JotCast | 07/28/2026 Capitalist Times Live Chat

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07/28/2026 Capitalist Times Live Chat

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Roger Conrad

6:38

Hi Jeffrey. Clearway has given up what was a pretty big year to date gain--and is now slightly underwater for 2026. But as I said earlier in the chat, the reasons for the drop at this point appear to be technical rather than anything to do with the underlying business.

In fact, you can trace the decline pretty much to when the company announced it was consolidating its deeply discounted Class A shares into one equity with the Class C shares. That move I believe encouraged arbitrageurs who have since sold--just as Brookfield's combining C-Corp and MLP shares has done more recently.

Fortunately, we don't have to wait long for Clearway's next round of business results, with Q2 numbers and guidance on August 5. And I fully expect management to affirm cash flow and dividend growth guidance--backed by expansion of heavily contracted assets.

If there is real business weakness, I'll reassess. But at this point, CWEN and BEP/BEPC look like high quality stocks selling on the cheap.

Richard

6:39

TU….buy, sell or hold? Thanks

Roger Conrad

6:39

I'm rating it a hold ahead of Q2 results, which are expected August 4. If they stick with guidance for revenue, cash flow, earnings and debt reduction, I'll stay with it. Otherwise, I'll move on.

Lawman

6:42

Whar are your thoughts on Japanesse stcoks that were on a run for a while, but have now pulled back? Same question for European stocks.

Roger Conrad

6:42

I continue to like electric company Enel SpA (Italy: ENEL, OTC: ENLAY), which has assets in Italy, Spain and the Americas. I would wait for a dip to 11 for the ADRs to buy in.

As a country, I like Hong Kong--stocks are cheap and the economy is getting a huge boost as China's export hub. EWH is a solid ETF I've recommended.

Lawman

6:46

EPD has had a good run of late. What are your thoughts on continuing to hold EPD at this level? Are there any MLP's you think have more upside that EPD, and is now a good time to buy MLP's?

Roger Conrad

6:46

Enterprise's earnings are July 30. I expect another solid result as new projects enter service and boost cash flow. We're rating the stock a buy up to 40, where it's still a value yielding nearly 6%. Remember that midstream stocks tend to reap most of their gains toward the end of the cycle, when producers are ramping up output. That's not yet happening. So I think EPD still has a way to run.

I have pretty much the same comment for all of the Energy and Income Advisor portfolio MLPs--great stocks, great yields and a lot of room to run before this cycle is over.

Lawman

6:48

In the past Elliot has favored gold and gold stocks, that have had a rough go of late. Is now a good time to hold or sell gold and gold stocks?

Elliott Gue

6:48

In CW/FMS I sold down the recommended positions in Gold (GLD), SIlver (SLV) and Wheaton Precious Metals (WPM) starting late last year. We still have small positions in all three recos in the model portfolio and they're all holds at this time. My view is that the precious metals bull market has more room to run, but it could take some time. I'll look to add to those positions or add some new picks.

Lawman

6:49

Hoa do you think National Energy Services (NESR) would be impacted by a settlement of the Iran war, and conversely, a longer more protracted war? Is this a comany you lock short and long term?

Roger Conrad

6:49

We'd stick with SLB (NYSE: SLB) and Baker Hughes (NYSE: BKR) in the services space. Both have a lot of upside from a rebuild/repair of Persian Gulf infrastructure. And they have the reach and financial power to thrive even if the war is protracted and that doesn't occur for some time.

Lawman

6:53

AAPL has outperformed most of the MAG 7 stocks on the teheory it has not, and is not spending, money to develop AI. Is this a good strategy, and do you think AAPL is overbought at this level?

Roger Conrad

6:53

Apple really has a different business than the Mag 7 that are building out hyperscaler data centers like Google, which really can't afford not to invest heavily.

Elliott had some great comments earlier in the chat on where the Mag 7 could go from here--drawing a parallel with the late 1990s to indicate potential they could still move higher. My own view is that best in class from other industries have been outperforming Big Tech this year and will continue to do so with less risk. But it's certainly possible AAPL goes even higher--if for no other reason than passive buying at it's almost 8% of the weighted S&P 500.

Lawman

7:00

Could you give me your take on Essential Services and Comcast at these levels. I know both are Roger recommendations, but wonder if they are still good values at today's prices.

Roger Conrad

7:00

I haven't changed my mind on either company since the July issue of CUI. Comcast came through with pretty solid Q2 results--with revenue pro forma of asset spinoffs up 4.7%. Free cash flow was up 2.3% to $4.6 bil and guidance is on track.

Essential reports Q2 results August 4. But the driver of returns is closing the American Water Works merger--which still appears to be on track.

Both stocks look like great values at these prices.

Lawman

7:01

Are you expecting the WTRG merger with AWR to go thorough and if so how do you think this would impact the share price of WTRG?

Roger Conrad

7:01

Yes. I am expecting management of both companies to announce the merger is on track for late 2026/early 2027 closing. I think we'll see an uptick in WTRG when the close occurs. But the real gains will come long-term, as the combined company accelerates acquisition-led growth.

