Monday report

Reading a handful of things over the weekend led me to a couple of thoughts for today’s note. A common refrain is “Renewables are just virtue signaling. They’re not economic without subsidy.” Actually, there’s a reason that the vast majority of 2020 new capacity build was expected to be renewables – ~78% to be more[…]

Monday report

This AM, WTI traded to $11.36/bbl for May delivery.  I couldn’t find a trade in recent decades at that level.  Turns out it’s a 21-year low.  Now, while this dislocation is at least partially temporary, many investors believe that oil will return to $50/bbl and this is a unique time to buy oil assets cheaply. […]

Shale, Renewables, and Fundamental value

A lot of discussions with investors since #COVID19 took the globe by storm a couple of months ago have revolved around the energy landscape in light of our current situation and what a post-COVID world might look like.  Many of them are looking at shale producers and thinking that the vast majority of the E&P[…]

The Shift Has Begun

Goldman Sachs, Blackrock, Blackstone, and TPG

The list is long and getting longer by the day – investment and asset managers around the world are waking up to the biggest opportunity in the next decade – sustainable investments.  We’re not surprised by this; in fact, it’s a welcome shift in the press coverage of the thesis.  While we’re cautiously optimistic, this isn’t to be viewed as a successful campaign in aligning assets with the goals of sustainability, but rather merely the end of the opening exchange as we move into the mid-game.