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Mastering Energy Market Trends for Portfolio Growth · Views from 6,230

• 0:01
  Welcome
• 0:02
  to
• 0:02
  the
• 0:02
  Adjusted
• 0:03
  for
• 0:03
  Risk
• 0:03
  podcast.
• 0:05
  Join
• 0:05
  myself,
• 0:06
  Brian
• 0:06
  Naumann,
• 0:07
  as
• 0:07
  I
• 0:07
  talk
• 0:07
  markets,
• 0:08
  investments,
• 0:09
  economics,
• 0:10
  and
• 0:10
  life
• 0:10
  as
• 0:11
  I
• 0:11
  help
• 0:11
  prepare
• 0:12
  you
• 0:12
  for
• 0:12
  the
• 0:13
  upcoming
• 0:13
  week
• 0:13
  in
• 0:14
  markets.
• 0:15
  I
• 0:15
  work
• 0:16
  for
• 0:16
  Zephyr,
• 0:17
  and
• 0:17
  all
• 0:17
  opinions
• 0:17
  expressed
• 0:18
  by
• 0:18
  myself
• 0:19
  and
• 0:19
  my
• 0:20
  podcast
• 0:20
  guests
• 0:21
  are
• 0:21
  solely
• 0:21
  of
• 0:21
  their
• 0:22
  own
• 0:22
  opinions
• 0:22
  and
• 0:23
  do
• 0:23
  not
• 0:23
  reflect
• 0:24
  the
• 0:24
  opinion
• 0:24
  of
• 0:25
  Zephyr
• 0:26
  or
• 0:26
  Informa,
• 0:27
  its
• 0:27
  parent
• 0:27
  company.
• 0:29
  This
• 0:29
  podcast
• 0:30
  is
• 0:30
  for
• 0:30
  information
• 0:31
  purposes
• 0:32
  only
• 0:32
  and
• 0:32
  should
• 0:32
  not
• 0:33
  be
• 0:33
  relied
• 0:33
  on
• 0:34
  for
• 0:34
  investment
• 0:35
  decisions
• 0:38
  Welcome
• 0:38
  everyone
• 0:38
  to
• 0:39
  Zephyr's
• 0:39
  Adjusted
• 0:40
  for
• 0:40
  Risk
• 0:40
  podcast.
• 0:41
  We
• 0:41
  are
• 0:42
  recording
• 0:42
  on
• 0:43
  location
• 0:44
  at
• 0:44
  the
• 0:44
  Exchange
• 0:45
  ETF
• 0:45
  Conference,
• 0:46
  which
• 0:46
  has
• 0:46
  been
• 0:46
  a
• 0:47
  fantastic
• 0:47
  conference
• 0:48
  so
• 0:48
  far.
• 0:49
  This
• 0:49
  is
• 0:49
  Ryan
• 0:50
  Nauman,
• 0:50
  the
• 0:50
  market
• 0:50
  strategist
• 0:51
  here
• 0:52
  at
• 0:52
  Zephyr.
• 0:53
  Energy
• 0:54
  has
• 0:54
  been
• 0:54
  a
• 0:54
  very
• 0:55
  hot
• 0:55
  topic
• 0:56
  well
• 0:57
  before
• 0:57
  oil
• 0:58
  increased
• 0:59
  to
• 0:59
  over
• 1:00
  $100
• 1:01
  a
• 1:01
  barrel.
• 1:01
  The
• 1:02
  energy
• 1:02
  demands
• 1:03
  from
• 1:03
  data
• 1:03
  centers
• 1:04
  have
• 1:04
  put
• 1:05
  energy
• 1:05
  in
• 1:05
  the
• 1:06
  headlines.
• 1:07
  Now
• 1:08
  we
• 1:08
  have
• 1:08
  oil
• 1:09
  that's
• 1:09
  above
• 1:09
  $100.
• 1:11
  Well,
• 1:11
  I
• 1:11
  have
• 1:12
  on
• 1:12
  the
• 1:12
  perfect
• 1:13
  guest
• 1:13
  to
• 1:13
  discuss
• 1:14
  all
• 1:14
  things
• 1:14
  energy
• 1:15
  and
• 1:15
  what
• 1:15
  it
• 1:15
  means
• 1:16
  for
• 1:16
  investors.
• 1:17
  But
• 1:18
  first,
• 1:18
  this
• 1:19
  episode
• 1:19
  is
• 1:19
  sponsored
• 1:20
  by
• 1:20
  the
• 1:20
  award-winning
• 1:21
  Zephyr,
• 1:21
  which
• 1:21
  helps
• 1:22
  investment
• 1:22
  professionals
• 1:23
  make
• 1:23
  more
• 1:24
  informed
• 1:24
  investment
• 1:25
  decisions
• 1:26
  on
• 1:26
  behalf
• 1:26
  of
• 1:27
  their
• 1:27
  clients.
• 1:28
  I'm
• 1:29
  very
• 1:29
  honored
• 1:30
  and
• 1:30
  excited
• 1:30
  for
• 1:31
  our
• 1:31
  next
• 1:31
  guest.
• 1:32
  I'd
• 1:32
  like
• 1:32
  to
• 1:32
  welcome
• 1:32
  Mark
• 1:33
  Marifian.
• 1:34
  Mark
• 1:35
  is
• 1:36
  the
• 1:36
  head
• 1:36
  of
• 1:36
  product
• 1:37
  at
• 1:37
  Tortoise
• 1:38
  Capital.
• 1:39
  Mark,
• 1:40
  thank
• 1:40
  you
• 1:40
  so
• 1:40
  much
• 1:41
  for
• 1:41
  coming
• 1:41
  on
• 1:41
  the
• 1:41
  podcast.
• 1:42
  It's
• 1:42
  an
• 1:42
  honor
• 1:42
  to
• 1:42
  have
• 1:43
  you
• 1:43
  on.
• 1:43
  Can
• 1:43
  you
• 1:43
  tell
• 1:43
  me
• 1:43
  a
• 1:43
  little
• 1:43
  bit
• 1:44
  about
• 1:44
  yourself
• 1:45
  and
• 1:45
  Tortoise
• 1:45
  Capital?
• 1:46
  I'd
• 1:46
  be
• 1:46
  happy
• 1:47
  to.
• 1:47
  So,
• 1:48
  uh,
• 1:49
  yeah,
• 1:49
  no,
• 1:49
  uh,
• 1:50
  been
• 1:50
  in
• 1:50
  the,
• 1:50
  um,
• 1:51
  investment
• 1:52
  industry
• 1:52
  really
• 1:52
  all
• 1:53
  my
• 1:53
  career.
• 1:54
  Um,
• 1:54
  started
• 1:54
  at,
• 1:54
  uh,
• 1:55
  Mercer,
• 1:56
  um,
• 1:56
  doing
• 1:56
  big
• 1:56
  consulting,
• 1:57
  and
• 1:58
  then,
• 1:58
  uh,
• 1:59
  moved
• 1:59
  to,
• 2:00
  uh,
• 2:00
  Advisory
• 2:01
  Research,
• 2:01
  which
• 2:02
  is
• 2:02
  a
• 2:02
  MLP
• 2:03
  manager,
• 2:03
  um,
• 2:04
  in
• 2:04
  St.
• 2:04
  Louis,
• 2:05
  and
• 2:05
  then
• 2:05
  Tortoise
• 2:06
  subsequently,
• 2:07
  um,
• 2:07
  acquired
• 2:08
  us
• 2:08
  in
• 2:08
  2019.
• 2:09
  So
• 2:10
  that
• 2:10
  was
• 2:10
  in
• 2:11
  2014
• 2:11
  when
• 2:11
  I
• 2:12
  joined
• 2:12
  Advisory
• 2:13
  Research.
• 2:13
  Um,
• 2:14
  you
• 2:14
  know,
• 2:14
  really
• 2:14
  been
• 2:14
  in
• 2:15
  product,
• 2:15
  um,
• 2:16
  since
• 2:16
  then.
• 2:16
  Started
• 2:17
  off
• 2:17
  as
• 2:18
  a
• 2:19
  product
• 2:19
  specialist,
• 2:20
  um,
• 2:21
  moved
• 2:21
  to,
• 2:21
  you
• 2:21
  know,
• 2:22
  client
• 2:22
  portfolio
• 2:22
  manager
• 2:23
  doing
• 2:23
  some
• 2:23
  client
• 2:23
  facing,
• 2:24
  um,
• 2:25
  for,
• 2:25
  for
• 2:25
  a
• 2:25
  number
• 2:25
  of
• 2:25
  years,
• 2:26
  and
• 2:26
  that's
• 2:26
  just
• 2:27
  wonderful
• 2:27
  if
• 2:27
  I
• 2:27
  could
• 2:28
  say,
• 2:28
  because
• 2:28
  that's
• 2:28
  really
• 2:29
  where
• 2:29
  you
• 2:29
  find
• 2:29
  out,
• 2:29
  you
• 2:30
  know,
• 2:30
  the
• 2:30
  pulse
• 2:30
  of
• 2:30
  what,
• 2:31
  what
• 2:31
  matters
• 2:31
  to
• 2:31
  clients
• 2:32
  and,
• 2:32
  uh,
• 2:32
  you
• 2:32
  know,
• 2:33
  what,
• 2:33
  what's-
• 2:33
  Mm
• 2:33
  what's
• 2:34
  meaningful
• 2:34
  to
• 2:34
  them.
• 2:35
  Um,
• 2:35
  and
• 2:35
  then
• 2:36
  to
• 2:36
  have
• 2:36
  transitioned
• 2:37
  into
• 2:37
  the,
• 2:37
  uh,
• 2:38
  the
• 2:38
  head
• 2:38
  of
• 2:38
  product
• 2:38
  role
• 2:38
  over
• 2:39
  the
• 2:39
  last
• 2:39
  couple
• 2:39
  years
• 2:40
  and,
• 2:41
  uh,
• 2:41
  you
• 2:41
  know,
• 2:41
  we've,
• 2:41
  we've
• 2:42
  kind
• 2:42
  of
• 2:42
  retooled
• 2:42
  our,
• 2:43
  our,
• 2:43
  uh,
• 2:43
  platform
• 2:44
  and
• 2:44
  so,
• 2:45
  um,
• 2:45
  you
• 2:45
  know,
• 2:45
  I
• 2:45
  think
• 2:45
  we're
• 2:45
  well
• 2:46
  positioned
• 2:46
  for
• 2:46
  kind
• 2:46
  of
• 2:46
  where
• 2:47
  the
• 2:47
  market's
• 2:47
  heading.
• 2:48
  Yeah,
• 2:48
  that's
• 2:49
  fair.
• 2:50
  Market's
• 2:50
  heading,
• 2:50
  we
• 2:50
  could
• 2:51
  probably
• 2:51
  spend
• 2:51
  all,
• 2:52
  all,
• 2:52
  all
• 2:53
  episode
• 2:53
  talking
• 2:53
  about
• 2:54
  where
• 2:54
  the
• 2:54
  market's
• 2:55
  heading,
• 2:55
  but
• 2:56
  let's
• 2:56
  just
• 2:56
  take
• 2:56
  a
• 2:56
  step
• 2:57
  back
• 2:57
  and
• 2:58
  I
• 2:58
  think
• 2:59
  people,
• 3:00
  you
• 3:00
  know,
• 3:00
  financial
• 3:00
  advisors,
• 3:01
  when
• 3:01
  they're
• 3:02
  building
• 3:02
  investment
• 3:02
  portfolios,
• 3:03
  obviously
• 3:04
  you
• 3:04
  have
• 3:04
  your
• 3:04
  core
• 3:04
  asset
• 3:05
  classes,
• 3:05
  fixed
• 3:06
  income
• 3:06
  to
• 3:08
  People
• 3:08
  think
• 3:08
  about
• 3:09
  energy.