Lawman

7:02

Do you like Paladin, Denison, and uranium comanies other than CCJ? Would you hold onto these stocks, and is money better invested elsewhere?

Roger Conrad

7:02

We generally think there's too much hype still in the nuclear space. And if there were a pullback, we'd come to the only company in the group really making money, which is Cameco.

Lawman

7:02

What will it take for nat gas prices to rise to levels that would make extraction is higher cost plays economically feasible? How would a risse in nat gas prices effect MLP's that transport it?

Elliott Gue

7:02

The Haynesville is the swing supplier of gas in the US and producers there need $3.75 to $4/MMBtu to grow production longer term. So, when the market "needs" for gas supply, prices rise above $4. What you need to see is ongoing growth in gas demand and LNG export capacity to the point that there's not enough coming out or Permian/Marcellus to balance the market.

Lawman

7:03

Do you see interest rates going up in the next year? What are your views on investing in bonds?

Roger Conrad

7:03

That will really depend on what happens with inflation. So far as dividend stocks go, the key is how well companies can push on interest costs to customers and/or minimize the impact of higher for longer interest rates. And encouragingly, many are doing just that.

Elliott Gue

7:11

I think short term rates probably go higher, but in my view the 30-year at a 5%+ yield looks reasonably attractive because that carry puts us in a different position than in 2021-22. In Smart Bonds we have exposure to the long end of the curve, mainly via TLTW now, which layers in a covered call premium strategy.

I'd also note that a lot of areas of the bond market we cover in Smart Bonds aren't as impacted by US rates including junk bonds, international bonds, preferred, convertibles. A lot of the ETFs we recommend in these markets have produced strong returns over the past year even while the media tells you there's a bear market in bonds.

Lawman

7:05

Copper has had a good run. Do you think the price of copper will continue to rise? If so, are there any stocks you think would benefit from this rise in copper prices?

Roger Conrad

7:05

Copper prices will be volatile near term as they always are. And the Chinese economy will be the most important factor for demand. But I think there's still considerable upside for copper over the next several years based on projected supply and demand. My favorite bet for conservative investors to take advantage is BHP Group (ASX: BHP, NYSE: BHP).

Lawman

7:08

I don't know if you cover Assured Guaranty (AGO). Bout do you have any thoughts on a possible buyout of MBIA, and how this would effect the share price of AGO?

Elliott Gue

7:08

I don't follow AGO really though I do know that a potential deal to buy MBIA has been rumored for some time. After all, AGO bout MBIA's European subsidiary around a decade ago. MBIA is also in portfolio wind-down mode and AGO is a logical candidate to boost efficiency. It's rally just not a group I have recommended or followed closely in many years.

Robert B

7:09

Given there is still too much hype in the nuclear sector, would it not be a 50+% worthwhile decision to plant some seed money into NLS with a long term horizon ?

Roger Conrad

7:09

I don't know NLS. But I think if one were to invest in a nuclear power, Brookfield Renewable would be a good choice. The stock is down since announcing it will combine MLP and C-Corp shares in a tax-deferred transaction into a new C-Corp equity. But it's very likely to report robust Q2 results and guidance on July 31. And it's a 50% owner of Westinghouse, which is the US national champion of nuclear power development--both large and small scale. And unlike hyped up OKLO, NuScale and others, Westinghouse actually makes money.

Robert B

7:14

Not NLS but NLR. . . sorry . . . And, you guys are putting in the long day.

Roger Conrad

7:14

Thanks! We always expect these to go on for a while--even with the stock market entering the "dog days."

The VanEck ETF Trust (NLR) is heavily loaded on blue chip operators in US nuclear--Constellation Energy, Cameco, Public Service Enterprise being the top three holdings. But there's still a heavy weighting of earnings-less companies like SMR and OKLO, which could really drag it down under the wrong circumstances.

Again, I think if we're going to buy nuclear stocks, it's better to pick a handful with staying power. This ETF looks like it was constructed for the issuer to make money from what was a hot sector. And there's too much what I would consider junk for me to be comfortable owning it.

Roger Conrad

7:18

Well that looks like all we have in the queue this time--as well as what we had from email. If for some reason your question was not fully answered, please don't hesitate to drop us a line at service@capitalisttimes.com

As we said at the outset, we will be sending a link to a transcript of the complete Q&A tomorrow morning. so look for that in your inbox.

7:19

We really enjoyed today's session--which as always has given us a lot of food for thought. We appreciate the ideas and your business.

Robert B

7:20

Gotta admit that I do have representation with most of the recommendations that appear across the board and I appreciate the no nonsense, no holds barred response. Best to you guys and Sherry; looking forward to Labor Day BBQ and football season coming up. . . . along with a continually rewarding portfolio. (one day at a time).

Roger Conrad

7:20

Thanks Robert! Same to you and yours.

susan p

7:22

Not a question per se, just sharing my "awe" when I have needed to leave the chat to focus elsewhere and return well into the 7pm hour and you're both going strong. It's impressive, appreciated and unique in the world of investing. Thank you.

Roger Conrad

7:22

Thank you Susan. It's awesome subscribers like you that keep us going!

Roger Conrad

7:22

Have a great evening everyone and we'll chat with you next month!

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