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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Better Odds With Pipelines
Investors keep pounding away on planned growth capex, and companies are generally responding by guiding to less spending this year and next while still emphasizing their slate of attractive opportunities.
Why Keeping Up With Inflation Isn’t Enough
Cher wanted to turn back time to regain love lost. But economists are always turning back time to adjust prices for inflation, to calculate a measure in today’s dollars. This is to provide a relative price, comparable to current purchases.
Why Energy Transfer Can’t Get Respect
Energy Transfer perhaps the least loved pipeline company in a sector that investors find lukewarm at best. ET is priced far below where they’d take the company public, if it wasn’t already a listed company.
Buffett Finds Value In Shale
Warren Buffett likes the Permian Basin. This was clear from Berkshire’s proposed $10BN preferred investment in Occidental should they buy Anadarko.
Pipeline Earnings Good; Investors Skeptical
Although pipelines stocks delivered very strong performance through March, in recent weeks investors have started to question the rally’s resilience.
The Coming Pipeline Cash Gusher
Pipeline company earnings are being scrutinized for capital investment plans. The energy sector’s pursuit of growth has been well covered. Investors would prefer less excitement and more return on capital through dividends and buybacks.
Investors Look Warily At The Persian Gulf
The Shale Revolution has certainly provided America with more geopolitical freedom.
AMLP’s Shrinking Investor Base
The Alerian MLP ETF remains the largest ETF in the sector, in spite of its ruinous tax drag and long term returns that are less than half of its index. It’s been a commercial success for its promoters but a disastrous investment for many holders.
Chevron Writes Shale’s Next Chapter
Over the past year, stock prices for the integrated oil companies (IOCs) have outperformed the independent U.S. shale drillers.
Shale Cycles Faster, Boosting Returns
Chevron CEO Mike Wirth must have used the term “short-cycle” at least half a dozen times on Friday’s call discussing their $33 billion acquisition of Anadarko. It’s a feature of the Shale Revolution that’s still unappreciated by investors.
MLP Humor - A Target-Rich Environment
Humor can be a most effective weapon against your adversaries, especially when more extreme measures are unavailable. MLP management teams have made many poor capital allocation decisions in recent years, providing a rich source of material.
Blinded By The Bonds
German 30 year bunds yield 0.6%. Investors are inured to insultingly low yields, but somehow this still shocks.
The Quiet Investors In Energy
Realizing the full potential of the Shale Revolution has demanded a lot of capital – over $1TN by one estimate. Management teams’ desire to grow has increasingly conflicted with investors’ insistence on greater cash returns.
Bond Market Corrects Fed
Last week stocks shuddered as ten year yields dipped below treasury bills, reminding investors that yield curve inversions eerily precede recessions.
A Slogan Not Science
JPMorgan’s recent Eye on the Market: Energy Outlook 2019 is the best analysis we’ve seen of the Green New Deal (GND).
Deja Vu All Over Again For Pipelines?
Pipeline stocks are resuming dividend growth once again. The growing realization has already led to a strong start to 2019, with the sector up almost 20%.
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