MORAM

Analysis of companies with a macroeconomic perspective

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  • About
  • Analysis of Companies
  • Macroeconomic views
  • Crypto
  • Asset Allocation/Portfolio

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  • Asset Allocation
  • Investment decisions
  • Macroeconomy
  • Results of companies
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  • Investment decisions

    Some thoughts on the current market situation…

    15 May 2022

    Unleashed inflation due to the slow tightening of Central Banks is having a huge impact on the main street. It has raised prices and widened considerably the wealth gap in society. Now, when the effect of the massive QE is evident even for the central bankers, the FED is making a sprint to tapper and raise interest rates in 2022.…

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  • Investment decisions

    MORAM – 4Q21 Portfolio update

    2 January 2022

    Introduction  It has been a great year. We close 2021 achieving a positive return in each of the four quarters. Specifically, in this last quarter, the managed portfolio moved up 17.6%. Our best performers in this 4Q21 have been Power REIT, Kistos, Greenalia and Greenvolt.  We started the year with 9 positions in the managed portfolio, and we are finishing…

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  • Investment decisions

    Penn Virginia / Ranger Oil options strategy in a nutshell

    21 October 2021

    Penn Virginia is an oil producer in the Eagle Ford. It is backed by Juniper Capital a PE group that specialised in Energy, and recently, it has been very active in the M&A segment. Penn Virginia has a good management team that follows a prudent hedging strategy. It has allowed them to be cash flow positive for 8 quarters in…

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  • Results of companies

    Greenalia 1H21 – Summary (Notes)

    6 October 2021

    Greenalia has obtained better than expected results in the first part of the year. The main reason has been the high power prices. Moreover, the number of wind farms in operation has increased. Nowadays, they have 5 wind farms working. Although Croa I, Croa II and Monte Tourado (28 out of 74.5MW of Wind) are in the testing phase, which…

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  • Investment decisions

    MORAM – 2Q21

    1 July 2021

    Introduction This second quarter of 2021 has been a good one for MORAM. The managed portfolio went up 30.5% in these three months (including derivatives). Mainly due to our high exposition to the energy sector and small caps paying off. Brent price went up from $62.5 to $76, as well as natural gas and impacting positively to a significant part…

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  • Investment decisions

    Italian Wine Brands acquires Enoitalia to become the national leader among private companies

    24 June 2021

    IWB acquires Enoitalia to become the national leader in the production and distribution of wines

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  • Sin categoría

    Zero Parks – The hydrogen JV of New Fortress Energy

    12 May 2021

    New Fortress Energy intends to launch Zero Parks, a Joint Venture with Fortress Transportation and Infrastructure ($FTAI), which is managed by Fortress Investment Group, the same parent company as New Fortress Energy.  In the last 12 months, NFE has launched Zero, its division focused on hydrogen alternatives to fossil fuels.  At the beginning, NFE looked mainly at green hydrogen technologies and…

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  • Investment decisions

    MORAM – 1Q21 Comments

    4 April 2021

    The portfolio during this first quarter has followed the same strategy we decided when the vaccine announcement, last 9th  ​November 2020. Since then, the portfolio strategy has been focused on small caps and mainly value stocks. We are not a big fan of having only growth or value companies. We prefer to balance both weighting more the one we believe…

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  • Results of companies

    New Fortress Energy 4Q20 results

    18 March 2021

    New Fortress Energy – 4Q20 Results Conference Call These are the notes – and comments – from the New Fortress Conference Call regarding its 4Q20 results. Terminals NFE inked a contract to supply 250,000 gallons a day to CFE in Baja (Mexico). Both terminals in the construction phase (Mexico and Nicaragua) will be operative in May and June. It is…

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  • Results of companies

    Golar LNG 4Q20 results

    25 February 2021

    The last 3 months have been quite busy for Golar LNG. They did an AK (12MM shares to raise $100MM), executed a new $100 million credit facility and sold and LNG carrier (Golar Viking) which released $51.7MM. Golar used that money to repay the $150 MM bilateral facility and the $30 MM margin loan.  Apart from that, Golar sold Hygo…

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