Co-produced with Trapping Value and Treading Softly
We recently discussed how hated energy is as an asset class. While E&Ps are down in the dirt, midstream companies responsible for processing and transporting products have not exactly fared much better. This has set up a rather lopsided bet where fundamentals and valuations have diverged massively. The amount of energy needed globally continues to increase year-after-year relentlessly, while the valuations at which the MLPs trade continues to compress year after year. Today we are looking at one name in this space that we are extremely bullish on,