By Paul Sankey
Published on April 13, 2025 at 4:14 PM
One of the recent Happy Hour lines that struck me, came from a Republican lobbyist who was a guest in the interim between Trump winning, and Trump being inaugurated. He repeated “tariffs” strongly, then followed up by saying that “During Trump 1, our firm had a track record of 85% success in getting an exemption on tariffs for our clients.” Hmmm. Sure enough, this weekend we have the “Tim Apple Tariff Exemption” whereby suddenly per …
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By Paul Sankey
Published on January 12, 2025 at 5:45 PM
One mega-policy that is emerging for Trump II is an old classic: The Monroe Doctrine. In this note we run through an argument that says, “truly anything can happen with Trump and foreign policy.” Pinball market. The key uncertainty is China, where economic weakness in China suggests Trump holds the power Shipping stocks ripping imply Russia-Ukraine will be a protracted negotiation; we see Biden tightening shadow fleet sanctions as strengthening Trump’s and Saudi’s hands; and …
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By Paul Sankey
Published on December 17, 2024 at 8:58 AM
Meeting Kinder Morgan last week in Houston, with my old mate, IR and corporate VP Peter Staples (my other old mate CEO Kim Dang was in NY for a couple of conferences) I perused the just-released guidance for 2025 and made the following comment: “So KMI stock is on 22x price-earnings, based on your guidance for next year of $1.27 EPS. Your dividend yield is down towards 4% (stock has ripped), and you just announced …
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