Blog - SL-Advisors

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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..

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Williams Companies Has a Corvex Discount

February 26, 2014/0 Comments/in Midstream Energy Infrastructure/by Simon Lack

Investors in ADT keenly remember the results of Keith Meister’s stewardship of their company, summarized here in our February newsletter. Keith Meister, who runs Corvex Management, LP, invested in ADT, made a forceful case for the stock being undervalued and took a board seat. With the benefit of information garnered in that role he one […]

Barron's Warns on Kinder Morgan

February 25, 2014/2 Comments/in Midstream Energy Infrastructure/by Simon Lack

On Saturday, Barron’s ran a front cover piece that was negative on Kinder Morgan (“Yield of Dreams”). Andrew Bary has written many thoughtful pieces for Barron’s over the years. In this case he basically reproduced a negative report written by Hedgeye’s Kevin Kaiser from last year. Kinder Morgan Inc (KMI) was down yesterday because evidently […]

The Power of the MLP GP

February 19, 2014/0 Comments/in Midstream Energy Infrastructure/by Simon Lack

Kinder Morgan Partners (KMP) announced a secondary offering of 6.9 million shares last night at $78.32, raising $540 million. KMP is predictably weaker this morning as is usually the case when an MLP sells stock unexpectedly. For Kinder Morgan Inc., (KMI), the math is somewhat different. KMI owns the General Partner (GP) of KMP, and […]

CFA Institute Reviews "Bonds Are Not Forever; The Crisis Facing Fixed Income Investors"

February 19, 2014/0 Comments/in Bonds Are Not Forever/by Simon Lack

A very nice review, which you can find here.

Unlisted, Registered REITs; an Investment Designed for Brokers

February 12, 2014/2 Comments/in Wall Street Potholes/by Simon Lack

Unlisted, registered REITs (Real Estate Investment Trusts) deserve a worse reputation than they apparently have. Yield-seeking investors continue to plow cash into them, and the brokers that market them clearly won’t let a bad idea get in the way of a commission. This is a curious animal; registered, meaning the security has to meet all […]