Blog
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.
ESG Isn’t Ready For The Energy Transition
Investing based on Environmental, Social and Governance criteria (ESG) continues to gain following. Committing capital to companies that strive to do good appeals. Naturally, every company claims ESG credentials – because the criteria are so flexible it’s an inclusive definition. My favorite is Lockheed Martin’s regular membership of the Dow Jones Sustainability Index. If a […]
Fed Still Hoping For Lower Inflation
In Fed chair Jay Powell’s testimony yesterday during his renomination hearing before the Senate Banking Committee, he stuck to his familiar narrative of blaming inflation primarily on supply bottlenecks. We think excessive fiscal and monetary stimulus are more important reasons. One of the more persuasive charts is of Personal Consumption Expenditures (PCE). The Fed likes […]
ARKK’s Investors Have In Aggregate Lost Money
Last Thursday Jim Cramer described the performance of the ARK Innovation ETF (ARKK) run by Cathie Wood as “attrocious”. This caught my attention – Cramer, whether you love him or not, doesn’t often criticize other asset managers. It turns out that the demise of ARKK highlights what happens too frequently in finance. To wit, because […]
The Bond Market Sends A Warning
Although markets were quiet over the Christmas break, treasury yields drifted steadily upward. On the first trading day of the new year the ten year yield burst higher by 0.12%. Although the Fed seemed to bring inflation expectations under control at their most recent FOMC meeting in December, this is now starting to reverse. The […]
The Upside Case For Pipelines – Part 2
As we noted last week, the world doesn’t need another anodyne “2022 Outlook”. So we’ve put together a set of upside scenarios that are plausible but not consensus. Last week we published The Upside Case For Pipelines – Part 1. This examined factors unrelated to commodity prices that could provide the sector a boost. This […]