Simon Lack Blog | Talkmarkets | Page 1
Managing Partner, SL Advisors, LLC
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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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Global Natural Gas Demand Is Rising
This past winter included some tumultuous weather events with implications for global energy markets. Winter storm Uri exposed vulnerabilities in the Texas power grid, and left millions without heat during an unusually cold snap.
Is The Energy Transition Inflationary?
Although the media breathlessly forecasts imminent peak oil, demand continues to grow. The world is likely to return to its pre-Covid 100 million barrels per day level by year’s end.
Pipeline Rally Exposes Lagging MLP Sector
Last week the Alerian MLP and Infrastructure Total Return Index finally recouped its COVID losses. MLPs have returned to where they were at the end of 2019, when few knew what a coronavirus or N95 mask was. MLP investors have had a miserable decade.
Unsettling The Climate Change Consensus
Do scientists spin the truth in order to explain complex answers simply? That is the suggestion scientist Steven Koonin makes in his new book Unsettled: What Climate Science Tells Us, What It Doesn’t, and Why It Matters.
Profiting From The Efforts Of Climate Extremists
As shareholder-activists and litigants force uncommercial strategies on energy companies, it is creating profitable investment opportunities elsewhere in the energy sector.
Pipeline Investors Are Being Rewarded
I spent the last couple of days visiting clients in central Florida, which is why this blog post is a day later than normal. The gradual return of in-person meetings is a welcome reminder that we’re moving on from COVID.
Pipelines Will Last Longer Than Equity Prices Imply
Equity investors probably don’t use years of remaining useful life as an input to valuing pipeline stocks. But their collective actions do imply such a judgment.
Pipelines Close In On A Milestone
The S&P 500 is up 11% so far this year. 2021 EPS estimates from Factset are up by close to the same amount.
Inflation – Back By Popular Demand
Inflation is probably the biggest known risk facing equity markets today.
Why The Energy Transition Is Hard
Solar panels and windmills have been cheaper than natural gas for so long in the popular narrative that you’d think utilities are willfully pursuing lower profits by not blanketing the country with them.
Pipelines Are ESG
ESG is in the eye of the beholder. My favorite is Lockheed Martin, a perennial member of the Dow Jones Sustainability Index. If building weapons to blow up people and property can be done in a sustainable way, then ESG is a generous mistress.
Bonds Are Getting More Interest
The rise in ten-year Treasury yields this year has prompted more investors to consider how they should respond to higher inflation expectations.
Pipelines Are Part Of The Energy Transition
Last week Kinder Morgan reported earnings, which included around $1BN in one-time gains from the Texas power outages in February. Natural gas prices increased briefly by more than 100X.
The Fed’s Narrowing Definition Of Inflation
The ascent in lumber prices is the most spectacular of many commodities that reflect the pandemic recovery. Recently a general contractor I know lamented that the wood for his typical newbuild construction had doubled over a few months.
The Consumer Is Ready To Spend
“Coiled, ready to go.” is how JPMorgan CEO Jamie Dimon described consumers last week. “Consumers have $2 trillion in more cash in their checking accounts than they had before COVID.” he added.
Energy Policy Meets Reality
Public policy is becoming more important to energy investors. Democrats now own the climate change issue. The desire of progressives to advance a world of solar panels and windmills is confronting pragmatists who’d like to keep the lights on.
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