• 3:10
  They
• 3:10
  think
• 3:10
  maybe,
• 3:11
  "Well,
• 3:11
  maybe
• 3:11
  we
• 3:11
  should
• 3:11
  include
• 3:12
  oil.
• 3:13
  It
• 3:13
  could
• 3:13
  be
• 3:14
  maybe
• 3:14
  a
• 3:14
  good
• 3:14
  diversifier."
• 3:15
  But
• 3:15
  why
• 3:16
  invest
• 3:16
  in
• 3:16
  energy?
• 3:17
  Why
• 3:18
  put
• 3:18
  it
• 3:18
  in
• 3:19
  an
• 3:19
  investment
• 3:19
  portfolio?
• 3:20
  Yeah.
• 3:21
  I,
• 3:21
  I
• 3:21
  think
• 3:21
  this
• 3:21
  question,
• 3:22
  um,
• 3:23
  you
• 3:23
  know,
• 3:23
  a
• 3:23
  lot
• 3:23
  of
• 3:23
  people
• 3:23
  ask
• 3:24
  this
• 3:24
  question,
• 3:24
  why?
• 3:26
  And
• 3:26
  I,
• 3:26
  I
• 3:26
  think
• 3:27
  part
• 3:27
  of
• 3:27
  it
• 3:27
  is
• 3:27
  you
• 3:27
  don't
• 3:27
  see
• 3:28
  what's
• 3:28
  happening
• 3:29
  within
• 3:29
  energy
• 3:30
  every
• 3:30
  day.
• 3:30
  You
• 3:30
  don't,
• 3:30
  you
• 3:30
  don't,
• 3:31
  you
• 3:31
  don't
• 3:31
  see
• 3:31
  the
• 3:31
  drilling.
• 3:32
  You
• 3:32
  don't
• 3:32
  see
• 3:32
  the
• 3:32
  pipelines
• 3:33
  that
• 3:33
  are
• 3:33
  moving
• 3:33
  the
• 3:34
  energy.
• 3:34
  You
• 3:34
  don't
• 3:34
  see
• 3:34
  the
• 3:34
  refiners
• 3:35
  that
• 3:35
  are,
• 3:36
  are
• 3:36
  cutting
• 3:37
  and,
• 3:37
  uh,
• 3:37
  you
• 3:37
  know,
• 3:37
  cracking,
• 3:38
  um,
• 3:38
  you
• 3:39
  know,
• 3:39
  the,
• 3:39
  the
• 3:39
  barrels,
• 3:39
  if
• 3:39
  you
• 3:40
  will.
• 3:40
  Mm-hmm.
• 3:40
  And
• 3:40
  so,
• 3:41
  you
• 3:41
  know,
• 3:41
  a
• 3:41
  lot
• 3:41
  of
• 3:41
  this
• 3:41
  is
• 3:41
  just
• 3:42
  invisible
• 3:42
  to
• 3:42
  us.
• 3:43
  And,
• 3:43
  you
• 3:43
  know,
• 3:43
  we
• 3:43
  just
• 3:43
  expect
• 3:44
  when
• 3:44
  our...
• 3:45
  You
• 3:45
  know,
• 3:45
  we
• 3:45
  wanna
• 3:45
  turn
• 3:45
  the
• 3:45
  thermostat
• 3:46
  on,
• 3:46
  that,
• 3:47
  uh,
• 3:47
  you
• 3:47
  know,
• 3:47
  we're
• 3:47
  gonna
• 3:47
  be
• 3:47
  able
• 3:47
  to
• 3:47
  cool
• 3:48
  our
• 3:48
  house,
• 3:48
  or
• 3:48
  we're
• 3:48
  gonna
• 3:49
  be
• 3:49
  able
• 3:49
  to,
• 3:49
  to
• 3:49
  heat
• 3:50
  our
• 3:50
  house.
• 3:50
  Or,
• 3:50
  you
• 3:51
  know,
• 3:51
  we
• 3:51
  wanna
• 3:51
  go
• 3:51
  cook
• 3:51
  some,
• 3:52
  uh,
• 3:52
  some
• 3:52
  steak,
• 3:53
  you
• 3:53
  know,
• 3:53
  we're
• 3:53
  gonna
• 3:53
  be
• 3:53
  able
• 3:53
  to
• 3:54
  fire
• 3:54
  up
• 3:54
  the
• 3:54
  grill,
• 3:55
  or
• 3:55
  we're
• 3:55
  gonna
• 3:55
  be
• 3:55
  able
• 3:55
  to,
• 3:56
  uh,
• 3:56
  you
• 3:56
  know,
• 3:56
  turn
• 3:56
  the
• 3:56
  stove
• 3:57
  on
• 3:57
  and
• 3:57
  have...
• 3:58
  Yeah.
• 3:58
  So
• 3:58
  anyways,
• 3:59
  I,
• 3:59
  I
• 3:59
  think,
• 3:59
  like,
• 3:59
  some
• 3:59
  of
• 3:59
  this
• 4:00
  just
• 4:00
  you
• 4:00
  don't
• 4:00
  naturally
• 4:01
  think
• 4:01
  about
• 4:01
  it
• 4:02
  day
• 4:02
  in
• 4:02
  and
• 4:02
  day
• 4:02
  out,
• 4:02
  where,
• 4:03
  you
• 4:03
  know,
• 4:03
  with...
• 4:04
  Think
• 4:04
  about
• 4:04
  technology.
• 4:04
  Like,
• 4:05
  everyone's
• 4:05
  on
• 4:05
  their
• 4:05
  phone
• 4:05
  all
• 4:05
  the
• 4:06
  time.
• 4:06
  Like,
• 4:06
  it
• 4:06
  makes
• 4:06
  sense
• 4:07
  why
• 4:07
  it,
• 4:07
  it
• 4:07
  would
• 4:07
  fit
• 4:08
  potentially
• 4:08
  in
• 4:08
  your
• 4:08
  investment
• 4:09
  portfolio.
• 4:10
  But,
• 4:10
  uh,
• 4:11
  you
• 4:11
  know,
• 4:11
  energy
• 4:11
  has
• 4:12
  a
• 4:12
  s-
• 4:12
  You
• 4:12
  know,
• 4:12
  right
• 4:13
  now
• 4:13
  it's
• 4:13
  not
• 4:13
  a
• 4:13
  huge,
• 4:14
  uh,
• 4:14
  part
• 4:14
  of
• 4:14
  the
• 4:14
  S&P
• 4:15
  500.
• 4:16
  I
• 4:16
  think
• 4:16
  that's
• 4:16
  where
• 4:16
  the
• 4:16
  opportunity
• 4:17
  is,
• 4:17
  quite
• 4:17
  frankly,
• 4:18
  because
• 4:18
  it's
• 4:18
  so
• 4:18
  small.
• 4:19
  Uh,
• 4:20
  but
• 4:20
  yeah,
• 4:20
  really
• 4:20
  the
• 4:20
  definition
• 4:20
  of
• 4:21
  energy,
• 4:21
  I
• 4:21
  would
• 4:21
  say,
• 4:21
  is
• 4:22
  also
• 4:22
  changing.
• 4:23
  Um,
• 4:23
  you
• 4:23
  know,
• 4:24
  it-
• 4:24
  i-
• 4:24
  in
• 4:24
  the
• 4:25
  past
• 4:25
  you
• 4:25
  would,
• 4:25
  you
• 4:25
  would
• 4:26
  traditionally
• 4:26
  just
• 4:26
  look
• 4:26
  at
• 4:27
  Exxon,
• 4:27
  Chevron
• 4:28
  as
• 4:28
  y-
• 4:28
  as
• 4:28
  your
• 4:28
  big
• 4:28
  integrateds.
• 4:29
  And,
• 4:29
  uh,
• 4:30
  you
• 4:30
  know,
• 4:30
  it's
• 4:30
  much
• 4:30
  more
• 4:30
  than
• 4:30
  that
• 4:31
  now.
• 4:31
  To
• 4:31
  me,
• 4:32
  the
• 4:32
  utility
• 4:32
  industry,
• 4:33
  you
• 4:33
  know,
• 4:33
  is
• 4:34
  really
• 4:34
  part
• 4:34
  of
• 4:34
  the,
• 4:34
  the
• 4:34
  energy
• 4:35
  story,
• 4:35
  and
• 4:35
  we,
• 4:36
  you
• 4:36
  know,
• 4:36
  we
• 4:36
  think
• 4:36
  about
• 4:36
  that
• 4:36
  through,
• 4:37
  um,
• 4:38
  the
• 4:38
  electrification
• 4:38
  lens.
• 4:39
  Yeah.
• 4:40
  That's
• 4:40
  fantastic,
• 4:41
  Mark.
• 4:42
  And
• 4:42
  you're
• 4:42
  exactly
• 4:43
  r-
• 4:44
  I
• 4:44
  think
• 4:44
  we
• 4:44
  take
• 4:45
  it
• 4:45
  for
• 4:45
  granted,
• 4:46
  energy.
• 4:47
  Even
• 4:47
  though
• 4:47
  we
• 4:47
  use
• 4:47
  electricity
• 4:48
  in
• 4:48
  everything
• 4:49
  we
• 4:49
  do,
• 4:49
  we
• 4:49
  use
• 4:49
  energy,
• 4:50
  whe-
• 4:50
  Oil
• 4:51
  is
• 4:51
  in
• 4:51
  everything
• 4:51
  we
• 4:52
  touch.
• 4:52
  Everything.
• 4:53
  So
• 4:53
  maybe
• 4:54
  we
• 4:54
  just
• 4:54
  take
• 4:54
  it
• 4:54
  for
• 4:55
  granted.
• 4:56
  We-
• 4:56
  So
• 4:57
  that's
• 4:57
  a
• 4:57
  great
• 4:57
  exam-
• 4:58
  And
• 4:58
  you
• 4:59
  used
• 5:00
  steak
• 5:00
  as
• 5:01
  an
• 5:01
  example.
• 5:01
  So,
• 5:02
  um,
• 5:03
  you
• 5:03
  won
• 5:03
  me
• 5:03
  over
• 5:04
  there.
• 5:04
  Grilling
• 5:05
  a
• 5:05
  steak
• 5:05
  is
• 5:05
  perfect.
• 5:06
  Is
• 5:06
  perfect.
• 5:07
  That's
• 5:07
  right.
• 5:07
  You
• 5:07
  need
• 5:07
  the
• 5:07
  propane,
• 5:08
  right?
• 5:08
  Yeah.
• 5:08
  The
• 5:08
  propane's
• 5:09
  gotta
• 5:09
  come
• 5:09
  from
• 5:09
  somewhere,
• 5:10
  right?
• 5:10
  So.
• 5:11
  Exactly.
• 5:11
  That's
• 5:11
  right.
• 5:12
  Exactly.
• 5:13
  What,
• 5:13
  um-
• 5:14
  And
• 5:14
  you
• 5:15
  kind
• 5:15
  of
• 5:15
  touched
• 5:16
  on
• 5:16
  it.
