Top Three Blog Posts of 2020

01/06/2021

A return of inflation could wreak havoc on many investors’ portfolios, especially those heavy in fixed-income securities. In 2020 we wrote extensively on how the Fed’s actions and the CARES Act..

Where Has Shale Productivity Gone?

11/23/2020

Back in 2Q 2020, amid rapidly slowing drilling activity, a significant historical development occurred in the US shale patch. In previous drilling cycles, sharp slowdowns in activity produced..

How Much Energy Exposure Should Investors Have?

10/29/2020

The short answer to this question is: more than index levels of 2-3%.While many institutional investors and financial advisors divide their equity exposure by market cap, style and geographic..

[Podcast with Jesse Felder] The Generational Opportunity in Energy Stocks Today

10/13/2020

In case you missed it, last week Managing Partner Leigh Goehring was fortunate to spend some time with Jesse Felder on his popular podcast Super Investors and the Art of Worldly Wisdom. Mr...

The 40-Year Odyssey of Schlumberger, Pt 2

10/08/2020

By Leigh Goehring

“Bonds are so popular that $15 bn of sovereign issues trade with negative yields – a first in 4,000 years of financial history.”

 

In part one of our story about Schlumberger, we..

The 40-Year Odyssey of Schlumberger

09/25/2020

By Leigh GoehringThe FANG stocks are today’s investment craze. For comparison’s sake, consider Schlumberger’s odyssey from 1962-1980. From its initial public offering on the NYSE in 1962 to its..

Approaching an Incredible Crossroads

09/18/2020

Recently, Leigh Goehring presented at the Citywire World of Boutiques virtual event. The title of his webinar was: On the Cusp of a New Commodity Cycle. In the presentation, one of the concepts he..

Global Oil Demand and the Impact of Emerging Markets

09/03/2020

“Over the past decade, there has been a chronic bias in the IEA estimates for non-OECD demand, and we believe this time is no different. Our models suggest that emerging market oil demand has held..

The Rally in Gold Continues

08/12/2020

“Even adjusting the Fed’s balance sheet for excess reserves (a debate in and of itself), we believe today’s balance sheet justifies a gold price in excess of $15,000 per ounce on the low side or..

The Gold-Oil Ratio Revisited

07/08/2020

As proof we live in interesting times, just consider the gold-oil ratio over the last few months. Because of the impact of COVID-19 on the global economy, the gold-oil ratio has reached the..

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