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The media is buzzing with claims of an “Economic Boom” in 2021. While the economy will most certainly grow in 2021, the question is how much is already “baked in?”

America is over-retailed with well over 1,100 malls across the country and thousands more strip-shopping centers. Many of these malls and centers are in physical decline and are filled with irrelevant brands that sell products and services that are no longer important. The retail cleansing had already begun before the Covid-19 pandemic, but the process has been accelerated dramatically.

Every time equity markets experience a major selloff, investors’ attentions are drawn to the handful of strategies that actually benefitted from the event. So-called crisis alpha comes in many flavors and iterations, which further complicates the allocation decision.

Last week Enbridge (ENB) and Enterprise Products (EPD), North America’s two biggest pipeline companies, were among those reporting earnings. Both beat expectations – ENB reported 2Q EBITDA of $3,312MM versus $3,155MM, helped by strong results in natural gas transmission.

Last week Enbridge (ENB) and Enterprise Products (EPD), North America’s two biggest pipeline companies, were among those reporting earnings. Both beat expectations – ENB reported 2Q EBITDA of $3,312MM versus $3,155MM, helped by strong results in natural gas transmission.

Several major pipeline developments last week might well represent a key turning point in how the industry operates. Berkshire Hathaway (BRK) acquired Dominion Energy’s natural...

Several major pipeline developments last week might well represent a key turning point in how the industry operates. Berkshire Hathaway (BRK) acquired Dominion Energy’s natural...

Key Points • Stock markets often over-react, the truth mostly lives in the middle. • We have likely begun the stagnation part of our economic reality. •...