• 5:16
  What
• 5:16
  are
• 5:16
  some
• 5:16
  misconceptions,
• 5:17
  though,
• 5:17
  of
• 5:18
  investing
• 5:18
  in
• 5:19
  energy?
• 5:19
  Is
• 5:19
  it
• 5:20
  like,
• 5:20
  well,
• 5:20
  it's
• 5:20
  just
• 5:21
  all
• 5:21
  oil
• 5:22
  or
• 5:22
  like
• 5:22
  you
• 5:22
  said,
• 5:23
  ExxonMobil?
• 5:24
  You
• 5:24
  know,
• 5:24
  what,
• 5:24
  what's
• 5:25
  the
• 5:25
  misconceptions?
• 5:26
  There's,
• 5:26
  there's,
• 5:27
  there's
• 5:27
  a
• 5:27
  lot
• 5:27
  of
• 5:27
  depth,
• 5:28
  um,
• 5:28
  and,
• 5:28
  and
• 5:28
  sub-sectors,
• 5:29
  you
• 5:29
  know,
• 5:30
  then
• 5:30
  different
• 5:30
  ways
• 5:30
  you
• 5:31
  can
• 5:31
  play
• 5:31
  energy.
• 5:32
  Of,
• 5:32
  of
• 5:32
  course,
• 5:32
  the
• 5:32
  headlines
• 5:34
  will
• 5:34
  always
• 5:34
  be
• 5:35
  what's
• 5:35
  going
• 5:35
  on
• 5:36
  with
• 5:36
  the
• 5:36
  price
• 5:36
  of
• 5:36
  crude.
• 5:37
  Um,
• 5:38
  but,
• 5:38
  you
• 5:38
  know,
• 5:38
  these
• 5:39
  are,
• 5:39
  these
• 5:39
  are
• 5:39
  businesses
• 5:40
  that
• 5:40
  have
• 5:40
  been...
• 5:40
  You
• 5:40
  know,
• 5:41
  the
• 5:41
  infrastructure's
• 5:41
  been
• 5:41
  built
• 5:42
  over,
• 5:42
  you
• 5:43
  know,
• 5:43
  100
• 5:43
  years
• 5:44
  now
• 5:44
  in
• 5:45
  terms
• 5:45
  of
• 5:45
  the,
• 5:45
  the
• 5:45
  drilling.
• 5:46
  And
• 5:46
  the
• 5:46
  first
• 5:46
  pipelines
• 5:47
  were
• 5:47
  built,
• 5:48
  um,
• 5:48
  you
• 5:48
  know,
• 5:48
  in,
• 5:48
  in
• 5:48
  the
• 5:48
  1860s.
• 5:49
  So,
• 5:50
  you
• 5:50
  know,
• 5:50
  this
• 5:50
  is
• 5:50
  infrastructure
• 5:51
  that
• 5:51
  has
• 5:52
  grown
• 5:52
  over
• 5:52
  time,
• 5:54
  um,
• 5:54
  you
• 5:54
  know,
• 5:55
  a-
• 5:55
  a-
• 5:55
  and,
• 5:55
  and
• 5:55
  just
• 5:55
  evolved.
• 5:56
  And,
• 5:56
  and
• 5:56
  so
• 5:57
  just
• 5:57
  'cause
• 5:57
  you
• 5:57
  see
• 5:57
  the
• 5:57
  commodity
• 5:58
  price
• 5:58
  moving
• 5:58
  up
• 5:59
  or
• 5:59
  down,
• 5:59
  that
• 5:59
  doesn't
• 6:00
  mean
• 6:00
  the
• 6:00
  cash
• 6:01
  flows
• 6:01
  are
• 6:01
  moving
• 6:01
  dollar
• 6:02
  for
• 6:02
  dollar
• 6:02
  with,
• 6:03
  with
• 6:03
  how
• 6:03
  the
• 6:03
  commodity
• 6:03
  prices
• 6:04
  are
• 6:04
  doing.
• 6:04
  These
• 6:04
  are
• 6:04
  actually
• 6:05
  underlying
• 6:05
  businesses.
• 6:06
  You
• 6:06
  know,
• 6:06
  people
• 6:06
  work
• 6:06
  at
• 6:07
  them,
• 6:07
  uh,
• 6:08
  full
• 6:08
  time
• 6:08
  and,
• 6:08
  and
• 6:08
  they
• 6:09
  wanna
• 6:09
  h-
• 6:09
  build
• 6:09
  a
• 6:09
  stable
• 6:10
  cash
• 6:10
  flow
• 6:10
  moat,
• 6:11
  um,
• 6:11
  a-
• 6:11
  and,
• 6:12
  and
• 6:12
  have
• 6:12
  a
• 6:12
  repeatable
• 6:12
  business
• 6:13
  model.
• 6:13
  And
• 6:13
  so
• 6:13
  that's
• 6:14
  what
• 6:14
  you
• 6:14
  see
• 6:14
  in
• 6:14
  a
• 6:14
  lot
• 6:14
  of
• 6:14
  these
• 6:15
  different
• 6:15
  sub-sector
• 6:16
  industries.
• 6:17
  Um,
• 6:17
  you
• 6:17
  know,
• 6:18
  our,
• 6:18
  our
• 6:18
  expertise
• 6:19
  historically
• 6:19
  has
• 6:19
  been
• 6:20
  midstream.
• 6:21
  And,
• 6:21
  and
• 6:21
  that,
• 6:22
  that
• 6:22
  is...
• 6:22
  You
• 6:22
  know,
• 6:22
  think
• 6:23
  about
• 6:23
  a
• 6:23
  pen.
• 6:23
  You're
• 6:24
  just
• 6:24
  moving
• 6:24
  a
• 6:24
  pipe
• 6:24
  li-
• 6:25
  You,
• 6:25
  you're
• 6:25
  moving
• 6:26
  the
• 6:26
  volume
• 6:26
  from
• 6:26
  point
• 6:27
  A
• 6:27
  to
• 6:27
  point
• 6:28
  B,
• 6:28
  and
• 6:28
  the
• 6:28
  midstream
• 6:28
  guys
• 6:29
  just
• 6:29
  get
• 6:29
  paid
• 6:29
  a
• 6:29
  fixed
• 6:30
  fee.
• 6:31
  And
• 6:31
  so
• 6:31
  that
• 6:32
  is
• 6:32
  the
• 6:32
  repeatable
• 6:33
  business
• 6:33
  that,
• 6:34
  that
• 6:34
  they've
• 6:34
  done.
• 6:34
  You
• 6:34
  know,
• 6:34
  we
• 6:34
  have
• 6:35
  thousands
• 6:35
  and
• 6:35
  thousands
• 6:36
  of
• 6:36
  miles,
• 6:37
  um,
• 6:37
  of
• 6:37
  pipeline
• 6:37
  across
• 6:38
  the
• 6:38
  country.
• 6:38
  So,
• 6:39
  you
• 6:39
  know...
• 6:39
  But
• 6:39
  we
• 6:39
  have
• 6:40
  refiners.
• 6:40
  You
• 6:40
  have
• 6:41
  oil
• 6:41
  field
• 6:41
  services.
• 6:42
  You
• 6:42
  have
• 6:42
  the
• 6:42
  drillers
• 6:43
  upstream.
• 6:43
  You
• 6:43
  have
• 6:44
  the
• 6:44
  integrateds
• 6:44
  that
• 6:44
  do
• 6:44
  it
• 6:45
  all.
• 6:45
  You
• 6:45
  have
• 6:45
  LNG,
• 6:46
  um,
• 6:46
  you
• 6:46
  know,
• 6:46
  exporters.
• 6:47
  So,
• 6:48
  I
• 6:48
  mean,
• 6:48
  there's,
• 6:49
  there's
• 6:49
  all
• 6:49
  these
• 6:49
  different
• 6:49
  ways
• 6:50
  you
• 6:50
  can
• 6:50
  get
• 6:50
  investments,
• 6:51
  um,
• 6:51
  and
• 6:52
  exposure
• 6:52
  to,
• 6:52
  to
• 6:53
  energy.
• 6:54
  Yeah,
• 6:54
  I'm
• 6:54
  glad
• 6:54
  you
• 6:54
  brought
• 6:55
  that
• 6:55
  up.
• 6:55
  It
• 6:55
  is...
• 6:56
  There's
• 6:57
  so
• 6:57
  much
• 6:57
  more
• 6:57
  to
• 6:57
  that
• 6:58
  sector.
• 6:58
  I
• 6:58
  think
• 6:58
  it's
• 6:59
  a
• 6:59
  lot,
• 6:59
  it's
• 7:00
  a
• 7:00
  lot
• 7:00
  bigger
• 7:00
  than
• 7:01
  what
• 7:01
  I
• 7:01
  think
• 7:01
  people
• 7:02
  really
• 7:02
  think
• 7:02
  about.
• 7:03
  But
• 7:03
  like
• 7:03
  you
• 7:04
  said,
• 7:04
  it's
• 7:04
  such
• 7:04
  a
• 7:05
  small
• 7:05
  part
• 7:05
  of
• 7:05
  the
• 7:05
  S&P,
• 7:07
  so
• 7:07
  there's
• 7:08
  some
• 7:08
  alpha
• 7:09
  opportunities
• 7:09
  there,
• 7:10
  I
• 7:10
  would
• 7:10
  think.
• 7:10
  Yeah.
• 7:11
  I
• 7:11
  mean,
• 7:11
  if
• 7:11
  you
• 7:11
  go
• 7:11
  back
• 7:12
  in
• 7:12
  history,
• 7:13
  and,
• 7:13
  and
• 7:14
  this
• 7:14
  is,
• 7:15
  you
• 7:15
  know-
• 7:16
  Yes,
• 7:16
  there's
• 7:16
  been
• 7:16
  some,
• 7:16
  some
• 7:17
  crises
• 7:17
  that's
• 7:17
  l-
• 7:18
  have
• 7:18
  led
• 7:18
  to
• 7:18
  some
• 7:18
  of
• 7:19
  this,
• 7:19
  these
• 7:19
  weightings.
• 7:19
  But
• 7:20
  energy's,
• 7:21
  you
• 7:21
  know,
• 7:21
  has
• 7:21
  been
• 7:21
  as
• 7:21
  high
• 7:21
  as
• 7:21
  30%
• 7:22
  of
• 7:22
  the
• 7:22
  S&P
• 7:22
  500.
• 7:23
  I
• 7:23
  think
• 7:23
  people
• 7:23
  would
• 7:23
  just
• 7:23
  like
• 7:24
  jaws
• 7:24
  would
• 7:24
  drop
• 7:24
  if
• 7:24
  they
• 7:25
  heard.
• 7:25
  Yeah.
• 7:25
  And
• 7:25
  that
• 7:26
  probably
• 7:26
  wouldn't
• 7:26
  be
• 7:26
  a
• 7:26
  good
• 7:26
  scenario,
• 7:27
  right?
• 7:27
  Like
• 7:27
  that-
• 7:28
  that
• 7:29
  means
• 7:29
  the
• 7:29
  other
• 7:29
  sectors
• 7:30
  are
• 7:30
  potentially
• 7:30
  cratering-
• 7:31
  Yeah
• 7:31
  and,
• 7:31
  and
• 7:31
  energy's
• 7:32
  expanding.
