INVEST IN ENERGY INFRASTRUCTURE. BE PART OF AMERICA’S ENERGY REVOLUTION.

America’s midstream energy infrastructure, the pipelines that move U.S. energy supplies to market is crucial as we strive for American Energy Independence.

Tech Stocks Have Energy

Relative valuations are provoking comparisons with past episodes that ended poorly, such as the late 1990s tech bubble. Tesla (TSLA) has risen 75% since announcing its 5:1 split on August 11th. Apple (AAPL), and their 4:1 split caused Exxon Mobil (XOM) to be dumped out for the Dow (see The Dow’s Odd Construction). There are […]

The Dow’s Odd Construction

Last week’s ejection of Exxon Mobil (XOM) from the Dow Jones Industrial Average looks like another indication of the declining relevance of energy stocks. XOM had been in the Dow since 1928, and until 2013 was the most valuable publicly listed company. Its market cap peaked with oil prices in 2014 at $446BN, and is […]

Covid Exposes Innumeracy

Labor Day weekend heralds the traditional end of summer in America. School starts shortly thereafter. For the past several months, school districts across the country have been wrestling with modified in-person versus fully online classes. It’s the most consequential set of decisions of the pandemic. 50 million students attend school from kindergarten through 12th grade. […]

Stocks Are Still A Better Bet Than Bonds

In late April, a month after the low, we noted how stocks were cheap (see The Stock Market’s Heartless Optimism). The Equity Risk Premium (ERP, the difference between the earnings yield on the S&P500 and ten year treasury yields) is a useful barometer of relative value between the two major asset classes. At the lows […]

California Dreamin’ of Reliable Power

Californians have recently been enduring rotating blackouts – short term loss of power due to excessive demand. When the lights go out and the a/c units no longer hum, it’s always political. Oddly, both sides can agree that climate change is to blame. Liberals attribute the extended high temperatures in southern California to the gradual […]