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.
The Midstream Earnings/Valuation Paradox
Midstream is mercifully removed from all the angst and excitement of AI stocks and crypto – although in a modern version of selling pickaxes to goldminers, natural gas and its infrastructure enable much of this activity. You have to admire the response of MicroStrategy CEO Michael Saylor to the bitcoin collapse which has crushed his […]
Good News On Climate
To be a climate scientist means to live with a dour outlook. The news is never good. We’re always at a tipping point beyond which irreversible damage to the planet will result. Humanity may die out. Therefore, it was cheering to find some good news in the International Energy Agency’s (IEA) World Outlook 2025, albeit […]
Ten Reasons To Consider Buying Midstream Now
Last week an investor asked us for ten reasons why they should commit funds to midstream energy infrastructure now. Typically, three or four bullet points will suffice to make the case, but in this case the request was for ten. Believe it or not, we were up to the challenge! Here they are: Valuations are […]
MLP Yields Look Better Than Cash
Your blogger is routinely critical of the Alerian MLP ETF (AMLP) — for good reason, as its narrow universe and tax-paying structure offer ample points of weakness. They’ve even struggled to calculate taxes owed, which resulted in two downward NAV adjustments in 2022-23 (see AMLP Fails Its Investors Again). At times I’ve even been critical […]
Debt Monetization And Pipelines
I just finished reading Andrew Ross Sorkin’s new book 1929, which relies on a lot of previously unpublished material to tell the story of the Great Crash through some of the protagonists. For those who enjoy economic history or even a good story, this will not disappoint. Benjamin Strong ran the Federal Reserve until his […]