Who We Are

…now that we have your attention… We built the real take-private math anyway, on WMB and three of its large-cap pipeline peers (OKE, KMI, TRGP), same 10-year hold, same leverage-sized-to-credit-quality discipline, same Year-5 leveraged recap,…

Going for ten portfolios in a row w/ a positive return… Full position details within. 10 longs/ 10 shorts. Timm Love/ Hate Portfolio 18 Thank you for reading! Timm

Ping us for questions. On management’s own stated FCF/ share definition, our model still shows dilution the whole way out, just a narrower gap than before. We walk through why that gap exists, and why…

We’re going to admit something: This note made us a little sad to write. We keep hoping for the mega-merger or massive take-private (and we still believe those are on deck – with some caveats;…