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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..
Williams Loses Its Way
With only the slightest risk of hyperbole, I can assert that anything written by Michael Lewis is worth reading. His latest work, The Undoing Project, recounts the friendship between two Israeli psychologists which led to Daniel Kahneman’s Thinking Fast and Slow. Kahneman, with his late friend Amos Tversky, developed an area of Behavioral Economics which […]
A Few Thoughts on Long Term Energy Use
Every year Exxon Mobil publishes their outlook for global energy over the next 25 years. It’s an absorbing read for people who care about such things. Their projections may not all be right, but they have to think about such issues pretty carefully and make long term investment decision based in part on their views. […]
America Is Great!
Back in 2014 they were unlikely adversaries. Saudi Energy Minister Ali Al-Naimi, and Pioneer Natural Resources (PXD) CEO Scott Sheffield (pictured below) had both made their careers in the oil business. They had each spent formative years abroad, with Al-Naimi attending Lehigh University and Sheffield going to high school in Iran (his father worked […]
2017 Low Vol Outlook
Although we mostly write about the energy infrastructure sector, we also run an investment strategy designed around low volatility stocks. There’s generally less to say on this sector – we long ago concluded that exploiting the relative under-pricing of such stocks could not be improved much with market timing. So we hold securities we’d be […]
Some MLP Investors Get Taxed Twice
There is around $53BN invested in MLPs via ’40 Act funds – the term used to describe the three major types of funds issued under the 1940 Investment Company Act (mutual, exchange traded and closed end funds). It’s safe to say that an important motivating factor driving these selections is investors’ desire to hold Master […]