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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MORAM – 4Q21 Portfolio update
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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Penn Virginia / Ranger Oil options strategy in a nutshell
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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MORAM – 2Q21
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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Italian Wine Brands acquires Enoitalia to become the national leader among private companies
IWB acquires Enoitalia to become the national leader in the production and distribution of wines
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MORAM – 1Q21 Comments
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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New Fortress acquisitions ( Hygo and Golar LNG Partners)
New Fortress acquired last 13th January Hygo (including Suape Terminal) and Golar LNG Partners in a $5bn transaction. This deal allows NFE to enter in the Brazil market and to own its fleet of FRSU. New Fortress will pay Hygo with $580MM cash and $1.6bn in shares – 31.4MM shares. By contrast, NFE will pay for Partners all in cash (refinancing…
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Golar LNG – FLNG (Golar Hilli and Golar Gimi)
What is FLNG? – Floating liquefied natural gas First of all, FLNG states for Floating liquefied natural gas. Natural gas is extracted from the wellborn and transferred to the floating vessel. Then, the natural gas is treated, liquefied (-160 degrees Celsius) and storage in the FLNG vessel until it is offloaded by another LNG vessel. Golar LNG has one operating…
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Reasons to have in the portfolio Cheniere instead of owning Enagas
A bit of background Last summer, we decided to sell all our shares of Enagas and we reinvested the money in Cheniere. Since then, Cheniere stock has appreciated around 30% and Enagas shares have declined 10%. Both companies have similar characteristics as they are in the business of LNG. Enagas owns the pipelines to transport natural gas. Cheniere has the…