• 7:32
  But
• 7:33
  y-
• 7:33
  you
• 7:33
  know,
• 7:33
  even
• 7:33
  go
• 7:33
  back
• 7:34
  to
• 7:34
  the,
• 7:34
  to
• 7:34
  late,
• 7:35
  uh,
• 7:35
  2010s
• 7:36
  or,
• 7:37
  you
• 7:37
  know,
• 7:37
  2008
• 7:38
  when,
• 7:38
  when
• 7:38
  oil
• 7:38
  went
• 7:38
  to
• 7:39
  147,
• 7:39
  and
• 7:40
  energy
• 7:40
  was
• 7:40
  in
• 7:40
  double
• 7:41
  digits,
• 7:41
  um,
• 7:41
  in
• 7:42
  terms
• 7:42
  of
• 7:42
  a
• 7:42
  sector,
• 7:43
  uh,
• 7:44
  you
• 7:44
  know,
• 7:44
  allocation
• 7:44
  within
• 7:45
  the
• 7:45
  S&P
• 7:45
  500.
• 7:45
  So,
• 7:46
  you
• 7:46
  know,
• 7:46
  we
• 7:46
  are
• 7:46
  really
• 7:47
  kind
• 7:47
  of
• 7:47
  in
• 7:47
  this...
• 7:47
  If
• 7:47
  you
• 7:47
  think
• 7:48
  about
• 7:48
  it
• 7:48
  long
• 7:48
  term,
• 7:49
  we're
• 7:49
  in
• 7:49
  this
• 7:49
  very
• 7:50
  odd
• 7:50
  period
• 7:50
  where
• 7:51
  energy's
• 7:51
  kinda
• 7:51
  hovered
• 7:52
  between
• 7:52
  2
• 7:52
  and
• 7:52
  4%.
• 7:53
  Mm-hmm.
• 7:54
  Um,
• 7:54
  the,
• 7:54
  the
• 7:54
  depth
• 7:55
  was
• 7:55
  at
• 7:55
  COVID,
• 7:56
  um,
• 7:56
  when,
• 7:57
  when
• 7:57
  of
• 7:57
  course
• 7:57
  prices
• 7:58
  went
• 7:58
  negative
• 7:58
  and,
• 7:58
  you
• 7:59
  know,
• 7:59
  we
• 7:59
  thought
• 7:59
  we
• 7:59
  had
• 8:00
  10
• 8:00
  years
• 8:00
  of,
• 8:01
  of
• 8:01
  life-
• 8:02
  left
• 8:02
  for
• 8:02
  this,
• 8:02
  this
• 8:02
  industry
• 8:03
  that
• 8:03
  had
• 8:03
  been
• 8:03
  around
• 8:03
  150
• 8:04
  years,
• 8:04
  and
• 8:04
  everything
• 8:05
  was
• 8:05
  gonna
• 8:05
  be
• 8:06
  moved
• 8:06
  to
• 8:06
  renewables
• 8:06
  overnight.
• 8:07
  You
• 8:07
  know,
• 8:07
  that,
• 8:07
  that's,
• 8:08
  that
• 8:08
  pendulum
• 8:08
  has
• 8:08
  certainly
• 8:09
  shifted,
• 8:10
  um,
• 8:10
  a
• 8:10
  fair
• 8:11
  amount.
• 8:11
  And,
• 8:11
  you
• 8:11
  know,
• 8:11
  the,
• 8:11
  yes,
• 8:12
  the,
• 8:12
  the
• 8:12
  n-
• 8:13
  the
• 8:13
  overall
• 8:13
  allocation's
• 8:14
  a
• 8:14
  bit
• 8:14
  bigger
• 8:15
  than
• 8:15
  it
• 8:15
  was
• 8:16
  then,
• 8:16
  but,
• 8:16
  you
• 8:16
  know,
• 8:16
  historically
• 8:17
  speaking,
• 8:17
  you're
• 8:18
  still
• 8:18
  at
• 8:18
  just
• 8:18
  pretty
• 8:19
  low
• 8:19
  levels
• 8:19
  in
• 8:20
  terms
• 8:20
  of,
• 8:21
  um,
• 8:21
  h-
• 8:21
  how
• 8:21
  it
• 8:22
  is
• 8:22
  represented
• 8:22
  in
• 8:22
  the
• 8:22
  portfolio.
• 8:23
  I
• 8:23
  think
• 8:23
  the,
• 8:23
  and
• 8:24
  you
• 8:24
  may
• 8:24
  be
• 8:24
  going
• 8:24
  here,
• 8:24
  but
• 8:25
  I
• 8:25
  think
• 8:25
  the
• 8:25
  bigger
• 8:25
  question
• 8:26
  that,
• 8:26
  uh,
• 8:26
  that
• 8:26
  allocators
• 8:27
  a-
• 8:28
  ask
• 8:28
  themselves
• 8:28
  is,
• 8:28
  how
• 8:29
  do
• 8:29
  I
• 8:29
  fit
• 8:29
  this
• 8:29
  in
• 8:29
  my
• 8:29
  portfolio?
• 8:31
  Yeah.
• 8:31
  Well,
• 8:31
  why
• 8:32
  don't
• 8:32
  you
• 8:32
  answer
• 8:32
  it?
• 8:33
  That
• 8:33
  is
• 8:33
  exactly
• 8:34
  it.
• 8:34
  Uh,
• 8:34
  it
• 8:34
  will
• 8:34
  segue
• 8:35
  to
• 8:35
  that.
• 8:35
  Like,
• 8:36
  where,
• 8:36
  where
• 8:37
  does
• 8:37
  it...
• 8:37
  Is
• 8:38
  it
• 8:38
  a
• 8:38
  alternative?
• 8:39
  Do
• 8:39
  you
• 8:39
  just
• 8:39
  bucket
• 8:40
  in
• 8:40
  with,
• 8:40
  um-
• 8:42
  You
• 8:42
  know,
• 8:42
  equities,
• 8:43
  but
• 8:43
  though
• 8:43
  then
• 8:43
  there's
• 8:44
  different
• 8:44
  ways
• 8:44
  of
• 8:44
  getting
• 8:45
  exposure
• 8:45
  to
• 8:46
  energy,
• 8:46
  which
• 8:46
  might
• 8:47
  be
• 8:47
  more
• 8:47
  of
• 8:47
  a
• 8:47
  income-oriented
• 8:49
  product.
• 8:49
  That-
• 8:49
  that's
• 8:50
  right.
• 8:50
  I'd,
• 8:50
  I'd
• 8:50
  say
• 8:50
  that's
• 8:50
  probably
• 8:51
  more
• 8:51
  typical
• 8:52
  when
• 8:52
  people
• 8:52
  think
• 8:52
  about
• 8:53
  energy,
• 8:53
  is
• 8:53
  that
• 8:53
  they're
• 8:53
  thinking
• 8:53
  about
• 8:54
  the
• 8:54
  income.
• 8:55
  They're
• 8:55
  thinking
• 8:55
  about
• 8:56
  it
• 8:56
  in,
• 8:56
  um...
• 8:57
  So,
• 8:57
  so
• 8:57
  we'll
• 8:58
  see
• 8:58
  a
• 8:58
  lot
• 8:58
  of
• 8:58
  the
• 8:59
  folks
• 9:00
  that
• 9:00
  we
• 9:00
  speak
• 9:00
  to
• 9:00
  that
• 9:00
  are
• 9:00
  model
• 9:01
  allocators,
• 9:02
  they
• 9:02
  say,
• 9:02
  "All
• 9:02
  right,
• 9:02
  let
• 9:02
  me
• 9:02
  carve
• 9:03
  something
• 9:03
  out
• 9:03
  of
• 9:03
  my
• 9:04
  income
• 9:04
  model
• 9:05
  for
• 9:05
  energy,
• 9:06
  um,
• 9:07
  for
• 9:07
  energy
• 9:07
  infrastructure."
• 9:08
  I
• 9:08
  mean,
• 9:09
  you're,
• 9:09
  you're
• 9:09
  seeing
• 9:09
  yields.
• 9:10
  Yes,
• 9:10
  yields
• 9:10
  have
• 9:10
  come
• 9:11
  down,
• 9:11
  but
• 9:11
  you're
• 9:11
  still
• 9:11
  seeing
• 9:12
  yields
• 9:12
  at,
• 9:12
  you
• 9:12
  know,
• 9:13
  5-plus
• 9:13
  percent,
• 9:14
  uh,
• 9:14
  for
• 9:14
  a
• 9:14
  lot
• 9:14
  of
• 9:15
  those
• 9:15
  companies.
• 9:15
  Mm-hmm.
• 9:15
  Energy
• 9:16
  yields
• 9:16
  are,
• 9:16
  are
• 9:16
  gonna
• 9:16
  be
• 9:17
  above
• 9:17
  the,
• 9:17
  the
• 9:17
  broader
• 9:18
  market
• 9:18
  as
• 9:18
  well.
• 9:18
  So
• 9:19
  it
• 9:19
  is
• 9:19
  a
• 9:19
  good
• 9:19
  place
• 9:19
  you
• 9:19
  can
• 9:19
  get,
• 9:20
  you
• 9:20
  can
• 9:20
  get
• 9:20
  income.
• 9:22
  Um,
• 9:22
  you
• 9:22
  also
• 9:22
  get,
• 9:22
  you
• 9:22
  know,
• 9:23
  if
• 9:23
  you're
• 9:23
  just
• 9:23
  focusing
• 9:23
  on
• 9:24
  broad
• 9:24
  energy
• 9:24
  specifically,
• 9:26
  I
• 9:26
  mean,
• 9:26
  a
• 9:26
  lot
• 9:26
  of
• 9:27
  people
• 9:27
  worry
• 9:27
  about
• 9:27
  inflation
• 9:28
  protection,
• 9:28
  right?
• 9:28
  Specifically,
• 9:29
  their
• 9:30
  contracts
• 9:30
  adjust,
• 9:31
  and
• 9:31
  so
• 9:32
  relative
• 9:32
  to
• 9:32
  the
• 9:33
  PPI,
• 9:33
  which
• 9:33
  is
• 9:33
  the
• 9:34
  Producer
• 9:34
  Price
• 9:34
  Index,
• 9:35
  and
• 9:35
  so
• 9:35
  if
• 9:36
  the
• 9:36
  Producer
• 9:36
  Price
• 9:36
  Index
• 9:37
  goes
• 9:37
  up,
• 9:37
  that
• 9:37
  means
• 9:38
  they
• 9:38
  can
• 9:38
  increase
• 9:39
  the,
• 9:39
  the
• 9:39
  fee
• 9:40
  year
• 9:40
  over
• 9:40
  year
• 9:40
  on
• 9:41
  what
• 9:41
  the
• 9:41
  tariffs
• 9:42
  that
• 9:42
  they
• 9:42
  charge
• 9:42
  on,
• 9:43
  uh,
• 9:43
  for
• 9:43
  interstate
• 9:44
  pipelines.
• 9:44
  So
• 9:45
  there's
• 9:45
  this
• 9:45
  pass-through
• 9:46
  effect,
• 9:46
  which
• 9:47
  not
• 9:47
  all
• 9:47
  industries
• 9:48
  have,
• 9:48
  but
• 9:48
  certainly
• 9:48
  the
• 9:48
  energy
• 9:49
  industry
• 9:49
  has,
• 9:50
  hence
• 9:50
  your,
• 9:51
  your
• 9:51
  inflation
• 9:51
  protection-
• 9:52
  Mm-hmm
• 9:53
  um,
• 9:53
  you
• 9:53
  know,
• 9:53
  ability
• 9:54
  there.
• 9:54
  So
• 9:55
  y-
• 9:55
  you
• 9:55
  know,
• 9:56
  I...
