Our Research

Within we provide our updated Model Portfolio marks as of ~11AM ET on Thursday April 2nd. The Model Portfolio is up ~780bps since inception on January 9th 2026. There are 40 Longs vs. 31 Shorts….

We’re getting annoyed with the Iran situation and the constant twitter doomscrooling – and we believe the basin – ‘ Vaca Muerta’ – and opportunities are under-covered by NAM analysts. We had previously highlighted client…

thoughts within… plus our super-out-of-consensus ‘smash-co’ idea. Timm Link to release: Tallgrass Announces Executive Leadership Transitions Of course, our first thoughts: Investors will naturally ask two questions: 1) was this a cordial transition; and 2)…

probably the most clear we have seen in a long time. Full position details within for the ten Longs and ten Shorts. We will close this on April 10th. LHP7 has big shoes to fill…

For the news, we include a brief summary description for each headline. We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However,…

Monitoring weekend news on oil (‘Final Blow’ or ‘Final Blowback:’ Updated WTI/ Brent & Spread Scenarios) has become par for the course since the beginning of March and we continue to have many discussions on…

…with a total average ~660bps relative return across ten longs and ten shorts since inception on 3/13/206. Excluding MLPs (and using a C-Corp only coonstruct) would have a netted a total average return of ~800bps…

…is a question that kept pushing to the fore in our client conversations this week. A ton of our conversations are also spent on the geopolitical situation in Iran and potential outcomes, especially as they…

In case you missed the tweet: The White House on X: “”As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10…

Earlier, Axios reported that the U.S. is apparently looking at several ‘final blow’ options for the Iran war if no deal is reached shortly – according to ‘sources’ with knowledge. Interesting negotiating tactic with the…

***We now need a new short idea to replace FRMI – suggestions welcome – anything is fair game across the Energy & Utility value chain*** Please see latest Model Portfolio within. Yes – we realize…

The latest Dallas Fed Energy Survey released earlier today was really interesting because it covered the period of March 11- 19th – so right in the middle of the ongoing Iran conflict. There were a…

We are following the situation as it is happening real-time. A few thoughts on impacts wthin. So far no decision as of a total plant shutdown (per Bloomberg; ~22:30 ET). At this time first and…

For the news, we include a brief summary description for each headline. We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However,…

Within, we outline four updated, probability weighted, scenarios and associated WTI/ Brent/ and Brent-WTI trading ranges. U.S. A / Iran 2 (see boxes within): Escalate + keep Hormuz closed (base case; ~45- 50%); U.S. B…