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June 2026 Capitalist Times Live Chat
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Susan P
8:36
Given it's 7pm and you're still underway, wanted to thank you both and convey "CapitalistTimes" is a testimony to America's perseverance, hard work and and 250 years of individualism--i.e., capitalism at its best. Healthy, happy Independence Day.
AvatarRoger Conrad
8:36
Thank you Susan! And have a great 4th as well!
Roy
8:40
Roger, I'd appreciate your thoughts on ADC.  A quick glance indicates favorable signs, such as a good history of growth in earnings and dividends, management guidance for more of the same, and a solid investment grade credit rating.  However, a 12 percent short interest suggests that I'm missing something.
AvatarRoger Conrad
8:40
Hi Roy. I don't know if you are. Q2 earnings July 30. And there's a good chance we'll see another lift in both investment and FFO guidance fore 2026, which were held steady after Q1 despite robust investment activity.

There are a lot of reasons why investors short stocks. I suspect this high volume has something to do with a bet on interest rates, as REITs like all dividend stocks are considered "interest rate sensitive' by some. Let's see what they have to tell us next month.
Frank
8:44
Chevron just inked a deal to supply a Microsoft AI campus (Project Kilby) with gas. The side note to this is that the land (2,000 acres) and the water are being supplied by Texas Pacific Land (TPL) on a long term contract. P/E is high but has always been elevated. Has 880,000 Permian acres, royalties, and a water business that is working on a desalinization project of processed water. Is there any future there?
AvatarRoger Conrad
8:44
I think a long term supply contract with a strong counterparty like Microsoft is always a no brainer for an energy producer. And in Chevron's case, there's a lot of associated gas with its oil production in west Texas. This type of opportunity is another reason to like CVX long term.

You mention the frac water opportunity. I think it's massive as this region goes 100% produced water to cut costs per barrel. I have some names in the EIA issue that posted today I think you'll find interesting.
AvatarRoger Conrad
8:45
Well. That was quite a chat today. Again, many thanks to everyone who joined us. We will be sending you a link to the transcript of the complete Q&A tomorrow morning. So keep an eye out.
8:46
And we'd like to wish all of our CT members a very Happy July 4th weekend!!! We'll look forward to chatting with you next month.
If for some reason your questions weren't fully answered, please write us at service@capitalisttimes.com and we'll get back to you as soon as we can.
Guest
8:47
May your July 4th weekend  e as long and as enjoyable as this afternoon's webinar.
AvatarRoger Conrad
8:47
And thank you again!
AvatarRoger Conrad
8:47
OK signing off. Thanks again everyone. Have a great evening.
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