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.
How Occidental Invests In Lower Taxes
Occidental Petroleum (OXY) has a checkered history. In 2019 CEO Vicki Hollub snatched Anadarko away from Chevron (CVX), who already had a signed deal in place. CVX CEO Mike Wirth showed financial discipline that’s rare in such cases and declined to get into a bidding war. Instead, they walked away with a $1BN break-up fee. […]
From Top Hats To Tightening
The beginning of my career in finance overlapped with the presence of morning suits on the floor of the London Stock Exchange. Mullens & Co, founded in 1786, held the privileged role of “government broker”, meaning they transacted directly with the UK Treasury and were an important intermediary in financing the UK government. As recently […]
The High-Priced Energy Transition
“Thankfully, energy has been the bright spot in our client portfolios,” said investor Emily Jaffe. We had just sat down to enjoy a most convivial lunch with Emily and her business partner Jeff Waters of OFC Wealth Management. In the photo below we are toasting the performance of the pipeline sector this year. Superstition has […]
Muni Bonds Suggest No Recession
Many readers enjoyed the recent blog posts on Bad Investment Ideas. Our criticism of ESG was especially popular, with many assessing it as a meaningless investment fad. ESG isn’t inherently bad – who doesn’t want better “G” (Governance) at their portfolio companies? But if every company can find someone to rate them highly on ESG, […]
Bad Investment Ideas Still Flourish (Part 2)
A few weeks we posted Bad Investment Ideas Still Flourish (Part 1). The current plethora of products injurious to one’s financial health assured enough material for Part 2. ESG Like many Wall Street fads, Environmental, Social and Governance (ESG) standards started out as a good idea before being used to exploit the naïve and those […]