Founder of Tradition Capital Management in 2000. Named “PSN Manager of the Decade” for All-Cap in the 2000s and “PSN Manager of the Decade” for Dividend Value in the 2010s.
The New ONEOK is a Midstream Behemoth Built for Yield
Compelling 5.4% dividend yield, supported by resilient fee-based cash flows. Recent acquisitions of Magellan, EnLink, and Medallion have solidified OKE as a top-tier diversified midstream operator. Approximately 90% of earnings are now fee-based, significantly reducing direct commodity price exposure. Trading at a discount to our intrinsic value estimate, particularly given the synergy potential from recent M&A. Long-term volume risk tied to energy transition pressures on refined products and regulatory hurdles for new infrastructure. Investment Thesis $ONEOK Inc(OKE)$ is a diversified midstream energy leader operating an extensive 60,000-mile pipeline network that connects prolific U.S. supply basins, including the Permian, Williston, and Mid-
Aggressive repurchase posture, renewing buyback agreement for 16.2% of outstanding shares.58 million monthly actives on Cash App, with users who deposit a paycheck or spend $500+ per month through CashApp are 8.3 million up 18% year over year.134% year over year growth in Cash App Borrow originations, maintaining loss rates below 3% while generating an approximate 30% return on invested capital.$67.2 billion in Gross Payment Volume (GPV) for Square, up 12% year over year, with mid-size enterprises now representing 45% of total volume.Management has implemented an absolute headcount cap of 12,000 employees and reorganized the company into a functional structure (centralized Engineering and Sales) to improve workforce crossover.Investment Thesis $Block,
Americold Offers 8.6% Dividend Yield While Waiting for Market Thaw
8.6% Dividend Yield.1.4 billion cubic feet of capacity across 235 warehouses, providing a globally diversified, hard-to-replicate cold-storage footprint.18% US market share, 6% global market share.60.0% of warehouse segment revenue under fixed contracts, anchoring cash flows through a soft volume and pricing environment.Development pipeline targeted at 10–12% ROIC, increasingly focused on build-to-suit and higher-growth international markets (notably Asia-Pacific).Near-term headwinds in 2026–2027 from excess capacity and weaker demand.Investment Thesis $Americold Realty Trust(COLD)$ is a cold-storage REIT that manages 1.4 billion cubic feet of storage globally across 235 warehouses. Due to a glut of supply in the market, COLD’s stock price has det
YUM China’s Big New Store Expansion Drives Strong Growth
2.3% dividend yield, 6.0% of shares authorized for repurchase.Pizza Hut’s successful pivot to value offerings, trading a 13% pricing reduction for a 17% traffic surge.An aggressive expansion into lower-tier cities, where approximately 70% of new stores are opening, fueled by extensive franchising which is high ROC (Return on Capital).For the second half of 2025, YUMC expects to return $664 million to shareholders bringing the year-end total to approximately $1.2 billion.$1.8 billion is remaining on shareholder return of capital into 2026.Chinese government stimulus on consumer spending, especially in the service sector, would likely boost same store sales growth and re-rate the stock.Investment Thesis $Yum China Holdings, Inc.(YUMC)$ is the larges
$Dow Jones(.DJI)$$S&P 500(.SPX)$$NASDAQ(.IXIC)$ OverviewDespite a rocky start to the month, August saw Morningstar’s US Market index up on the month 2.1%, with the S&P500 up 1.9%. The Fed’s Jackson Hole meeting initially caused a broad de-risking that ended up boosting returns as investors now fully expect the Fed to cut during the September meeting.Inflation came in at expectations, with CPI posting 2.7% month over month annualized. The long-term trend is a continuous move down toward the Fed’s 2.0% target, though progress once again appears to be stalling.However, the story has now become one of balancing jobs with the price level. Job growth since J