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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
Recapping Another Memorable Week for Energy
None of us will forget the past couple of weeks. Investors and money managers are grappling with collapsing markets, working remotely and the challenges of ever stricter controls on our movement. Below we’ll highlight some information that investors may have missed, combined with what we’ve learned from multiple conversations. Pipeline companies that said anything publicly […]
The Virus Infecting MLPs
Closed end fund investors are passionate about the product. Because they generally own a portfolio of publicly traded securities, their NAV per share is easily calculated. The fixed share count means their share price can deviate from the NAV, and this attracts investors keen to buy something for less than it’s worth. MLP closed end […]
Enbridge Fireside Chat
Earlier today Enbridge (ENB) CEO Al Monaco held a “virtual fireside chat” with an analyst from RBC. ENB, like the other Canadians, is run more conservatively than many U.S. businesses. We’ve often noted that a bit more Canadian management would be beneficial in the U.S. energy sector. The slides below are from the ENB presentation […]
The Upside Case for Pipelines
Client interaction has been overwhelmingly constructive – we haven’t had a single call from anyone wanting to “sell everything.” Our fund has seen very modest net outflows, and new money has been coming in every day. One investor said on the weekend that we need to present the positive case more forcefully. So, here it […]
Coronavirus Makes Market History
Thursday’s fall in equity markets was the worst since the October 19th, 1987 stock market crash. I was a young interest rate trader then, and that evening I warned my wife that we should stock up on canned food while we prepared for another 1930s Depression. She scoffed that only Wall Street had a problem, […]