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..
Clean Fossil Fuels May Be Coming
Tokyo enjoys on average 1,800 sunny hours a year, less than half of sun-drenched Arizona. It’s also subject to extreme weather, such as typhoons. Arizona may be a candidate for solar power, but if Japan’s capital relied on the sun for its electricity, it would require battery back-up to provide the 25 Gigawatts (GW) its […]
Energy Strengthens U.S. Foreign Policy
“Let us set as our national goal, in the spirit of Apollo, with the determination of the Manhattan Project, that by the end of this decade we will have developed the potential to meet our own energy needs without depending on any foreign energy sources.” Over 47 years ago, President Nixon set out this vision. […]
It’s Iran’s Move
If one thing’s clear about recent developments in the Middle East, it’s that events defy prediction. Yet timing trades in the energy sector requires the seemingly impossible. On Monday, we listened to a thoughtful call arranged by RW Baird with Greg Priddy, Director, Global Energy and Middle East, at Stratfor. Greg expects a measured, near […]
Gulf Tensions Back in Play
Just over three months ago, Saudi Arabian oil facilities were put out of action by a drone and missile strike. Oil prices jumped. It seemed indisputable than Iran was behind the attack – the sophistication was beyond that believed available to the Yemeni Houthi rebels who claimed responsibility. Saudi retaliation appeared inevitable, as half their […]
Stocks Have Been Cheaper
We’ve been using the Equity Risk Premium (ERP) as a measure of the relative attractiveness of stocks for many years. The ERP is the earnings yield (i.e. the reciprocal of the P/E ratio) minus the ten year treasury yield. It compares stocks with bonds, allowing today’s relationship to be compared with history. The S&P500’s P/E […]