Simon Lack | TalkMarkets | Page 1
Managing Partner, SL Advisors, LLC
Contributor's Links: SL Advisors, LLC
Following 23 years with JPMorgan, in 2009 Simon Lack founded SL Advisors, LLC, an SEC Registered Investment Adviser. SL Advisors manages investments in energy infrastructure, including the Catalyst MLP & Infrastructure Fund (MLXIX), the American Energy Independence Fund (USAI), and separately ...more

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Energy’s Slow Transition
Treasury bills yielding 5.3% are not the worst place to put some cash. Long term expected returns on US large cap equities are generally 5-7%. Schwab expects 6.2%. JPMorgan 7%. The Equity Risk Premium is the lowest it’s been in over two decades.
AI Boosts US Energy
Traditional energy consumption is proving more resilient than many forecasts project. An example is Shell, which has moderated its carbon intensity targets to incorporate the sale of its retail renewable power business.
Who Do Energy Investors Want In November?
Last week I saw some investors in Florida before joining my partner Henry in Puerto Rico at the national sales conference for Catalyst Funds, our mutual fund partner.
Coal Trade Is Growing
American coal exports are booming. Exports of thermal coal rose 26% last year, to 44 Million Metric Tonnes (MMTs). This is mostly burned to produce electricity.
Struggling To Justify The Pause
The White House recently took a pause on approving new LNG export terminals. Here's why we think this decision was made and what the impact will be. Plus, the three funds that will profit from this environment:
White House Adopts An Energy Policy Where Everyone Loses
With his moratorium on new LNG export terminals, aging President Joe Biden and his advisers have stumbled on a way to upset both ends of the political spectrum. Domestic energy businesses want to export more, cheap US natural gas to foreign buyers.
Emerging Markets Never Do
Allocating to emerging markets is a Wall St. construct designed to confuse investors and justify periodic reallocations to higher fee products that obscure measures of relative performance. Some financial advisors will be outraged at this statement.
Bond Rally Helped Equity Valuations
It can fairly be said that the bond market boosted stocks in the last couple of months of the year. Equities have lost their cheapness in recent years, ever since the Fed belatedly became concerned about inflation.
Year-End Roundup
Heading into year’s end, a number of interesting stories caught my attention. Here is a brief overview of some events and regulations that may play a part in the energy space.
Higher Despite Retail Selling
The only negative about the pipeline sector today is the direction of fund flows. It’s regularly covered in this blog and a topic that continues to mystify us.
Safely, Cautiously Bullish
There’s no particular reason why a 12 month outlook is more important at year’s end, but that is nonetheless when research analysts take stock of past forecasts and offer new ones
Pipelines Shed Their Oil Sensitivity
Brent crude currently trades for around $4 per barrel less than a year ago.
Report From The Wells Fargo Conference
SL Advisors partner Henry Hoffman spent a couple of days last week at the Wells Fargo Midstream and Utilities Symposium. He had the opportunity to meet with many of our portfolio companies and drew some useful insights.
Bond Rally Boosts Pipelines
Bonds had a great month in November. The Bloomberg Agg was +4.5%. Ten year yields dropped 50 bps. Indications that the Fed will pause again were extrapolated into easing expectations as soon as next quarter.
Another Climate Conference
COP28, the annual UN climate conference, starts tomorrow in Dubai in the United Arab Emirates. It’s easy to criticize the world’s efforts at reducing global Greenhouse Gases (GHGs).
Natural Gas Liquids – The Forgotten Cousins
Media coverage of reliable energy tends to focus on oil and gas. Oil comes in hundreds of different grades of complex hydrocarbon molecules. Natural gas, methane, is the simplest hydrocarbon of them all with a molecular formula of CH4.
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