New Search

If you are not happy with the results below please do another search

47 search results for: uncle sam

31

Carl Icahn, Transocean is Calling You

Warren Buffett has commented in the past that as an investor you should buy a company so strong that it could be run by an idiot, since someday it will be. The management of Transocean (RIG) is busy providing evidence in support of this rule. Their stock is already reeling from a likely large settlement related to the […]

32

What Investors Ask Your Blogger

SL Advisors Talks Markets
SL Advisors Talks Markets
What Investors Ask Your Blogger
/

Recently I’ve given presentations to a couple of investment clubs in Naples, FL. Usually I speak about midstream energy infrastructure, but I was also asked to expand on Our Darkening Fiscal Outlook, recently published on our blog, The Q&A is always enjoyable at such events. Below are some common themes that came up. Don’t weak […]

33

Pipeline Earnings Make Travel A Pleasure

SL Advisors Talks Markets
SL Advisors Talks Markets
Pipeline Earnings Make Travel A Pleasure
/

Targa Resources provided one of several bright spots among pipeline earnings last week with a 50% increase in their dividend planned for next year. Their cashflows are increasing strongly. JPMorgan projects a Distributable Cash Flow (DCF) yield of 14% for this year, rising to 16% in 2024 and almost 18% in 2025. The new $3 […]

34

Book Review — Going Infinite: The Rise and Fall of a New Tycoon

SL Advisors Talks Markets
SL Advisors Talks Markets
Book Review -- Going Infinite: The Rise and Fall of a New Tycoon
/

I listed to the audio version of Going Infinite by Michael Lewis on a recent road trip visiting clients. If you’re planning to drive from Washington DC to Columbia, SC and then on to Charleston, you’ll find that the book and travel time are nicely synchronized. It’s always better when the author does the reading. […]

35

Oneok Does A Deal Nobody Needs

SL Advisors Talks Markets
SL Advisors Talks Markets
Oneok Does A Deal Nobody Needs
/

Oneok Inc (OKE) surprised sell-side analysts with their Mother’s Day acquisition announcement of Magellan Midstream, LP (MMP) at a 22% premium. Anticipated synergies of $200MM aren’t that big for the $18.8BN transaction value. Management expects that to reach $400MM+ but nobody can ever tell after the fact whether it happened or not. And given the […]

36

The Losers From Quantitative Easing

SL Advisors Talks Markets
SL Advisors Talks Markets
The Losers From Quantitative Easing
/

UK Prime Minister (PM) Liz Truss has reached “in office but not in power” in record time. On September 6th she met with Queen Elizabeth II and formally became PM. Two days later the Queen died, commencing a period of mourning that ended with the monarch’s funeral on September 19th. Practically speaking, that’s when Liz […]

37

Different Audience, Different Energy Policy

SL Advisors Talks Markets
SL Advisors Talks Markets
Different Audience, Different Energy Policy
/

Last week’s Economist magazine included an illuminating op-ed by Nigeria’s vice-president on “the hypocrisy of rich countries’ climate policies.” Like most emerging countries, Nigeria is simultaneously pursuing two goals; improving the access of Nigerians to energy, while reducing the country’s Greenhouse Gas (GHG) emissions. Vice-president Yemi Osinbajo’s essay neatly captures the dilemma his and other […]

38

Deciphering the FOMC’s Tea Leaves

Last week’s FOMC meeting for once gave the market something to ponder. The $120BN of monthly bond buying looks set to taper before the end of the year, and to be down to zero by next summer. Fed buying of mortgage-backed securities has been especially superfluous, as shown by the red-hot housing market. The market […]

39

Unsettling The Climate Change Consensus

Do scientists spin the truth in order to explain complex answers simply? That is the suggestion scientist Steven Koonin makes in his new book Unsettled: What Climate Science Tells Us, What It Doesn’t, and Why It Matters.   Koonin speaks with some authority – his career includes being BP’s chief scientist 2004-09 followed by serving in the Obama administration as Under Secretary for Science 2009-11. He has […]

40

The Biden Put

Inflation fears are percolating. The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) had its biggest ever stretch of outflows over the past six weeks. There are plenty of warnings signs. Commodity prices are booming. This is happily driving up midstream energy infrastructure, with the American Energy Independence Index up 15% YTD, well ahead […]