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.
Unlisted, Registered REITs; an Investment Designed for Brokers
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 […]
Kinder Morgan Lawsuit Highlights Who's In Control
Last week an investor in Kinder Morgan Partners (KMP) filed a lawsuit against its general partner, Kinder Morgan Inc. (KMI), alleging that KMI (which runs KMP) had directed excessive cash distributions to itself to the detriment of investors in KMP. The suit (filed by Jon Slotoroff) highlights a seldom noted feature of MLPs, which is […]
Kinder Morgan's Analyst Day, Part 2
The meeting concluded with a financial review and Q&A. Overall the impression is one of numerous projects to grow and add to their energy infrastructure assets. Many seemingly attractive opportunities are available. The shadow of Kevin Kaiser, the HedgeEye analyst who criticized their accounting last year, was present even though Kaiser himself did not ask […]
Kinder Morgan's Analyst Day, Part 1
So far we’re half way through Kinder Morgan’s analyst day. It opened with a summary by Rich Kinder who repeated his oft-stated thoughts that the stock price of all four Kinder entities is too low. We agree with him at least in the case of Kinder Morgan Inc (KMI) which we own. We much prefer […]
Why DirecTV Is Redirecting The Weather Channel
An obscure dispute between DirecTV and The Weather Channel (TWC) highlights the shifting landscape of the economics behind what you see on TV. DirecTV dropped TWC from its line-up because they wanted to reduce the current 13 cents per subscriber per month that they pay to carry the service; TWC wanted an increase to 14 […]