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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.


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Enlink CEO Talks Strategy

Sharply higher commodity prices shouldn’t be a major source of concern for pipeline investors. But that was the answer Enlink (ENLC) President and CEO Michael Garberding gave to a question we’re often asked – what could go wrong. His reason was that it would induce midstream infrastructure to add excess capacity. “Our industry has shown […]

MLP Humor — A Target-Rich Environment

Humor can be a most effective weapon against your adversaries, especially when more extreme measures are unavailable.  MLP management teams have made many poor capital allocation decisions in recent years, providing a rich source of material for an observer armed with both wit and a deep knowledge of the sector’s history. On Twitter, such a […]

Blinded By The Bonds

German 30 year bunds yield 0.6%. Investors are inured to insultingly low yields, but somehow this still shocks. The ECB defines price stability as inflation “…below, but close to, 2% over the medium term.” Assuming it averages 1.5%, investors are accepting a negative real return virtually in perpetuity. French energy company Total (TOT) issued perpetual […]

The Quiet Investors in Energy

The S&P Energy sector has delivered the worst returns of eleven sectors for four of the past five years. Reflecting investor disdain, energy is now around 6% of the S&P500, down by half in the past decade. Realizing the full potential of the Shale Revolution has demanded a lot of capital – over $1TN by […]

Bond Market Corrects Fed

Last week stocks shuddered as ten year yields dipped below treasury bills, reminding investors that yield curve inversions eerily precede recessions. A Cleveland Fed model using the yield curve gives a 30% probability of a recession within a year, up from 24% in December. Nonetheless, the S&P500 is within 5% of its all-time high, reflecting […]