Insights
Perspective from the work.
Institutional perspective on the decisions that move enterprise value — written from operating reality, not framework theater. Long-form essays continue at The Point Taken.
Browse Perspectives
Midstream & LNG — Q1 2026: Selective Build with Corridor-Driven Durability
Midstream is not in a commodity cycle — it is in an infrastructure cycle. The edge is not chasing throughput; it is owning the right corridors, underwriting contract durability, and compounding per-share value through disciplined capital allocation.
Market Note · Feb 28, 2026 · 8 min read · PDF
Refining & Fuels Marketing — Q1 2026: Navigating the Mid-Cycle
Downstream refining is no longer in the extraordinary post-2022 dislocation. The market is normalizing, but volatility remains constraint-driven and outcomes increasingly dispersed. The edge is converting the tape into durable advantage.
Market Note · Feb 14, 2026 · 7 min read · PDF
The 23.5° Axis: Why the Tilt Matters
The name is not arbitrary. 23.5 degrees is the axial tilt that gives Earth its seasons, its growing cycles, and its asymmetry. The firm is built on the same idea.
Brief · Feb 10, 2026 · 3 min read
U.S. Data Center Load Growth (2026–2035): Where the Next Decade Breaks — and Where It Pays
AI is the accelerant. Power is the constraint. Community, water, and skilled labor are the swing factors. A board-grade view of where the next decade of U.S. data center buildout is bankable, where it is fragile, and what breaks first.
Essay · Feb 5, 2026 · 14 min read · PDF
2026 Multi-Sector Outlook
Where constraints, capital discipline, and execution will matter most across Technology, Industrials, Energy, Materials, Utilities, Financials, Healthcare, Consumer, and Real Estate in the year ahead.
Essay · Jan 15, 2026 · 12 min read · PDF
45Z: The New Rules of Value Capture in U.S. Renewable Fuels
Treasury's proposed 45Z guidance doesn't just tweak incentives — it rewrites who qualifies to get paid, and under what conditions. The strategic chokepoint is now eligibility, not molecules.
Brief · Jan 8, 2026 · 8 min read · PDF
