The next racing at the famous venue will be in October after work is done around a sinkhole that appeared in January If you were planning a day at Cheltenham before the end of the jumps campaign, think again. The home of National Hunt racing said on Monday it will not stage another fixture until autumn, having taken the unprecedented decision to cancel its three remaining meetings in order to star...
The next racing at the famous venue will be in October after work is done around a sinkhole that appeared in January If you were planning a day at Cheltenham before the end of the jumps campaign, think again. The home of National Hunt racing said on Monday it will not stage another fixture until autumn, having taken the unprecedented decision to cancel its three remaining meetings in order to start major drainage works on the home straight over the summer months. The two-day meeting scheduled for 15-16 April and the track’s traditional season finale, a hunter-chase fixture and concert on 1 May, attracted a combined total of nearly 25k spectators in 2025. That is a long way short of the 56k daily average at the festival this month, but will still represent a significant loss in ticket sales and race day revenue from food, drinks and betting. Continue reading...
Getty Images The Eaton Vance Tax-Advantaged Dividend Income Fund ( EVT ) is a closed-end fund, or CEF, that aims to provide investors with a high level of after-tax total returns along with exposure to dividend-paying common equity securities. This could be an attractive proposition for someone who is retired or is otherwise depending on their portfolios for income. One reason for this is that equ...
Getty Images The Eaton Vance Tax-Advantaged Dividend Income Fund ( EVT ) is a closed-end fund, or CEF, that aims to provide investors with a high level of after-tax total returns along with exposure to dividend-paying common equity securities. This could be an attractive proposition for someone who is retired or is otherwise depending on their portfolios for income. One reason for this is that equities are generally better at preserving purchasing power in real terms than any type of fixed-income securities, which are the other option that many investors in need of income will naturally gravitate toward. As I discussed in a previous article , recent inflation trends point to a worsening of that problem and this makes it ever more important for investors to try to preserve the purchasing power of their assets. Unfortunately, these same inflation trends have been a contributing factor to weak equity performance year-to-date as investors begin to doubt that interest rates will be declining in the near future. The Eaton Vance Tax-Advantaged Dividend Income Fund has not been immune from this, as its share price is down 5.56% since the start of the year. However, this could represent a buying opportunity for investors looking to get into it, so we should investigate further to see whether or not this could be the case. Inside The Portfolio Of The Eaton Vance Tax-Advantaged Dividend Income Fund As mentioned in the introduction, the Eaton Vance Tax-Advantaged Dividend Income Fund primarily invests in common equity securities. The fund’s website states: The Fund invests primarily in dividend-paying common and preferred stocks and seeks to distribute a high level of dividend income that qualifies for favorable federal income tax treatment. While this statement mentions that EVT will invest in both common and preferred stocks, in practice, the fund invests primarily in common equities. The fund’s annual report for fiscal year 2025 contains the most current schedule of investme...
The Texas joint venture between QatarEnergy and Exxon Mobil Corp. has started liquefied natural gas production from the first of its three trains at the facility, marking a major milestone for US exports of the fuel as global supplies dwindle. The move sets the stage for Golden Pass LNG to deliver its first cargo from its facilities located in Sabine Pass, Texas, QatarEnergy said in a statement Mo...
The Texas joint venture between QatarEnergy and Exxon Mobil Corp. has started liquefied natural gas production from the first of its three trains at the facility, marking a major milestone for US exports of the fuel as global supplies dwindle. The move sets the stage for Golden Pass LNG to deliver its first cargo from its facilities located in Sabine Pass, Texas, QatarEnergy said in a statement Monday. Global exports from the 18 million tons per annum project are now expected to start in the second quarter of this year. Golden Pass, a terminal near the Texas-Louisiana border, is poised to be a critical source of supply after Iran strikes damaged Qatar’s giant Ras Laffan facility on the Persian Gulf. Traders had been closely following the project as it is one of a few gas export facilities on the US Gulf Coast that are close to being completed. Read More: Strikes on Qatar’s LNG Crown Jewel Reshape the Future of Gas Exxon Chief Executive Officer Darren Woods said in January that the first LNG from Golden Pass was likely to be produced “in very early March.” Final investment decision for the project — a 70%-30% partnership between QatarEnergy and ExxonMobil — was announced in 2019.
Carlos Alvarez/Getty Images News A dead cat bounce is possible Burford Capital Limited ( BUR ) has something of a problem here. The big issue to be faced by us out here, as investors or potential such, is how much of a problem? This is something not wholly knowable at present, which makes a valuation difficult. It's possible to have a view, of course, but I am not sure how analytically correct suc...