• 9:56
  Look,
• 9:57
  I,
• 9:57
  I
• 9:57
  think
• 9:57
  you
• 9:57
  could
• 9:57
  put
• 9:57
  it
• 9:57
  in
• 9:57
  real
• 9:58
  assets.
• 9:58
  You
• 9:58
  can
• 9:59
  certainly
• 9:59
  put
• 9:59
  it
• 9:59
  in
• 9:59
  income.
• 10:00
  And
• 10:00
  then
• 10:00
  if
• 10:00
  you
• 10:00
  think
• 10:01
  about
• 10:01
  the
• 10:01
  broad
• 10:01
  equity
• 10:02
  allocation,
• 10:03
  you
• 10:03
  know,
• 10:03
  I'd,
• 10:03
  I'd
• 10:03
  say
• 10:03
  people
• 10:04
  maybe
• 10:04
  stick
• 10:04
  it
• 10:05
  more
• 10:05
  in
• 10:05
  that
• 10:05
  core
• 10:05
  satellite
• 10:06
  position
• 10:06
  when
• 10:06
  they're,
• 10:07
  when
• 10:07
  they're,
• 10:07
  when
• 10:07
  they're
• 10:08
  bullish
• 10:08
  there.
• 10:09
  So
• 10:09
  one
• 10:09
  of
• 10:09
  the
• 10:09
  ways...
• 10:10
  That's
• 10:10
  fantastic,
• 10:11
  Mark,
• 10:12
  and
• 10:12
  it,
• 10:12
  it,
• 10:13
  you
• 10:13
  know,
• 10:13
  I
• 10:14
  love
• 10:14
  the
• 10:14
  fact
• 10:14
  that
• 10:14
  you
• 10:14
  brought
• 10:15
  up,
• 10:15
  too,
• 10:15
  you
• 10:15
  know,
• 10:16
  inflationary
• 10:16
  hedge,
• 10:17
  right?
• 10:18
  Obviously,
• 10:18
  everybody
• 10:19
  was
• 10:19
  looking
• 10:19
  for
• 10:19
  a
• 10:19
  hedge
• 10:20
  to
• 10:20
  inflation.
• 10:21
  So
• 10:21
  the
• 10:21
  next
• 10:21
  question
• 10:22
  then
• 10:22
  is
• 10:23
  a
• 10:23
  lot
• 10:23
  of
• 10:23
  people,
• 10:24
  they
• 10:24
  can
• 10:24
  access
• 10:25
  energy.
• 10:25
  You
• 10:25
  know,
• 10:25
  there's
• 10:26
  ETFs
• 10:26
  obviously,
• 10:27
  but
• 10:27
  there's
• 10:27
  also
• 10:28
  MLPs.
• 10:29
  Mm-hmm.
• 10:29
  MLPs
• 10:30
  are
• 10:30
  a
• 10:30
  top,
• 10:30
  a
• 10:31
  popular
• 10:31
  way
• 10:32
  of
• 10:32
  accessing,
• 10:33
  getting
• 10:33
  exposure
• 10:34
  to,
• 10:35
  to
• 10:35
  energy.
• 10:36
  Why?
• 10:37
  W-
• 10:37
  what
• 10:37
  is
• 10:37
  it
• 10:37
  about
• 10:37
  MLPs
• 10:38
  and,
• 10:39
  and
• 10:39
  then
• 10:39
  the
• 10:39
  how?
• 10:40
  Yeah,
• 10:41
  I
• 10:41
  mean,
• 10:41
  I,
• 10:42
  I
• 10:42
  covered
• 10:42
  it
• 10:42
  a
• 10:42
  little
• 10:42
  bit
• 10:42
  earlier,
• 10:43
  but
• 10:43
  ener-
• 10:44
  MLPs
• 10:44
  sit
• 10:45
  specifically
• 10:46
  within
• 10:47
  the
• 10:47
  energy
• 10:48
  infrastructure
• 10:49
  sector.
• 10:50
  Mm-hmm.
• 10:50
  And
• 10:50
  so
• 10:50
  they
• 10:50
  are,
• 10:51
  they
• 10:51
  have
• 10:51
  long-term
• 10:52
  fixed
• 10:53
  fee
• 10:53
  contracts,
• 10:54
  and
• 10:54
  those
• 10:55
  long-term
• 10:55
  fixed
• 10:55
  fee
• 10:55
  contracts
• 10:56
  allow
• 10:57
  them
• 10:57
  to
• 10:57
  have
• 10:58
  stability
• 10:58
  of
• 10:58
  their
• 10:59
  underlying
• 10:59
  business
• 11:00
  model.
• 11:00
  And
• 11:01
  because
• 11:01
  they
• 11:01
  have
• 11:01
  a
• 11:02
  more
• 11:02
  stable
• 11:02
  business
• 11:02
  model
• 11:03
  that
• 11:03
  is
• 11:03
  less
• 11:03
  impacted
• 11:04
  by
• 11:04
  the,
• 11:04
  the
• 11:05
  up
• 11:05
  and
• 11:05
  the
• 11:05
  downswings
• 11:07
  of,
• 11:07
  um,
• 11:07
  commodity
• 11:08
  prices,
• 11:09
  what
• 11:09
  they
• 11:09
  can
• 11:09
  do
• 11:09
  is
• 11:09
  pay
• 11:10
  a
• 11:10
  bigger
• 11:10
  distribution
• 11:11
  that
• 11:11
  is
• 11:11
  repeatable
• 11:12
  and
• 11:12
  consistent.
• 11:13
  So
• 11:13
  I
• 11:13
  think
• 11:13
  that
• 11:13
  is
• 11:14
  where,
• 11:14
  you
• 11:14
  know,
• 11:14
  folks
• 11:15
  really
• 11:15
  like
• 11:15
  portfolios.
• 11:16
  They'll
• 11:16
  be,
• 11:16
  they'll
• 11:16
  be
• 11:17
  yielding,
• 11:17
  you
• 11:17
  know,
• 11:17
  anywhere
• 11:17
  from
• 11:18
  5
• 11:18
  to
• 11:19
  8,
• 11:19
  9,
• 11:19
  10%.
• 11:20
  Um-
• 11:20
  Okay.
• 11:21
  Mm-hmm.
• 11:21
  So
• 11:21
  yeah,
• 11:22
  that's
• 11:22
  a
• 11:22
  really
• 11:22
  income
• 11:23
  play
• 11:23
  there.
• 11:24
  More
• 11:24
  income
• 11:24
  oriented.
• 11:25
  Okay.
• 11:25
  Yep.
• 11:25
  Yep.
• 11:26
  So
• 11:26
  then
• 11:27
  financial
• 11:28
  advisors
• 11:29
  out
• 11:29
  there,
• 11:29
  they
• 11:29
  hear
• 11:29
  that,
• 11:30
  great
• 11:30
  income,
• 11:31
  perfect
• 11:32
  for
• 11:32
  this
• 11:32
  time.
• 11:34
  But
• 11:34
  then
• 11:34
  how,
• 11:35
  like,
• 11:35
  MLP,
• 11:36
  like
• 11:36
  how,
• 11:36
  where
• 11:37
  would
• 11:37
  they
• 11:37
  go
• 11:37
  to
• 11:37
  get
• 11:37
  more
• 11:38
  information,
• 11:38
  or
• 11:39
  how
• 11:39
  would
• 11:39
  they
• 11:39
  implement
• 11:40
  it?
• 11:41
  Um,
• 11:41
  are
• 11:41
  they...
• 11:42
  Do
• 11:42
  they
• 11:42
  have
• 11:43
  ticker?
• 11:43
  You
• 11:43
  know,
• 11:44
  like-
• 11:45
  Yeah.
• 11:45
  Yeah.
• 11:45
  We...
• 11:46
  So
• 11:47
  that,
• 11:47
  that
• 11:47
  is
• 11:47
  our,
• 11:48
  our
• 11:48
  core
• 11:48
  is,
• 11:49
  is
• 11:49
  midstream
• 11:50
  energy
• 11:50
  infrastructure.
• 11:50
  That's
• 11:51
  how
• 11:51
  our
• 11:51
  business
• 11:51
  starts.
• 11:51
  We
• 11:51
  got
• 11:52
  a
• 11:52
  multitude
• 11:52
  of
• 11:52
  ways
• 11:53
  you
• 11:53
  could
• 11:53
  play,
• 11:54
  um,
• 11:54
  MLPs.
• 11:55
  Specifically,
• 11:56
  um,
• 11:57
  we,
• 11:57
  we
• 11:57
  have
• 11:57
  pipeline
• 11:58
  funds
• 11:58
  that,
• 11:59
  uh,
• 11:59
  you
• 11:59
  know,
• 12:00
  have
• 12:00
  C
• 12:00
  corps
• 12:00
  and
• 12:01
  MLPs,
• 12:01
  but
• 12:01
  then
• 12:01
  we
• 12:02
  have
• 12:02
  a
• 12:02
  dedicated,
• 12:03
  um,
• 12:03
  uh,
• 12:04
  MLP,
• 12:05
  uh,
• 12:05
  ETF
• 12:05
  as
• 12:06
  well,
• 12:06
  which
• 12:06
  we,
• 12:06
  which
• 12:06
  we
• 12:07
  just
• 12:07
  launched,
• 12:07
  uh,
• 12:08
  TMLP,
• 12:08
  which
• 12:08
  is
• 12:09
  a
• 12:09
  Tortoise
• 12:09
  MLP
• 12:10
  ETF.
• 12:11
  And
• 12:11
  so
• 12:11
  that,
• 12:11
  that
• 12:11
  tracks
• 12:12
  our
• 12:12
  underlying
• 12:13
  index,
• 12:13
  which
• 12:13
  we
• 12:14
  built,
• 12:14
  um,
• 12:14
  you
• 12:14
  know,
• 12:15
  15
• 12:15
  years
• 12:15
  ago,
• 12:16
  um,
• 12:17
  and
• 12:17
  wh-
• 12:17
  which
• 12:17
  really
• 12:18
  owns
• 12:18
  the
• 12:18
  best
• 12:18
  and
• 12:19
  market-weighted,
• 12:20
  uh,
• 12:20
  MLPs
• 12:21
  in,
• 12:22
  in
• 12:22
  the
• 12:22
  universe.
• 12:23
  And
• 12:23
  so
• 12:23
  that,
• 12:23
  that's
• 12:24
  one...
• 12:24
  That,
• 12:24
  that's
• 12:24
  an
• 12:24
  index
• 12:25
  we've
• 12:25
  had
• 12:25
  for
• 12:25
  a
• 12:25
  long
• 12:25
  time.
• 12:26
  Um,
• 12:27
  it,
• 12:27
  you
• 12:27
  know,
• 12:27
  gives
• 12:27
  you
• 12:27
  a
• 12:27
  nice
• 12:28
  broad
• 12:28
  set
• 12:28
  of
• 12:29
  ex-
• 12:29
  exposure.
• 12:29
  So
• 12:30
  if
• 12:30
  you
• 12:30
  look
• 12:30
  at
• 12:30
  some
• 12:30
  of
• 12:31
  the
• 12:31
  other
• 12:31
  competing,
• 12:32
  uh,
• 12:32
  products
• 12:33
  are
• 12:33
  gonna
• 12:33
  be
• 12:33
  more
• 12:33
  narrow,
• 12:34
  13,
• 12:34
  14
• 12:35
  holdings.
