THE AI REVOLUTION NEEDS ENERGY
US natural gas demand is growing to supply data centers and LNG exports. We believe midstream energy infrastructure offers predictable cash flows to investors.
Venture Global Moves More Than Needed
Market making in Venture Global (VG) must be a profitable business. More than most stocks, its price often follows a manic-depressive ride turning on the plausibility of presidential comments about negotiation with Iran. Following each dip as traders quickly conclude Trump’s tweets on Truth Social are based more on hope than substance, the stock rebounds. […]
Scotland Taps Its Windy Coastline
Last week’s blog post about inflation (see Estimating Your Retirement Spending) resonated with quite a few financial advisors. Several noted that persuading clients to accept sufficient exposure to stocks with the goal of maintaining purchasing power is one of their biggest challenges. The examples showing that many retirees will find their spending increases faster than […]
Estimating Your Retirement Spending
An increasing number of my friends are nearing retirement if not already there. Many spent years working for large corporations, and few miss it. I have no similar plans – running your own business is the most meaningful paid activity I’ve experienced, and I can’t imagine any alternative could be as fulfilling. My tribe of […]
Private Capital Sees A Cheap Public Market
Last week Apollo invested $9BN in Oneok (OKE), who used $4BN to finance their $4.25BN purchase of Brazos Midstream’s Permian Midland Basin G&P assets while using the remaining $5BN to pay down debt. Apollo’s investment is structurally subordinate to OKE’s debt and entitles them to around 15% of Cashflow From Operations (CFO) but with an IRR cap of 7% for nine years, rising to 7.35% in […]
Energy Markets Remain Tight
In the United Arab Emirates, they’ve started building metal cages to protect vital energy infrastructure from Iranian drone attacks. It’s probably inspired by the netting that Ukraine has been erecting over streets to protect its population from drones. In a sign of the impact AI is having on how we use the internet, AI-generated images […]