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.
Last Year’s Most Popular Blog Posts
You might think last year’s 39.5% outperformance of the S&P500 by the pipeline sector was a record but in 2016 the margin was 42.0%. This followed a harrowing 41.0% underperformance the prior year. However, the past two years have been the best on record, with the American Energy Independence Index (AEITR) beating the S&P500 by […]
Looking Back on 2022
Readers know not to expect bearish views on energy from this blog. A year ago, we offered ten reasons why we thought the outlook was positive (see The Upside Case For Pipelines – Part 1 and Part 2). We were right about the direction but not all our reasons played out. Below is a report […]
Will The January MLP Effect Beat Negative Sentiment?
Consumer sentiment is as bad as 1980 when inflation was 13%. The Fed funds rate swung from 17% to 9% before peaking at 19% in early 1981. Eight US marines died in Iran in a failed attempt to rescue our hostages. John Lennon was shot. No wonder Ronald Reagan won election later that year. Consumers […]
Merry Christmas and Happy Holidays!
Christmas pudding is among my favorite traditions of the season. Like marmite, it’s only offered by English parents, and failure to acquire a taste when young quickly becomes permanent. Our children were offered a perfunctory opportunity and only one chance at rejection, a rule I imposed to ensure an adequate supply for the rest of […]
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 […]