• 12:35
  Top,
• 12:36
  top
• 12:36
  holdings
• 12:36
  are
• 12:36
  gonna,
• 12:37
  you
• 12:37
  know,
• 12:37
  be
• 12:38
  10,
• 12:38
  12,
• 12:38
  13,
• 12:39
  14%.
• 12:40
  Um,
• 12:40
  we
• 12:41
  are
• 12:41
  gonna
• 12:41
  be
• 12:41
  more
• 12:42
  market
• 12:42
  cap
• 12:43
  weighted.
• 12:43
  We
• 12:43
  have
• 12:43
  23
• 12:44
  holdings,
• 12:44
  um,
• 12:45
  so
• 12:45
  a
• 12:45
  little
• 12:45
  bit
• 12:45
  more
• 12:46
  diversification
• 12:46
  there.
• 12:47
  Fantastic.
• 12:48
  Great
• 12:48
  information,
• 12:49
  Mark.
• 12:50
  So
• 12:50
  let's
• 12:50
  take
• 12:50
  a
• 12:50
  step
• 12:51
  back
• 12:51
  again.
• 12:52
  So
• 12:52
  what's
• 12:52
  the
• 12:53
  future
• 12:53
  look
• 12:53
  like
• 12:53
  for
• 12:54
  energy?
• 12:54
  I
• 12:54
  mean,
• 12:55
  I
• 12:55
  talked
• 12:55
  about
• 12:56
  the
• 12:56
  data
• 12:56
  centers,
• 12:57
  electricity,
• 12:58
  big
• 12:59
  demand
• 12:59
  there
• 12:59
  for
• 13:00
  energy.
• 13:01
  You
• 13:01
  have
• 13:01
  oil.
• 13:02
  Who
• 13:02
  knows
• 13:02
  where
• 13:02
  oil's
• 13:03
  gonna
• 13:03
  be
• 13:03
  next
• 13:04
  time
• 13:04
  we
• 13:04
  talk
• 13:04
  and
• 13:05
  if
• 13:05
  we
• 13:05
  talk
• 13:05
  in
• 13:05
  a
• 13:05
  year-
• 13:06
  Yeah
• 13:06
  where
• 13:07
  oil's
• 13:07
  gonna
• 13:07
  be.
• 13:07
  But
• 13:08
  what's
• 13:08
  the
• 13:08
  future
• 13:08
  look
• 13:09
  like?
• 13:10
  Yeah,
• 13:10
  I
• 13:10
  mean,
• 13:10
  I,
• 13:10
  I
• 13:10
  think
• 13:11
  what
• 13:11
  you're
• 13:11
  getting
• 13:11
  is
• 13:11
  these
• 13:12
  signals
• 13:12
  and,
• 13:13
  and
• 13:13
  a
• 13:13
  realization
• 13:14
  that,
• 13:15
  um,
• 13:15
  you
• 13:15
  know,
• 13:16
  front
• 13:16
  and
• 13:16
  center
• 13:16
  energy
• 13:17
  is,
• 13:17
  is
• 13:18
  really
• 13:18
  in
• 13:18
  high
• 13:18
  demand.
• 13:19
  Now
• 13:19
  you're
• 13:19
  seeing
• 13:19
  it
• 13:19
  on,
• 13:20
  on
• 13:20
  the
• 13:20
  AI
• 13:21
  side
• 13:22
  specifically
• 13:22
  because
• 13:23
  these
• 13:23
  data
• 13:23
  centers
• 13:23
  are
• 13:24
  just
• 13:24
  so
• 13:24
  intensive.
• 13:25
  So,
• 13:25
  I
• 13:25
  mean,
• 13:26
  the
• 13:26
  easy,
• 13:27
  you
• 13:27
  know,
• 13:27
  way
• 13:27
  I
• 13:28
  relate
• 13:28
  to
• 13:28
  people
• 13:28
  is
• 13:28
  you
• 13:28
  think
• 13:29
  about
• 13:29
  a
• 13:29
  Google
• 13:29
  search,
• 13:30
  and
• 13:30
  then
• 13:30
  you
• 13:30
  think
• 13:30
  about
• 13:31
  a
• 13:31
  ChatGPT
• 13:32
  search,
• 13:32
  just
• 13:32
  a
• 13:32
  simple
• 13:33
  ChatGPT,
• 13:33
  not
• 13:33
  even
• 13:33
  the
• 13:34
  picture
• 13:34
  one.
• 13:35
  10
• 13:35
  times
• 13:35
  the
• 13:35
  amount-
• 13:36
  of
• 13:36
  energy
• 13:36
  usage.
• 13:37
  And,
• 13:37
  and,
• 13:37
  and
• 13:38
  then
• 13:38
  you
• 13:38
  think
• 13:38
  about
• 13:38
  the
• 13:38
  broader
• 13:38
  population.
• 13:39
  How
• 13:39
  many
• 13:40
  people
• 13:40
  are
• 13:40
  doing
• 13:40
  more
• 13:40
  ChatGPT
• 13:41
  searches?
• 13:41
  I
• 13:41
  can
• 13:42
  tell
• 13:42
  you
• 13:42
  my,
• 13:42
  my
• 13:43
  ChatGPT
• 13:43
  usage
• 13:44
  is,
• 13:44
  I
• 13:45
  was
• 13:45
  a
• 13:45
  early
• 13:45
  adopter,
• 13:45
  and
• 13:46
  it
• 13:46
  continues
• 13:46
  to
• 13:46
  skyrocket.
• 13:47
  Yeah.
• 13:47
  So,
• 13:48
  um,
• 13:49
  you
• 13:49
  know,
• 13:49
  uh,
• 13:49
  the
• 13:49
  future
• 13:50
  of
• 13:50
  energy
• 13:50
  I
• 13:50
  think
• 13:50
  is
• 13:50
  really
• 13:51
  bright,
• 13:51
  but
• 13:51
  we're
• 13:51
  coming
• 13:51
  to
• 13:52
  a
• 13:52
  realization
• 13:53
  that,
• 13:54
  uh,
• 13:54
  you
• 13:54
  know,
• 13:54
  it's
• 13:55
  gonna
• 13:55
  be
• 13:55
  needed.
• 13:55
  So
• 13:56
  if,
• 13:56
  if
• 13:56
  you
• 13:56
  back
• 13:57
  up
• 13:57
  and
• 13:57
  think
• 13:57
  about
• 13:57
  how
• 13:57
  Tortoise
• 13:58
  has
• 13:58
  talked
• 13:58
  about,
• 13:59
  uh,
• 14:00
  energy,
• 14:00
  it's
• 14:01
  reliability,
• 14:02
  it's
• 14:03
  affordability,
• 14:04
  and
• 14:04
  it's
• 14:04
  security.
• 14:06
  And,
• 14:06
  um,
• 14:07
  you
• 14:07
  know,
• 14:07
  that,
• 14:08
  that
• 14:08
  I
• 14:08
  would,
• 14:08
  I
• 14:09
  would
• 14:09
  say
• 14:09
  security,
• 14:10
  like
• 14:10
  all
• 14:10
  of
• 14:11
  a
• 14:11
  sudden,
• 14:11
  you
• 14:11
  know,
• 14:11
  we're
• 14:12
  talking
• 14:12
  about
• 14:12
  security
• 14:13
  as
• 14:13
  a
• 14:13
  concern.
• 14:13
  No
• 14:13
  one
• 14:13
  was
• 14:14
  thinking
• 14:14
  about
• 14:14
  energy
• 14:14
  security
• 14:15
  as
• 14:15
  a
• 14:15
  concern
• 14:15
  five
• 14:16
  years
• 14:16
  ago.
• 14:16
  It
• 14:16
  just
• 14:17
  kinda
• 14:17
  happened
• 14:17
  for
• 14:17
  us.
• 14:18
  But
• 14:18
  when
• 14:18
  you
• 14:18
  get
• 14:18
  in
• 14:19
  these,
• 14:19
  these
• 14:19
  types
• 14:19
  of,
• 14:20
  uh,
• 14:20
  you
• 14:20
  know,
• 14:21
  regional
• 14:21
  wars
• 14:22
  where
• 14:22
  you're
• 14:22
  cutting
• 14:22
  off
• 14:22
  and
• 14:23
  choking
• 14:23
  off,
• 14:23
  you
• 14:23
  know,
• 14:24
  20
• 14:24
  to
• 14:24
  30%
• 14:25
  of,
• 14:25
  of
• 14:25
  any
• 14:25
  type
• 14:26
  of,
• 14:26
  um,
• 14:26
  you
• 14:27
  know,
• 14:27
  commodity,
• 14:27
  all
• 14:27
  of
• 14:28
  a
• 14:28
  sudden
• 14:28
  you're
• 14:28
  worried
• 14:28
  about
• 14:29
  security
• 14:30
  and
• 14:30
  you-
• 14:30
  you're
• 14:30
  worried
• 14:30
  about
• 14:30
  affordability,
• 14:31
  right?
• 14:31
  Like,
• 14:32
  what's
• 14:32
  the
• 14:32
  price?
• 14:32
  What
• 14:32
  am
• 14:32
  I
• 14:32
  gonna
• 14:33
  pay
• 14:33
  at
• 14:33
  the
• 14:33
  pump?
• 14:34
  Um,
• 14:34
  s-
• 14:34
  and
• 14:35
  then-
• 14:36
  And
• 14:36
  these
• 14:36
  are
• 14:36
  all
• 14:36
  things
• 14:37
  that,
• 14:37
  that
• 14:37
  we're
• 14:37
  thinking
• 14:37
  about,
• 14:38
  you
• 14:38
  know,
• 14:38
  day
• 14:38
  in
• 14:38
  and
• 14:38
  day
• 14:39
  out.
• 14:39
  But
• 14:39
  the
• 14:39
  pendulum
• 14:40
  has
• 14:40
  just
• 14:40
  swung
• 14:40
  back
• 14:41
  to,
• 14:41
  I
• 14:41
  think,
• 14:41
  more
• 14:41
  of
• 14:41
  a
• 14:41
  normalization-
• 14:43
  Yeah
• 14:43
  stage.
• 14:43
  Yeah,
• 14:43
  and
• 14:43
  I
• 14:44
  feel,
• 14:44
  I've
• 14:44
  always
• 14:45
  talked
• 14:45
  a
• 14:45
  lot
• 14:45
  lately,
• 14:46
  we're
• 14:47
  in
• 14:47
  a
• 14:47
  normalization.
• 14:48
  It
• 14:48
  just
• 14:48
  said
• 14:48
  markets,
• 14:49
  I
• 14:49
  would
• 14:49
  feel
• 14:49
  maybe
• 14:50
  not
• 14:50
  with
• 14:50
  the
• 14:50
  war
• 14:51
  and,
• 14:51
  and,
• 14:51
  and
• 14:51
  oil,
• 14:52
  but-
• 14:53
  Correct.
• 14:53
  Yeah
• 14:53
  you
• 14:53
  know,
• 14:54
  interest
• 14:54
  rates
• 14:55
  aren't
• 14:55
  supposed
• 14:55
  to
• 14:55
  be
• 14:55
  at
• 14:55
  zero.
• 14:56
  That's
• 14:56
  right.
• 14:56
  Right?
• 14:57
  Interest
• 14:57
  rates-
• 14:58
  That's
• 14:58
  right
• 14:58
  are
• 14:58
  supposed
• 14:59
  to
• 14:59
  be
• 14:59
  at,
• 14:59
  you
• 15:00
  know,
• 15:00
  three
• 15:00
  and
• 15:00
  a
• 15:00
  half,
• 15:00
  4%,
• 15:01
  right?
