EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Our Fossil Fuel Future (With a Bit More Solar and Wind)
Climate change is driving tremendous upheaval in the energy sector. One consequence is that making long term investments is exceptionally difficult. A large, conventional oil or gas project is exposed to uncertainties around GDP growth, production costs and commodity prices over a payback period that can extend 10 to 20 years or more. Public policy […]
Still Fearing Another Financial Crisis
“Concerns about trade and Gulf tensions spur rush towards sovereign debt.” warned the Financial Times last week. Almost $12 trillion in bonds trades at a negative yield. According to Tim Winstone, fixed income portfolio manager at Janus Henderson, “Investment grade is nuts. About 24% of my benchmark yields less than zero.” Even a dozen European […]
Is NextEra Running in Place?
Investing in midstream energy infrastructure today means pipelines, storage, gathering and processing and all the physical networks that sit between oil and gas wells and their customers. It doesn’t have to be limited to servicing non-coal fossil fuels. We research and think about other sources of energy including nuclear, renewables and coal. We prefer the […]
Real Returns On Bonds Are Gone
A recent short term strategy outlook from a large buyside firm walked through market expectations for Fed policy, S&P earnings, the election and drew conclusions about the likely direction of stocks over the next six months. Such analysis is endlessly fascinating even if trading profits are unreliable. The essay touched on, but didn’t examine, what […]
Reviewing Russell Gold’s The Boom
Although Russell Gold’s The Boom: How Fracking Ignited the American Energy Revolution and Changed the World is now almost five years old, it still provides a relevant commentary on America’s Shale Revolution. Unlike many other chroniclers of America’s energy renaissance, Gold managed to obtain an invitation to see first-hand how drillers unlock hydrocarbons from shale. […]