Monthly Commentary

Recurrent's Previous Monthly Research Commentaries

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Aug 2022 - commodity inflation in a 'service economy'

Aug 2022 - commodity inflation in a 'service economy'
Jul 2022 - Q2 FCF was ~4x higher vs. S&P 500; miners aren't mining

Jul 2022 - Q2 FCF was ~4x higher vs. S&P 500; miners aren't mining
Jun 2022 - energy is way more than $100/bbl globally, and the Fed won't fix that

Jun 2022 - energy is way more than $100/bbl globally, and the Fed won't fix that
May 2022 - inflation goes structural, still nobody buying energy

May 2022 - inflation goes structural, still nobody buying energy
Apr 2022 - nat res and energy become islands of stability

Apr 2022 - nat res and energy become islands of stability
Mar 2022 - from divestment to "must own" in <2 years

Mar 2022 - from divestment to "must own" in <2 years
Feb 2022 - Russia takes the world back to 1973

Feb 2022 - Russia takes the world back to 1973
Dec 2021 - seeds planted for 2022 predictions

Dec 2021 - seeds planted for 2022 predictions
Nov 2021 - a year of record buybacks... and record inflation

Nov 2021 - a year of record buybacks... and record inflation
Oct 2021 - in Q3, the long-awaited FCF inflection began

Oct 2021 - in Q3, the long-awaited FCF inflection began
Sep 2021 - midstream's understated earnings power, aluminum shortages

Sep 2021 - midstream's understated earnings power, aluminum shortages
Aug 2021 - midstream yields return to growth; drilling for shale gets more expensive

Aug 2021 - midstream yields return to growth; drilling for shale gets more expensive
Jul 2021 - OPEC leaves oil alone; midstream vs. renewable debt

Jul 2021 - OPEC leaves oil alone; midstream vs. renewable debt
Jun 2021 - you call that a catch-up trade?

Jun 2021 - you call that a catch-up trade?
May 2021 - from the kindness of strangers to self-sufficiency

May 2021 - from the kindness of strangers to self-sufficiency
Apr 2021 - Signs of reopening strains in commodity markets

Apr 2021 - Signs of reopening strains in commodity markets
Mar 21 - Have investors forgotten how to hedge inflation?

Mar 21 - Have investors forgotten how to hedge inflation?
Feb 21 - Stagflation and Lumber

Feb 21 - Stagflation and Lumber
Jan 21 - Inflation Hedging, CPI vs. PCI

Jan 21 - Inflation Hedging, CPI vs. PCI
Dec 20 - Midstream FCF/Buybacks, China Commod Demand

Dec 20 - Midstream FCF/Buybacks, China Commod Demand
Nov 20 - FCF Expansion, Vaccine Rally

Nov 20 - FCF Expansion, Vaccine Rally
Oct 20 - Higher inflation, sector rotation approaching

Oct 20 - Higher inflation, sector rotation approaching
Sep 20 - Record FCF Yields, Metals lead Energy

Sep 20 - Record FCF Yields, Metals lead Energy
Aug 20 - Tech vs Value, Cali Power Crisis

Aug 20 - Tech vs Value, Cali Power Crisis
Jul 20 - Midstream & Tobacco, Metals Outperformance

Jul 20 - Midstream & Tobacco, Metals Outperformance
Jun 20 - Buffett Buys Pipes, Copper Bounce

Jun 20 - Buffett Buys Pipes, Copper Bounce
May 20 - Post-COVID FCF, Reopening Trade

May 20 - Post-COVID FCF, Reopening Trade

Monthly Commentaries

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