Money



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Which is a more important measure of an investment manager’s skill – the return on the first dollar invested at inception, or the return on the average dollar? Return since inception is widely used because it covers the longest period. If performance is reasonably consistent, both methods should tell the same story. That this is […]

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