Simon Lack Blog | 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 ... more

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Enlink’s Growth Plans Need Better Justification
Energy investors would still like to see less spending on growth projects than company executives are pursuing. Whenever a CEO announces new spending, there’s a palpable lack of enthusiasm.
Williams Companies Promotes The Little Blue Flame
Williams CEO Alan Armstrong says the company has become too closely identified with oil and fracking. He said they need to refocus attention on the little blue flame in every kitchen’s stovetop, emphasizing a cleaner, more positive message.
Why Inflation Isn’t What You Think
The Federal Reserve has long wrestled with stubbornly low inflation. A decade ago few would have expected this to be a problem, but Personal Consumer Expenditure (PCE) inflation, the Fed’s preferred measure, is coming in at 1.8% this year.
MLPs Weak In November As Usual
Energy MLPs exhibit a seasonal pattern at of weakness at year-end. It may be some comfort for investors to be reminded that November is historically the best time to make investments in the sector.
Tallgrass Endgame Approaches
Most sell-side analysts are constrained in providing critical analysis of the companies they cover because their firms are usually trying to do investment banking business with them.
Canadian Pipelines Lead The Way
Although energy has been weak, wide performance divergences exist. Midstream energy infrastructure has done far better than the E&P companies that are its principal customers.
Should Closed End Funds Use Leverage?
Closed end funds (CEFs) are an obscure sector of the market with a small but fiercely passionate following.
Leverage Wipes Out Investor’s Bet On Enlink
Managers of client capital invested in midstream energy infrastructure have had to explain recent weak performance to investors frustrated at missing out on the buoyant S&P 500.
When Will MLPs Recover?
October was a wrenching month, with the Alerian MLP index slumping to -6% versus +2% for the S&P 500. MLPs have lagged equities by an astonishing 22% YTD. When will MLPs recover?
EC Natural Gas Profits Remain Elusive
Natural gas provides 37% of U.S. power, up from 34% last year. Coal’s share is 25%, down from 28% last year and heading to 22% in 2020.
Elections Usually Boost Earnings
It’s a year until the next presidential election. The S&P 500 is making new highs, reflecting the persistence of fund flows into equities.
Drilling Down On Shale Depletion Rates
The Shale Revolution has substantially increased America’s output of oil, natural gas, and natural gas liquids. We often use the chart below to highlight this exponential growth.
Unicorns Not Working
The rapid transition of WeWork from IPO in early September to almost bankrupt says something about the superficial due diligence of bankers prior to a roadshow.
Pipeline Stocks Are Quietly Recovering
Sentiment in the energy patch is poor. Too much spending with too little returned to shareholders is the main gripe, along with what seems like a tendency for the sector to follow crude prices lower but then fail to participate in any recovery.
Pipeline Earnings In A Market Focused Elsewhere
The American Energy Independence Index (AEITR) is +16.9% YTD, having pulled back around 3.5% so far in October.
Criticizing MLPs Helps Them
Criticism of individual companies is intended to draw attention to ways they could improve their behavior, lifting stock prices to the benefit of all investors. The Shale Revolution remains a huge success story for production.
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