Part 1: Midstream Energy Paid Members Public
Summary 1. Comparing equity yields in midstream energy with fixed income can be challenging given its added risk and growth components. Metrics such as dividend yield and free cash flow yield do not provide a full picture and we walk through two approaches for analyzing yield. 2. The midstream sector
Cross-Asset Snapshot Paid Members Public
Cross-Asset Snapshot Paid Members Public
SPWH: A Post-COVID Deer in Headlights Paid Members Public
Going forward, we plan on occasional posts like this where we don't do a deep-dive, but provide high level thoughts on idiosyncratic situations we are watching. Summary 1. SPWH is facing a post-COVID hangover with weak sales trends and declining margins after opening too many stores. 2. We
Cross-Asset Snapshot Paid Members Public
Cross-Asset Snapshot Paid Members Public
An Update After 4Q23 Gold Miner Earnings Paid Members Public
Gold Moving Sideways So far to start the year, gold has bounced around in a fairly tight range ($2000 - $2050). We are actually somewhat encouraged by the price action. First, over the same time period, 10Y real yields have risen by around 30bp. This selloff in bonds should have
