Blog
THE AI REVOLUTION NEEDS ENERGY
US natural gas demand is growing to supply data centers and LNG exports. We believe midstream energy infrastructure offers predictable cash flows to investors.
Germany Pays Dearly For Failed Energy Policy
US drivers may complain about the cost of filling up, but the epicenter of the energy crisis is Germany. The world’s third biggest exporter (behind China and the US) reported a monthly trade deficit for the first time in over thirty years. Higher energy prices hit in two ways – Germany is spending much more […]
Celebrating America
May 17 represented a memorable anniversary for me as it marked 40 years since I first moved to the US. Another Brit leaving the old world for the new. I arrived on an evening flight from Toronto where I’d spent a week with family. It was my first time in NY and such was the […]
Liberal Energy Policies Remain Good For Investors
The energy transition’s long overdue reassessment was already under way by the time Russian missiles began falling on Ukraine. Fear of stranded assets has been replaced by the sudden need for energy security. At a recent JPMorgan energy conference, CEO Jamie Dimon repeated his call for a new “Marshall Plan” to ensure energy security for […]
Market Volatility Is Becoming Normal
Every investor is aware that the market’s been volatile recently. The VIX is high but converting it into typical daily moves isn’t intuitive. Several readers like the chart below, which shows what % of the last 100 trading days have seen the market move by more than 1% in either direction. It’s currently 55, so […]
The Fed Can’t Afford Two Mistakes
Amid the more hawkish Fed and consequent sharp drop in the market, the jump in real yields has not drawn much attention. The rise in ten year yields came with inflation expectations remaining well anchored at around 2.75%. TIPs yields rose with nominal ones. Factset earnings expectations don’t yet reflect the pessimism of public company […]