Carlos Alvarez/Getty Images News A dead cat bounce is possible Burford Capital Limited ( BUR ) has something of a problem here. The big issue to be faced by us out here, as investors or potential such, is how much of a problem? This is something not wholly knowable at present, which makes a valuation difficult. It's possible to have a view, of course, but I am not sure how analytically correct such a view will be. Essentially, the difficulty is in working out how large a disaster this loss in the YPF/Repsol case will be. That in turn will influence our thinking on whether we might see a recovery in the price from Friday's collapse or, instead, it will get worse. That, in my view at least, depends upon what we think they're going to do about past revenue from this case they've already recognised in this case. The background here As I've said before about Burford : Burford actually has a nice business here. Financing litigation and then gaining some portion of the award for having done so. I know they'll hate the idea of being compared to ambulance chasers - for they are not ambulance chasers - but the economic model is the same. Burford fund litigation, then gain a portion of the award for having done so. At the top, this is a valuable economic service. The question is, always, how much will the award be? And will it get paid? The basic idea is just fine as a concept. Burford has also had a pipeline of cases, won some of them, and thus made profits on those cases. None of this is contested. But we also have a conceptual problem with the accounts of any business doing something like this: One of these companies, Burford Capital Limited (BUR) wandered into problems in this field some years back. I've had the occasional email from them; in fact, they are muttering that perhaps I'm not being wholly fair to them. No, that wasn't about my coverage at Seeking Alpha; this is elsewhere. The problem was - and at this distance we'd not say that anyone was wrong, just that there...
Getty Images Tesla: Double Down On Highly Uncertain Payoffs? Is Tesla Inc. ( TSLA ) an automotive company? A rocket company or a robotics company? These questions are becoming harder and harder to resolve, as CEO Elon Musk’s long-term vision appears to be suggesting that a combination between Tesla and SpaceX ( SPACE ) could also be in the works, after SpaceX’s upcoming IPO is done and dusted late...
Getty Images Tesla: Double Down On Highly Uncertain Payoffs? Is Tesla Inc. ( TSLA ) an automotive company? A rocket company or a robotics company? These questions are becoming harder and harder to resolve, as CEO Elon Musk’s long-term vision appears to be suggesting that a combination between Tesla and SpaceX ( SPACE ) could also be in the works, after SpaceX’s upcoming IPO is done and dusted later this year. Instead of making it easier for us to understand Tesla’s business model, I believe bringing all these disparate businesses together into one entity is going to make it even harder for us to assess and analyze, and more importantly, to try to value them accordingly, given the uncertain payoffs related to things like FSD, Optimus, and orbital data centers, and now Musk’s big chipmaking plans at a massive scale never attempted before. But with a forward price-earnings multiple of >174x, investors seem to have baked in lofty optimism against its core automotive business, having already shown signs of much slower growth. And the fact that most of its operating profits are still being printed in the automotive business will bring investors back to reality whenever Tesla releases its quarterly earnings without showing compelling proof that they are making incredible progress in the other growth pillars that have defined their extreme multiples. I last wrote that I thought it was about time for me to downgrade TSLA , and I thought it was well timed. Since then, Elon Musk has made progress hyping up his company even more, adding unprecedented chipmaking ambitions, having terafab into Tesla’s blueprint to resolve the supposed chip crunch that is facing the company. Yet, investors haven’t stopped taking profits since late 2025, and TSLA is officially down almost 30% through last week’s bottom. In any case, if you missed it, note that if you thought Tesla ramping up its expected CapEx to $20 billion this year appears to be aggressive despite posting relatively low free cas...
Getty Images Tesla: Double Down On Highly Uncertain Payoffs? Is Tesla Inc. ( TSLA ) an automotive company? A rocket company or a robotics company? These questions are becoming harder and harder to resolve, as CEO Elon Musk’s long-term vision appears to be suggesting that a combination between Tesla and SpaceX ( SPACE ) could also be in the works, after SpaceX’s upcoming IPO is done and dusted late...
Getty Images Tesla: Double Down On Highly Uncertain Payoffs? Is Tesla Inc. ( TSLA ) an automotive company? A rocket company or a robotics company? These questions are becoming harder and harder to resolve, as CEO Elon Musk’s long-term vision appears to be suggesting that a combination between Tesla and SpaceX ( SPACE ) could also be in the works, after SpaceX’s upcoming IPO is done and dusted later this year. Instead of making it easier for us to understand Tesla’s business model, I believe bringing all these disparate businesses together into one entity is going to make it even harder for us to assess and analyze, and more importantly, to try to value them accordingly, given the uncertain payoffs related to things like FSD, Optimus, and orbital data centers, and now Musk’s big chipmaking plans at a massive scale never attempted before. But with a forward price-earnings multiple of >174x, investors seem to have baked in lofty optimism against its core automotive business, having already shown signs of much slower growth. And the fact that most of its operating profits are still being printed in the automotive business will bring investors back to reality whenever Tesla releases its quarterly earnings without showing compelling proof that they are making incredible progress in the other growth pillars that have defined their extreme multiples. I last wrote that I thought it was about time for me to downgrade TSLA , and I thought it was well timed. Since then, Elon Musk has made progress hyping up his company even more, adding unprecedented chipmaking ambitions, having terafab into Tesla’s blueprint to resolve the supposed chip crunch that is facing the company. Yet, investors haven’t stopped taking profits since late 2025, and TSLA is officially down almost 30% through last week’s bottom. In any case, if you missed it, note that if you thought Tesla ramping up its expected CapEx to $20 billion this year appears to be aggressive despite posting relatively low free cas...
