Blog
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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
In the Sweet Spot of Economics and Public Policy
The shift from natural gas importer to exporter has occurred in the U.S. over a remarkably short period of time. We’ve periodically written about this (see U.S. Natural Gas Exports Taking Off and The Global Trade in Natural Gas). Only a few years ago Cheniere Energy (LNG) was investing in facilities to import Liquified Natural […]
Falling Dominoes
“Rusty” Braziel runs RBN Energy, a firm that provides very useful research on production trends in U.S. hydrocarbons. Their website maintains a regular blog and also offers deeper analysis on specific topics. They reach over 20,000 industry executives, and we find many useful insights in their work. The Domino Effect: How the Shale Revolution is […]
Political and Energy Independence
As we all take a break to celebrate America’s political Independence, it’s worth contemplating how Energy Independence has become attainably within sight over only the past couple of years. In 2015 oil production and energy sector prices were falling as many worried OPEC would bankrupt large swathes of domestic production. In October 2016 the pain […]
MLPs: This Time Is Different
It’ll be no surprise to MLP investors that the correlation of our asset class with crude oil has been rising. Falling crude in 2015 led MLPs to drop 58.2% from high to low, a figure we won’t soon forget. That same institutional memory among investors is imposing a similar relationship today. Last time, lower oil […]
MLPs and Hedge Funds Are More Alike Than You Think
It usually pays to invest with management. In the hedge fund industry that has rarely been possible. Although most hedge fund managers invest in the fund they run, their wealth has come from owning the hedge fund General Partner (GP), which manages the fund. Opportunities to invest in hedge fund GPs are rare; they don’t […]