Me and the Money Printer

Me and the Money Printer

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Me and the Money Printer
Me and the Money Printer
The Smartest Energy Question of the Year

The Smartest Energy Question of the Year

It's not about nuclear power... AI data centers... or tilting at windmills. It's about understanding value in the oil-and-gas midstream markets.

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Garrett Baldwin
Oct 15, 2024
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Me and the Money Printer
Me and the Money Printer
The Smartest Energy Question of the Year
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Dear Fellow Expat:

For those who have followed my research for some time, you know that I’m a major fan of the midstream sector. During an episode of my 2022-23 show about Momentum, my guest Tim Melvin and I discussed one of his favorite closed-end funds. Tortoise Pipeline & Energy Fund (TTP) became a Tactical Wealth recommendation on December 21, 2022 at $26.02 per share.

And we told readers to not sell it.

Today, it’s up 76% just in share price alone. That doesn’t include the additional 6% to 7% yield that it kicked off during the last 21 months - suitable for dividend reinvestment.

The fund is up 67.5% this year, crushing the S&P 500’s return of 23.5%.

Well… one of the big stories about TTP - as Tim noted - was that it was a closed-end fund. At one point in the last 52 weeks, the fund was trading at a 19.5% discount to its net asset value (NAV).

This meant that the market price of the fund's shares was nearly 20% lower than the value of the fund's underlying assets. Just a reminder…

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