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Feature Article

Outlook for US Equities

he S&P 500 may have reached new highs in 2017, but our call for a bumpier ride couldn’t have been more wrong: The index hasn’t experienced a correction of more than 5 percent since summer 2016—the longest uninterrupted rally in its history. We explain our base case for US equities in 2018.

Economic Outlook for 2018

Our call for the US economy to expand by 2 to 2.5 percent in 2017 panned out, thanks to strong growrth in the second and third quarters. We look at historical data and trends in some of our favorite leading indicators to challenge some popular wisdom and develop a nuanced economic outlook for 2018.

Outlook for Crude Oil and Natural Gas

We leaned against the consensus outlook for oil prices twice last year, expressing skepticism toward the rally that occurred in WTI after OPEC announced its production agreement and turning bullish in July. These calls were directionally right. Here are our expectations for 2018 and the risks to our outlook.

Focus List (Mostly) Outperforms and Portfolio Updates

The improved outlook for oil prices and the rotation into energy stocks has lifted most boats in the sector, though we’re pleased that nine of the 13 names on our Focus List have outperformed the S&P 500 Energy Index over an equivalent holding period. We review our Focus List and discuss earnings and other pertinent developments affecting our Portfolio holdings.

Profiting from Key Energy Trends in Canada, Australia and Mexico

We’re less than three weeks into 2018, but several notable trends have emerged affecting the names in our International Portfolio, which primarily comprises positions in Canadian and Australian energy companies. These developments bear watching and will create challenges and opportunities over the next 12 to 18 months.

MLPs: Review and Outlook

We explain why we remain selectively bullish on master limited partnerships in 2018, discuss key opportunities and areas of risk, analyze trends in mergers and acquisitions, and highlight our favorite picks for the coming year.

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  • Portfolios & Ratings

    • Model Portfolios

      Balanced portfolios of energy stocks for aggressive and conservative investors.

    • Coverage Universe

      Our take on more than 50 energy-related equities, from upstream to downstream and everything in between.

    • MLP Ratings

      Our assessment of every energy-related master limited partnership.

    • International Coverage Universe

      Roger Conrad’s coverage of more than 70 dividend-paying energy names.


    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Peter Staas

      Managing Editor: Capitalist Times and Energy & Income Advisor