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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..
Few Got Asset Allocation Right in 2022
My visceral reaction upon reading headlines such as Martin Wolf’s “Glimmers of light in a terrible year” in the Financial Times is to counter with positives. I am a glass half full guy, a prerequisite to navigating 2015-20 when pipeline stocks lagged the S&P500 for five years out of six. Wolf says, “Few will regret […]
Can Pay Raises Keep Up With Inflation?
For the first time in history, nurses who work for Britain’s National Health Service went on strike last week. They’re demanding a 19% pay increase, to make up for current inflation as well as the “20 per cent that has been eroded” from pay over the past decade, according to union leader Pat Cullen. Nurses […]
Energy – The Only Bright Spot In 2022
The energy sector is closing out a strong year weakly. This shouldn’t detract from the fundamentals, which remain strong. The American Energy Independence Index (AEITR) is 36% ahead of the S&P500 YTD after finishing 10% ahead last year. That almost two-year period of outperformance is the best since the index’s inception date in 2010. Battle-hardened […]
Is BREIT Marked To Market?
How do you conservatively value illiquid assets in a fund that offers liquidity to existing investors and accepts money from new ones? That’s the unsolvable question inadequately answered by the $125BN Blackstone Real Estate Investment Trust (BREIT), which is why they were forced to suspend withdrawals. Private equity funds typically raise money and invest it […]
Putting Carbon Back In The Ground
Dinner in late 2017 with Enlink’s soon to be CEO Mike Garberding and his management team was the most expensive I’ve ever had. Not because I had to pick up the check – they were gracious hosts. But because I left the restaurant impressed with Garberding’s grasp of the company’s opportunities and knowledge of the […]