• 15:02
  Yep.
• 15:02
  So
• 15:03
  I
• 15:03
  think
• 15:03
  during
• 15:03
  that
• 15:03
  time
• 15:04
  period
• 15:04
  when
• 15:04
  interest
• 15:05
  rates
• 15:05
  were
• 15:05
  zero,
• 15:06
  there
• 15:07
  was
• 15:07
  a
• 15:07
  lot
• 15:07
  of
• 15:07
  dislocations,
• 15:08
  things
• 15:08
  that
• 15:09
  shouldn't
• 15:09
  be
• 15:09
  happening
• 15:10
  were
• 15:10
  happening,
• 15:11
  and
• 15:11
  so
• 15:11
  on.
• 15:12
  So
• 15:13
  speaking
• 15:13
  of
• 15:13
  oil-
• 15:14
  Yeah
• 15:15
  what's
• 15:15
  $100
• 15:16
  barrel
• 15:16
  of
• 15:16
  oil?
• 15:17
  Just
• 15:17
  a
• 15:17
  few-
• 15:17
  What's
• 15:17
  the
• 15:17
  impact?
• 15:18
  Just
• 15:18
  a
• 15:18
  few
• 15:18
  things
• 15:18
  been
• 15:19
  happening
• 15:19
  in
• 15:19
  oil
• 15:19
  lately,
• 15:20
  right?
• 15:20
  Yeah.
• 15:20
  Just
• 15:21
  a
• 15:21
  couple
• 15:21
  of
• 15:21
  things.
• 15:22
  A
• 15:22
  few
• 15:22
  headlines
• 15:23
  out
• 15:23
  there.
• 15:23
  What
• 15:24
  impact
• 15:24
  does
• 15:24
  that
• 15:24
  have
• 15:25
  on
• 15:25
  energy?
• 15:25
  Obviously,
• 15:26
  the
• 15:26
  price,
• 15:27
  as
• 15:27
  an
• 15:27
  investor,
• 15:28
  you're
• 15:28
  like,
• 15:28
  "Wow,
• 15:29
  this
• 15:29
  is
• 15:29
  great
• 15:29
  for
• 15:29
  my
• 15:30
  portfolio."
• 15:31
  Yeah.
• 15:31
  Yeah.
• 15:32
  It,
• 15:32
  it's
• 15:32
  gonna
• 15:32
  impact
• 15:33
  different
• 15:34
  sub-sectors
• 15:35
  differently,
• 15:36
  and,
• 15:36
  and
• 15:36
  really
• 15:36
  how
• 15:36
  much
• 15:36
  they
• 15:37
  take
• 15:37
  the
• 15:37
  commodity,
• 15:38
  um,
• 15:38
  you
• 15:38
  know,
• 15:39
  front
• 15:39
  month
• 15:39
  risk.
• 15:40
  And
• 15:40
  so
• 15:40
  I
• 15:40
  s-
• 15:40
  I
• 15:40
  say
• 15:40
  that,
• 15:41
  but
• 15:41
  I
• 15:41
  think
• 15:41
  the
• 15:41
  bigger
• 15:42
  issue
• 15:42
  is
• 15:43
  how
• 15:43
  much
• 15:43
  has
• 15:43
  this
• 15:43
  conflict
• 15:44
  kinda
• 15:44
  moved
• 15:45
  the
• 15:45
  curve?
• 15:46
  'Cause
• 15:46
  that's
• 15:46
  where,
• 15:47
  you
• 15:47
  know,
• 15:47
  the
• 15:47
  companies
• 15:47
  are
• 15:47
  gonna
• 15:47
  make
• 15:48
  their
• 15:48
  long-term
• 15:48
  investment
• 15:49
  decisions
• 15:49
  on
• 15:50
  and,
• 15:50
  you
• 15:50
  know,
• 15:50
  what
• 15:50
  they
• 15:50
  maybe
• 15:51
  spend,
• 15:51
  what
• 15:52
  they
• 15:52
  ultimately
• 15:52
  bring
• 15:53
  to
• 15:53
  market
• 15:54
  in
• 15:54
  terms
• 15:54
  of
• 15:54
  production.
• 15:55
  And
• 15:55
  so
• 15:56
  this
• 15:56
  is
• 15:57
  80-
• 15:57
  oil
• 15:58
  was
• 15:58
  at
• 15:58
  $85,
• 16:00
  you
• 16:00
  know,
• 16:01
  middle
• 16:01
  of
• 16:01
  last
• 16:01
  week.
• 16:02
  So
• 16:02
  this...
• 16:02
  That's
• 16:02
  like
• 16:02
  dated
• 16:02
  information
• 16:03
  with
• 16:03
  how
• 16:03
  fast
• 16:04
  things
• 16:04
  are-
• 16:04
  Yeah
• 16:04
  moving
• 16:04
  at
• 16:04
  this
• 16:05
  point.
• 16:05
  But
• 16:05
  what
• 16:05
  I
• 16:05
  was
• 16:06
  looking
• 16:06
  at
• 16:06
  was
• 16:06
  how
• 16:06
  much
• 16:07
  has
• 16:07
  the
• 16:07
  curve
• 16:07
  moved?
• 16:08
  And,
• 16:08
  and
• 16:09
  when
• 16:09
  you
• 16:09
  looked
• 16:09
  at
• 16:09
  the
• 16:09
  nine
• 16:10
  months
• 16:10
  remaining
• 16:10
  for
• 16:11
  the
• 16:11
  rest
• 16:11
  of
• 16:11
  the
• 16:11
  year,
• 16:11
  the
• 16:11
  curve
• 16:12
  on
• 16:12
  average,
• 16:13
  so
• 16:13
  each
• 16:13
  monthly
• 16:13
  delta
• 16:14
  had
• 16:14
  moved
• 16:14
  $12.
• 16:15
  That's
• 16:16
  gonna
• 16:16
  be
• 16:16
  very
• 16:16
  profitable
• 16:17
  for
• 16:18
  all
• 16:19
  of
• 16:19
  the,
• 16:19
  the
• 16:19
  energy
• 16:20
  industry.
• 16:21
  Um,
• 16:21
  you
• 16:21
  know,
• 16:22
  I,
• 16:22
  I
• 16:22
  saw
• 16:22
  a
• 16:22
  stat
• 16:22
  that
• 16:23
  they're
• 16:23
  gonna...
• 16:23
  that
• 16:23
  the,
• 16:24
  the
• 16:24
  integrators
• 16:24
  are
• 16:24
  gonna
• 16:24
  make
• 16:25
  $5
• 16:25
  billion
• 16:26
  in
• 16:26
  profits
• 16:27
  in
• 16:27
  margin.
• 16:28
  Is
• 16:28
  that
• 16:28
  sustainable?
• 16:29
  This...
• 16:29
  The,
• 16:29
  the
• 16:30
  gyration,
• 16:30
  I,
• 16:30
  I'd
• 16:30
  say
• 16:31
  is
• 16:31
  not,
• 16:31
  it's
• 16:31
  not
• 16:31
  healthy
• 16:32
  for
• 16:32
  the,
• 16:32
  for
• 16:32
  the
• 16:32
  broader
• 16:32
  economy.
• 16:33
  And
• 16:34
  actually,
• 16:34
  if
• 16:34
  you
• 16:34
  have
• 16:34
  prices
• 16:35
  that
• 16:35
  get
• 16:35
  too
• 16:35
  high,
• 16:36
  you
• 16:36
  end
• 16:36
  up
• 16:36
  having
• 16:37
  demand
• 16:37
  destruction,
• 16:38
  and
• 16:38
  that
• 16:38
  ends
• 16:39
  up
• 16:39
  putting
• 16:39
  you
• 16:39
  into
• 16:39
  a
• 16:39
  recession,
• 16:40
  and
• 16:40
  then
• 16:40
  that's
• 16:41
  not
• 16:41
  good
• 16:41
  for
• 16:41
  anybody,
• 16:42
  right?
• 16:42
  'Cause
• 16:42
  then
• 16:42
  all
• 16:42
  of
• 16:42
  a
• 16:42
  sudden
• 16:42
  you
• 16:43
  don't
• 16:43
  have
• 16:43
  the
• 16:43
  demand,
• 16:44
  the,
• 16:44
  the
• 16:44
  supply
• 16:45
  has
• 16:45
  nowhere
• 16:45
  to
• 16:45
  go.
• 16:46
  You...
• 16:46
  We
• 16:46
  don't
• 16:46
  wanna
• 16:47
  go
• 16:47
  there.
• 16:47
  Right.
• 16:47
  But,
• 16:47
  but
• 16:48
  certainly
• 16:48
  I'd
• 16:49
  say
• 16:49
  it,
• 16:50
  you
• 16:50
  know,
• 16:50
  the
• 16:50
  improved
• 16:51
  prices,
• 16:52
  um,
• 16:53
  are,
• 16:53
  are
• 16:53
  healthy
• 16:53
  for
• 16:54
  the
• 16:54
  energy
• 16:54
  sector.
• 16:56
  What
• 16:56
  I
• 16:56
  would
• 16:56
  say
• 16:57
  is,
• 16:57
  is,
• 16:57
  you
• 16:57
  know,
• 16:58
  notable.
• 16:58
  Why
• 16:58
  haven't
• 16:58
  they,
• 16:59
  the
• 16:59
  prices
• 16:59
  moved
• 17:00
  alongside
• 17:00
  of
• 17:01
  crude?
• 17:01
  And,
• 17:01
  and,
• 17:01
  you
• 17:01
  know,
• 17:02
  the
• 17:02
  market
• 17:02
  discounts
• 17:03
  what,
• 17:03
  what
• 17:03
  prices
• 17:04
  will
• 17:04
  be
• 17:04
  in
• 17:04
  the
• 17:04
  future.
• 17:05
  And
• 17:05
  so
• 17:05
  that's,
• 17:06
  you
• 17:06
  know,
• 17:06
  just
• 17:06
  because
• 17:06
  front-month
• 17:07
  prices
• 17:07
  have
• 17:07
  gone
• 17:07
  up
• 17:07
  $30,
• 17:08
  it
• 17:08
  doesn't
• 17:08
  mean
• 17:09
  the
• 17:09
  whole
• 17:09
  curve's
• 17:09
  gone
• 17:09
  up
• 17:09
  $30
• 17:10
  over,
• 17:10
  over
• 17:10
  the
• 17:11
  rest
• 17:11
  of
• 17:11
  the
• 17:11
  year
• 17:11
  and,
• 17:11
  and,
• 17:12
  and
• 17:12
  outer
• 17:12
  years.
• 17:13
  Mark,
• 17:14
  that's
• 17:14
  fantastic.
• 17:15
  Really
• 17:16
  great
• 17:16
  information.
• 17:17
  So
• 17:18
  this
• 17:19
  probably
• 17:19
  is,
• 17:20
  might
• 17:20
  be
• 17:20
  a
• 17:20
  question
• 17:20
  there's
• 17:21
  real
• 17:21
  no
• 17:21
  answer.
• 17:21
  Is
• 17:22
  there
• 17:22
  a
• 17:22
  sweet
• 17:22
  spot
• 17:24
  to
• 17:24
  oil?