StevanZZ/iStock via Getty Images Back in 2023, I published a piece on U.S. oil giants Exxon Mobil ( XOM ) and SLB N.V. ( SLB ) , touting their new carbon capture businesses. Back then, Exxon CEO Darren Woods claimed that the company's Low Carbon business had higher revenue potential than its legacy oil and gas business, while Gavin Rennick, president of SLB New Energy, reported that its carbon cap...
StevanZZ/iStock via Getty Images Back in 2023, I published a piece on U.S. oil giants Exxon Mobil ( XOM ) and SLB N.V. ( SLB ) , touting their new carbon capture businesses. Back then, Exxon CEO Darren Woods claimed that the company's Low Carbon business had higher revenue potential than its legacy oil and gas business, while Gavin Rennick, president of SLB New Energy, reported that its carbon capture, utilization, and sequestration (CCUS) business was taking off "...because the tipping point has been crossed for certain use cases ." The future of the U.S. CCUS industry appeared bright after the Inflation Reduction Act (IRA) dramatically increased carbon capture credits under the Biden administration. The Trump administration has largely gutted federal support for renewable energy but preserved the Section 45Q tax credit, which provides federal subsidies for capturing and storing carbon. However, Big Oil companies have scaled back their clean energy ambitions with ESG investing no longer in vogue in the U.S., as I explained in my recent piece on Spanish renewable energy utility Iberdrola ( IBDRY ) ( IBDSF ). But other than providing CCUS services for third parties, Big Oil companies are increasingly deploying CCUS in Enhanced Oil Recovery (CO2-EOR) to boost production in mature fields. Indeed, it’s around that time that Ormat Technologies ( ORA ) appeared on my radar. Ormat is a vertically integrated, independent power producer (IPP) that develops geothermal power plants, recovered energy generation, and energy storage solutions. Ormat deploys CCUS in Enhanced Geothermal Systems (EGS), a technology similar to EOR in its approach to manipulating underground formations. The company has a total generating portfolio of 1,630 MW, comprising 1,340 MW of Geothermal & Solar plus 290 MW of Energy Storage. The U.S. market accounts for the majority of the company’s power generation assets and battery energy storage systems ( BESS ). Similar to CCUS, geothermal is the rare rene...
Sign up now! Sign up now! Sign up now? Sign up now! Like a Christmas day can of John West tuna chunks for one with an accompanying bottle of champagne and war movie triple-bill chez Richard Keys, Tottenham Hotspur Football Club is the gift that keeps on giving. Like Gregory Peck’s crack commando unit attempting to silence the eponymous guns of Navarone, Spurs currently find themselves in an extrem...
Sign up now! Sign up now! Sign up now? Sign up now! Like a Christmas day can of John West tuna chunks for one with an accompanying bottle of champagne and war movie triple-bill chez Richard Keys, Tottenham Hotspur Football Club is the gift that keeps on giving. Like Gregory Peck’s crack commando unit attempting to silence the eponymous guns of Navarone, Spurs currently find themselves in an extremely high-stakes race against time only to be repeatedly thwarted at every turn by a mixture of internal sabotage, the at times unbearable burden of leadership and immense dissatisfaction among the rank and file. The mission? To escape an ignominious, financially ruinous slide into the Championship. The plan? A chaotic improvisation that suggests the club hierarchy are just making things up as they go along, one ill-judged managerial appointment at a time. I’m delighted to hear of Mr Roy’s return to the touchline but it raises a question for me. As a philistine who only learned of his TBOF (two banks or four) in Friday’s Football Daily, I’m compelled to ask how it differs from fellow England alumnus Mike Bassett’s FFFR (four, four, flippin’ two)“ – Simon Riley. A double doff of the cap to Big Paper’s Jonathan Wilson this weekend. Firstly, for pointing out that ‘in the 2018 World Cup semi-final, the clearest signal England were done for was Jordan Henderson gamely running shuttles as Luka Modric, Marcelo Brozovic and Ivan Rakitic knocked the ball round him’ a whole eight years before Tommy Tuchel picked him for the game against Uruguay . And, secondly, for hoping that most readers would know, or could be bothered to Google, what the ‘Gaia hypothesis’ is, in the very same piece. Never change, Wilson, never change” – Noble Francis. So Tudor lasted 44 days at Spurs (with some compassionate extension). Bloody hell, that was shorter than Liz Truss’s tenure in charge of the government. At least he didn’t spaff £65bn in the process, so the experiment might be deemed a success if one...