SL Advisors Talks Markets
Simon Lack and Henry Hoffman of SL Advisors consider inflation risks to investors and how to respond.
- Update frequency
- every 3 days
- Average duration
- 5 minutes
- Episodes
- 142
- Years Active
- 2024 - 2025
Pipeline Real Yields Are High
When investors ask what return they should expect from an investment in midstream, we typically suggest dividends plus growth plus buybacks. Dividend yields are around 5%. Wells Fargo is forecasting …
00:05:16 |
Sun 17 Nov 2024
The Pro-Energy Election
As the market absorbed last week’s election results, energy was the clear winner. On the week, midstream infrastructure returned +8.4% while the S&P500 was +4.7%. The main driver of outperformance is…
00:05:47 |
Wed 13 Nov 2024
Trump Energizes The Pipeline Sector
Donald Trump’s political comeback looks a lot like the recovery in the energy sector. In March 2020 during the pandemic pipeline stocks slumped as crude oil prices briefly turned negative. Within a y…
00:06:47 |
Sun 10 Nov 2024
There’s No AI in AMLP
Performance in the pipeline sector remains strong – closing in on its fourth straight year beating the S&P500 and ahead overall for the past five. But for the past six months the Alerian MLP Infrastr…
00:05:05 |
Wed 06 Nov 2024
Which Pipeline Companies Are Best At Capital Allocation?
An axiom of capitalism is that a business must earn a Return On Invested Capital (ROIC) in excess of its Weighted Average Cost of Capital (WACC). It’s just as true for a lemonade stand as for a congl…
00:05:14 |
Sun 03 Nov 2024
The Climate Benefits Of LNG
The pause in issuing new Liquefied Natural Gas (LNG) permits is among the least defensible energy policies of this Administration. It has been widely criticized. Jamie Dimon called it naive, and the …
00:05:41 |
Wed 30 Oct 2024
The Natural Gas Energy Transition
The long term demand outlook for natural gas continues to improve. India is likely to double its consumption by 2040, and much of that will rely on imports of Liquefied Natural Gas (LNG). This will o…
00:04:52 |
Sun 27 Oct 2024
Spinning Off Value
A couple of weeks ago South Bow Corporation (SOBO) began trading on Nasdaq. It’s a spin-off from TC Energy (TRP) which decided to split its liquids business off from its core natural gas pipeline act…
00:05:42 |
Wed 23 Oct 2024
Energy Lifts Poor Countries Up
The International Energy Agency (IEA) released their 2024 World Energy Outlook last week. The IEA has become a renewables cheerleader in recent years, issuing projections of energy consumption that a…
00:05:06 |
Sun 20 Oct 2024
There’s No Deficit On This Year’s Ballot
Politicians from both parties long ago learned that fiscal prudence leads to electoral oblivion. Therefore, the absence of the deficit as a topic of conversation should surprise no-one. Publicly owne…
00:05:09 |
Wed 16 Oct 2024
Common Questions About The Pipeline Sector
We received a few comments from readers in response to last Sunday’s Heat Pumps Need Natural Gas. While EVs are widely criticized for the issues with charging, where heat pumps are installed, they se…
00:04:42 |
Sun 13 Oct 2024
BP Decides To Follow The Money
Some may find irony in BP dropping its goal of reduced oil and gas output by 2030 at the same time as Hurricane Milton is barreling towards southwest Florida – the second hurricane in two weeks. Four…
00:04:44 |
Wed 09 Oct 2024
Heat Pumps Need Natural Gas
I was surprised to read the other day that sales of heat pumps across Europe dropped 47% in 1H24 versus a year earlier. The EU has adopted more aggressive policies to combat climate change than any o…
00:05:00 |
Sun 06 Oct 2024
The Energy Transition Towards Natural Gas
Revisions this year for the ten year growth outlook for US power demand because of AI data centers have provided support for midstream energy stocks, as additional natural gas will be needed (see The…
00:05:20 |
Wed 02 Oct 2024
Oil And Pipelines Look Less Like Fred And Ginger
The outlook for crude prices is a frequent conversation topic among energy investors. We’re often asked for our thoughts – over the next several years we’re bullish as growing demand from developing …
00:04:58 |
Sun 29 Sep 2024
The Smart Money Buying Pipelines
When a sector has enjoyed a period of good performance, the investor typically has to moderate her feelings of satisfaction at a choice well made with concerns about a crowded trade. When a good idea…
00:04:49 |
Wed 25 Sep 2024
Britain’s Energy Transition
I spent two weeks recently touring southern England with my wife. It’s 42 years since I moved to the US, and I appreciate my old country more now than as a teenager itching to escape to the new world…
00:05:33 |
Sun 22 Sep 2024
Climate Vs Incomes
If a single chart can illustrate the challenges in reducing emissions, it’s the scatterplot below showing per capita energy use and GDP. Raising living standards requires more energy. The relationshi…
00:05:09 |
Wed 18 Sep 2024
The World Of Natural Gas
It’s hard to overstate the global success of US natural gas production. Over the past decade we’ve grown output by 37 Billion Cubic Feet per Day (BCF/D), accounting for half the global increase. We n…
00:05:47 |
Sun 15 Sep 2024
Climate Extremists Lack Serious Solutions
To be an energy investor is to consider the energy transition on a daily basis. You don’t even have to be certain that man-made global warming is happening. Simply accepting that it may be possible s…
00:05:22 |
Wed 11 Sep 2024
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