• 17:25
  Like
• 17:25
  $100,
• 17:26
  like
• 17:26
  you
• 17:26
  said,
• 17:26
  once
• 17:27
  it
• 17:27
  gets
• 17:27
  above
• 17:28
  too
• 17:28
  high,
• 17:28
  then
• 17:28
  all
• 17:28
  of
• 17:29
  a
• 17:29
  sudden
• 17:29
  you
• 17:29
  have
• 17:29
  that
• 17:30
  destruction
• 17:30
  of
• 17:30
  GDP,
• 17:31
  nobody's
• 17:31
  spending
• 17:32
  and
• 17:32
  so
• 17:32
  on.
• 17:32
  Yeah.
• 17:33
  Is
• 17:33
  there
• 17:33
  like
• 17:33
  a
• 17:33
  sweet
• 17:34
  spot?
• 17:34
  You
• 17:34
  don't
• 17:34
  want
• 17:34
  it
• 17:34
  too
• 17:34
  low.
• 17:35
  Yep.
• 17:36
  Um,
• 17:36
  or
• 17:36
  a
• 17:36
  range.
• 17:37
  Yep.
• 17:38
  60
• 17:39
  to
• 17:39
  90
• 17:39
  is
• 17:39
  kind
• 17:39
  of
• 17:40
  the,
• 17:40
  the
• 17:40
  comfortable
• 17:40
  range.
• 17:41
  Um,
• 17:42
  and
• 17:42
  so
• 17:42
  I
• 17:42
  would
• 17:42
  say,
• 17:43
  you
• 17:43
  know,
• 17:43
  once
• 17:43
  you
• 17:43
  get
• 17:44
  above
• 17:44
  90,
• 17:45
  you
• 17:45
  know,
• 17:45
  I
• 17:45
  don't,
• 17:45
  I
• 17:45
  don't
• 17:45
  think
• 17:45
  you're
• 17:46
  seeing
• 17:46
  demand
• 17:46
  destruction,
• 17:48
  but,
• 17:48
  you
• 17:48
  know,
• 17:48
  someone's
• 17:49
  gonna
• 17:49
  start
• 17:49
  getting
• 17:49
  pinched
• 17:50
  and
• 17:50
  it's
• 17:50
  probably
• 17:50
  gonna
• 17:50
  be
• 17:51
  the,
• 17:51
  the
• 17:51
  consumer
• 17:52
  with,
• 17:52
  um,
• 17:53
  at,
• 17:53
  at
• 17:53
  the
• 17:53
  pump,
• 17:54
  right?
• 17:54
  And
• 17:54
  so,
• 17:54
  you
• 17:54
  know,
• 17:54
  the
• 17:55
  energy,
• 17:55
  the
• 17:55
  energy
• 17:56
  industry,
• 17:56
  you
• 17:56
  know,
• 17:56
  starts
• 17:56
  to
• 17:56
  get
• 17:57
  portrayed
• 17:57
  in,
• 17:57
  in
• 17:57
  a
• 17:57
  more
• 17:58
  negative
• 17:58
  light.
• 17:59
  On,
• 17:59
  on
• 17:59
  the,
• 18:00
  the
• 18:00
  lower
• 18:00
  range,
• 18:01
  if
• 18:01
  you're
• 18:01
  below
• 18:02
  60,
• 18:02
  all
• 18:02
  of
• 18:02
  a
• 18:03
  sudden,
• 18:03
  you
• 18:03
  know,
• 18:04
  our,
• 18:04
  our,
• 18:04
  our
• 18:06
  curves,
• 18:06
  um,
• 18:07
  from,
• 18:08
  you
• 18:08
  know,
• 18:08
  what
• 18:08
  the
• 18:08
  companies
• 18:08
  can
• 18:08
  drill
• 18:09
  at,
• 18:09
  can
• 18:09
  they
• 18:09
  be
• 18:09
  profitable
• 18:10
  at
• 18:10
  $55?
• 18:11
  It
• 18:11
  starts
• 18:11
  to,
• 18:11
  you
• 18:11
  know,
• 18:12
  creep
• 18:12
  into
• 18:12
  their
• 18:12
  profitability
• 18:13
  and,
• 18:13
  and
• 18:13
  so
• 18:13
  they
• 18:13
  may
• 18:13
  not,
• 18:14
  you
• 18:14
  know,
• 18:14
  bring
• 18:14
  as
• 18:14
  much
• 18:14
  production,
• 18:16
  um,
• 18:16
  online.
• 18:16
  And
• 18:17
  so
• 18:17
  I'd
• 18:17
  say
• 18:17
  60
• 18:17
  to
• 18:18
  90
• 18:18
  is
• 18:18
  kind
• 18:18
  of
• 18:18
  that
• 18:18
  sweet
• 18:18
  spot.
• 18:19
  If
• 18:19
  y-
• 18:19
  if
• 18:19
  I
• 18:19
  had
• 18:19
  to
• 18:19
  pick
• 18:20
  a
• 18:20
  number,
• 18:20
  it'd
• 18:20
  be
• 18:20
  75,
• 18:21
  80.
• 18:21
  Yeah.
• 18:21
  Okay.
• 18:21
  So.
• 18:22
  I
• 18:22
  like
• 18:22
  it.
• 18:22
  Pick
• 18:22
  a
• 18:23
  number.
• 18:24
  I'm
• 18:24
  gonna
• 18:24
  hold
• 18:24
  you
• 18:24
  to
• 18:25
  that,
• 18:25
  Mark.
• 18:25
  And
• 18:25
  when
• 18:26
  we
• 18:26
  talk
• 18:26
  next
• 18:27
  and,
• 18:27
  you
• 18:27
  know,
• 18:27
  have
• 18:27
  you
• 18:28
  back
• 18:28
  on
• 18:28
  in
• 18:28
  a
• 18:28
  year,
• 18:28
  we'll
• 18:29
  g-
• 18:29
  we're
• 18:29
  gonna
• 18:30
  revisit
• 18:30
  it.
• 18:31
  Wonderful.
• 18:31
  Awesome.
• 18:31
  Wonderful.
• 18:32
  Mark,
• 18:32
  great
• 18:33
  conversation.
• 18:34
  Thank
• 18:34
  you
• 18:34
  so
• 18:35
  much.
• 18:35
  Really
• 18:35
  fun.
• 18:36
  Energy,
• 18:37
  oil,
• 18:37
  really
• 18:37
  hot
• 18:38
  topic
• 18:38
  right
• 18:39
  now.
• 18:39
  So
• 18:39
  really
• 18:39
  glad
• 18:40
  you
• 18:40
  brought,
• 18:40
  came
• 18:40
  on,
• 18:41
  joined,
• 18:41
  um,
• 18:42
  shared
• 18:42
  such
• 18:42
  great
• 18:43
  information.
• 18:43
  Where
• 18:44
  can
• 18:44
  our
• 18:44
  audience
• 18:44
  get
• 18:44
  more
• 18:45
  information
• 18:45
  about
• 18:45
  Tortoise
• 18:46
  Capital?
• 18:47
  Yeah.
• 18:47
  G-
• 18:47
  go,
• 18:48
  go
• 18:48
  to
• 18:48
  our
• 18:48
  website,
• 18:49
  tortoisecapital.com.
• 18:51
  Um,
• 18:51
  you
• 18:51
  know,
• 18:51
  we,
• 18:51
  we
• 18:52
  have,
• 18:52
  uh,
• 18:53
  our
• 18:53
  marketing
• 18:54
  machine
• 18:54
  is,
• 18:54
  you
• 18:54
  know,
• 18:55
  cr-
• 18:55
  creating
• 18:55
  content.
• 18:56
  Um,
• 18:56
  you
• 18:56
  know,
• 18:56
  really
• 18:57
  differentiated
• 18:58
  content.
• 18:58
  We
• 18:58
  wanna
• 18:59
  talk
• 18:59
  to
• 18:59
  you
• 18:59
  about
• 18:59
  what
• 18:59
  the
• 19:00
  market
• 19:00
  is,
• 19:00
  what
• 19:00
  is
• 19:00
  happening
• 19:01
  in
• 19:01
  the
• 19:01
  market.
• 19:02
  Um,
• 19:02
  you
• 19:02
  know,
• 19:02
  give
• 19:02
  the,
• 19:02
  give
• 19:02
  the
• 19:03
  up-to-date
• 19:03
  views
• 19:03
  as
• 19:03
  well
• 19:04
  as
• 19:04
  just
• 19:04
  educate
• 19:05
  you,
• 19:05
  um,
• 19:06
  you
• 19:06
  know,
• 19:06
  on,
• 19:06
  on,
• 19:06
  on,
• 19:07
  on
• 19:07
  the,
• 19:07
  um,
• 19:08
  the
• 19:08
  products
• 19:08
  that
• 19:08
  we
• 19:08
  have.
• 19:09
  Yeah,
• 19:10
  Mark.
• 19:10
  I,
• 19:10
  I
• 19:10
  know
• 19:10
  a
• 19:11
  lot
• 19:11
  of
• 19:11
  people
• 19:11
  out
• 19:11
  there
• 19:11
  are
• 19:11
  gonna
• 19:12
  probably
• 19:12
  disagree
• 19:12
  with
• 19:13
  this,
• 19:13
  but
• 19:13
  I
• 19:13
  actually
• 19:13
  do
• 19:14
  do
• 19:14
  some,
• 19:14
  uh,
• 19:15
  research
• 19:15
  in
• 19:15
  my
• 19:16
  preparation,
• 19:17
  and
• 19:17
  I've
• 19:17
  gone
• 19:17
  to
• 19:18
  Tortoise.
• 19:18
  Great
• 19:18
  website.
• 19:19
  You
• 19:19
  do
• 19:19
  have
• 19:19
  a
• 19:19
  lot
• 19:19
  of
• 19:20
  content
• 19:20
  out
• 19:20
  there.
• 19:21
  I
• 19:21
  learn
• 19:21
  a
• 19:21
  lot
• 19:21
  from
• 19:22
  it,
• 19:22
  so-
• 19:22
  Good
• 19:22
  can't
• 19:23
  recommend
• 19:23
  it
• 19:23
  enough.
• 19:24
  Thank
• 19:24
  you,
• 19:25
  Mark.
• 19:25
  And
• 19:25
  thank
• 19:25
  you
• 19:25
  everyone
• 19:26
  for
• 19:26
  listening
• 19:26
  to
• 19:26
  this
• 19:27
  episode
• 19:27
  of
• 19:27
  Zephyr's
• 19:28
  Adjusted
• 19:28
  for
• 19:29
  Risk
• 19:29
  podcast.
• 19:29
  You
• 19:30
  can
• 19:30
  watch
• 19:30
  all
• 19:30
  of
• 19:30
  our
• 19:30
  other
• 19:31
  episodes
• 19:31
  on
• 19:31
  the
• 19:31
  Zephyr
• 19:32
  YouTube
• 19:32
  channel,
• 19:33
  Spotify.
• 19:34
  Please
• 19:34
  be
• 19:34
  sure
• 19:35
  to
• 19:35
  like
• 19:35
  and
• 19:35
  follow
• 19:36
  and
• 19:36
  give
• 19:36
  us
• 19:36
  a,
• 19:37
  uh,
• 19:37
  follow
• 19:37
  on
• 19:37
  LinkedIn.
• 19:38
  Thank
• 19:38
  you
• 19:39
  very
• 19:39
  much,
• 19:39
  and
• 19:39
  have
• 19:39
  a
• 19:40
  great
• 19:40
  rest
• 19:40
  of
• 19:40
  your
• 19:40
  week.
• 19:43
  Get
• 19:44
  started.