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April 2026 Capitalist Times Live Chat
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susan p
7:19
Just saw President Trump sign an EO for a "transporter pipeline similar to Keystone" in the oval office. Wondering if any companies you guys follow will especially benefit more from this 'expediated approval'?  And, noticed earlier in the month Chris Wright was able to get some kind of nat gas pipeline approved for NYC, so wondering about beneficiaries of that one as well. Thanks much,
AvatarRoger Conrad
7:19
The pipeline expansion in New York state is owned by Williams Companies (NYSE: WMB). The natural gas is clearly needed, a fact recognized by the state after years of blocking a new pipeline. The question is if it can get built before there's a political change resulting in a more hostile regulatory climate. I think there's a good probability of that happening. And I expect Williams to be able to report progress May 4 with its Q1 earnings and guidance update.

As for a "transporter pipeline similar to Keystone." I'm not sure what that means. A revival of Keystone XL expansion benefitting South Bow (TSX: SDOBO, NYSE; SOBO) would seem most likely, as there's an existing route. But is the Administration interested in bringing Canadian oil south? Is Canada interested in building a pipeline to the US Gulf Coast at the same time it's building its own export industry to Asia? Or is this another breed of pipeline entirely?
AvatarRoger Conrad
7:20
What we do know is this Administration is going full ahead supporting US energy exports and will approve pretty much any project that's submitted. The question as always is whether a company can count on a multi-billion dollar project it starts now being blocked by a future administration? So i still like the projects that can be completed quickly and in states where I can count on a favorable environment for fossil fuels after the next election cycle.
Guest
7:23
Hi Roger: Did you receive my prior message re ownership of XIFR?  I cannot tell if I lost it or if it went through.  Sorry!
AvatarRoger Conrad
7:23
Received and answered. Short answer is this is bad information and to pay attention to Q1 results and updated guidance May 7.
Willy
7:26
Roger, why do you suppose Vanguard won’t let us purchase Orsted?
AvatarRoger Conrad
7:26
Hi Willy. No idea. Orsted is a $35 bil company and the ADRs traded as DNNGY are quite liquid. The Danish shares traded ORSTED may be what they won't let you buy if they have some restrictions on buying non-US stocks. Latest new Goldman has raised the stock to buy ahead of earnings May 6.
Mari
7:32
Hi Roger. With regards to honda motors-does blockade and/or cheap exports from China effect your opinion about this company?  Thanks
AvatarRoger Conrad
7:32
Do you mean the double blockade of the Strait of Hormuz? I think that's probably long-term bullish for this company as a seller of EVs, hybrids and motorcycles. Even their ICEs are among the most gas efficient in the world. To the extent global auto sales are depressed by economic conditions it hurts them. But an environment of growth combined with higher oil prices is a plus.

Honda is also a major manufacturer in China, which helps competitiveness. There are obvious headwinds for this industry currently and they showed up in calendar Q1 results. But this company still looks pretty well placed long-term. And the semi-conductor venture in Japan (Rapidus) and a potential merger/closer cooperation with a Japanese rival are all potential pluses in the next 12-18 months.
Willy
7:34
Roger, any thoughts on the investment appeal of FTI, TechnipFMC?
AvatarRoger Conrad
7:34
We're pretty bullish on services just now Willy. I don't have much to add to what Elliott wrote in this month's update. We do cover FTI in our "E&P and Services" coverage universe.
Guest
7:41
Roger: After ARE's massive 10% drop in share price 1 day this week, what are your thoughts about their performance in the 1st quarter and the wisdom of holding, selling or buying more?  Thanks.
AvatarRoger Conrad
7:41
Alexandria REIT shares have since stabilized. And management did generally stick to its 2026 guidance following the Q1 results. But it's clear the REIT's fortunes have not yet bottomed.

I still believe ARE is the best in class of life sciences REITs. But it's currently facing a perfect storm as the biotech sector after a five-year down cycle is facing radical upheaval of federal funding for research--which is hitting its smaller and non-investment grade tenants hard. I don't see this as a permanent state of affairs. And the company is making progress high grading its portfolio and deleveraging per its strategic plan. But it may be a while before this really bottoms. And I will be taking a hard look at it before the next REIT Sheet.
Guest
7:45
Roger. Appreciate your explanation of XPLR.  Your colleague writing his comments was Robert Rapier.
AvatarRoger Conrad
7:45
OK. Well again, Mr Rapier is entitled to have an opinion. But for the record, he has not been a "colleague" of mine since we formed Capitalist Times 14 years ago.
AvatarRoger Conrad
7:49
Ok. Well that appears to be all we have for now. If for some reason your question wasn't fully answered, please drop us a line at service@capitalisttimes.com and we'll get back to you as soon as we can.
7:52
Just a reminder, we will be sending everyone a link to a transcript of the complete Q&A tomorrow morning.
Thanks to everyone who joined us today. As usual, you've given us a lot of great suggestions and things to think about.
7:53
The next couple weeks we're going to be pretty busy sorting through all of the earnings and guidance. But you can expect comprehensive coverage of what you need to know in all of our advisories well before our May webchat.
R B B
7:54
Appreciate spending the afternoon with you guys. Well worthwhile for the day and for the many days to come.
AvatarRoger Conrad
7:54
Same to you!
AvatarRoger Conrad
7:54
Have a great evening everyone. And please contact us at service@capitalisttimes.com if we can be of service. Good night!
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