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.
Infrastructure As An Inflation Hedge
We’re getting used to 4-5% inflation. Using the Fed’s preferred measure, core Personal Consumption Expenditures (PCE), it’s been above 3% since April 2021. People are quietly mentioning the unmentionable – what if the Fed raises its inflation target? The Economist recently published a briefing warning that “failure to quell it quickly will transform financial markets”. […]
Stocks Aren’t Cheap
The Equity Risk Premium (ERP) is a measure of the relative attractiveness of stocks versus bonds. It compares the earnings yield on stocks with the interest rate on ten year treasury notes. For much of the past decade it’s shown stocks to be relatively attractive compared to the average relationship going back to 1962 – […]
Insider Sellers Get Suckered
Insider trading hasn’t been eliminated, in spite of the SEC’s efforts. In March Terren S Peizer, CEO of Ontrak Inc, was indicted for selling stock in his company when he knew they were losing a key client. He did the trades using Rule 10b5-1 which governs when senior executives can dispose of shares. Last week […]
Pushing Back On Climate Extremists
New York and much of the northeast US was shrouded in smoke from Canadian wildfires last week. Westfield, NJ is around 21 miles from lower Manhattan, which is normally visible if you’re at a high enough point. Last Wednesday it was not. Neither was the sun. Millions of Americans experienced air quality more usually associated […]
Situations We’re Following
The Mountain Valley Pipeline (MVP) has suffered countless delays because of continued legal challenges from environmental extremists. Permits issued by Federal agencies were on many occasions rescinded by judges. No infrastructure of any kind can be built with such a process. When the recently passed debt ceiling legislation deemed completing MVP “in the national interest” […]