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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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.
Russell Gold’s Superpower - Review
Russell Gold’s latest book,Superpower: One Man’s Quest to Transform American Energy seems at first to challenge the supremacy of the Shale Revolution and America’s energy renaissance.
MLPs No Longer Represent Pipelines
Pipelines are no longer synonymous with MLPs, even though many funds behave as if they are. Fund flows and relative performance show investors are taking notice.
EC The Complex Politics Of Climate Change
Greta Thunberg’s speech at the UN may have grabbed the climate change headlines, but the Energy Information Administration’s (EIA) 2019 International Energy Outlook is more sobering.
Another Gripping Episode Of Brexit
For constitutional observers, each weekly Brexit installment leaves viewers on the edge of their seats, pondering what further twists in the drama remain.
Pipeline Correlations Are More Pleasant
Clients often want to discuss the correlation between returns on midstream energy infrastructure and crude oil prices. Prior to 2014, investors learned that pipelines are like toll roads, more concerned with volumes passing through than their value.
Saturday's Attack Is A Game Changer
Early analysis of the twin attacks on Saudi Arabia’s oil infrastructure has focused on the length and severity of supply disruption.
America Offers Safer Energy
Saturday’s surprise attack on Saudi Arabia’s Abaqaiq oil facility in Buqyaq has sent crude oil prices sharply higher.
Momentum Crash Supports Pipeline Sector
Large pools of capital are deployed based on factor bets like Momentum and Value, relying on research that ascribes long term equity returns to them. Momentum has been outperforming Value for several years but that recently changed.
MLPs: Five Years On, Cheaper Than Ever
The end of August was the five year anniversary of the peak in MLPs. The Alerian MLP index, albeit much changed and diminished since August 2014, remains 38% lower including dividends.
HH Private Equity Sees Value In Unloved Pipelines
Retail investors struggle with the failure of growing production to lift the prices of midstream energy infrastructure, with its toll-model fairly insulated from commodity prices. Public market valuations differ from how private equity sees things.
Hopes For A Trade Deal Slipping
If protracted trade uncertainty continues into next year, the odds of legislative action will rise.
Pension Funds Keep Interest Rates Low
The Equity Risk Premium reveals that stocks are cheap relative to bonds. A corollary of this insight that bonds are expensive is that you can replicate the return on $100 in ten year treasury notes with a combination of stocks and cash.
Bond Buyers Should Buy Pipeline Stocks
Yields on McDonalds’ Euro-denominated bonds recently joined European sovereign debt in negative territory.
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