The Razor’s Edge is an investing podcast that combines a prop trader’s viewpoint and deep-dive fundamental research to provide a unique take on the markets. The show is co-hosted by Akram’s Razor, a trader, tech enthusiast, meat lover, Marvel fanboy, battle tested activist short-seller and humble market servant, and by Daniel Shvartsman, VP of Content at Investing.com and someone who has seen thousands of investing pitches and ideas and how they play out over the past decade. The duo start with a theme or idea from Akram’s investing, then break it down to understand what goes into the idea, what could go wrong, and what else investors and traders need to know. They also interview industry leaders, executives, and other investors to get a wider perspective. The show has thousands of listeners around the world.
Episodes
Tuesday Nov 26, 2019
Tuesday Nov 26, 2019
Mark Kremin, CEO, and Scott Gayton, CFO, of Teekay LNG Partners (TGP) joined Value Investor's Edge live in New York City to discuss the current LNG markets and TGP's specific prospects. We discussed their Q4 guidance, 2020 expectations, overall deleveraging goals, future growth areas, how to balance growth versus deleveraging, sanctions risks, valuation comps, and their smaller LPG assets. Topics Covered :45 minute mark - Start of discussion- Overall LNG market views? 3:15 - Fixed charters and performance versus spot players? 5:50 - Remarks on Q4-19 Guidance (see slide below)? 8:00 - Timeline for the final growth (Yamal #6 & Bahrain)? 10:45 - Deleveraging target? 5.5x versus 4.5x? 12:50 - Timing for future growth projects? 2023/2024? 14:55 - How to balance growth vs. stock repurchases? 19:35 - Is the COSCO-related risk fully resolved? 23:35 - TGP earnings multiple & comp discussion? 26:35 - Uses of $100M Awilco proceeds? NOK Bond plans? 32:35 - Are dividends driving your stock? When will payouts increase? 38:25 - What sort of forward growth is prioritized? Anything industrial? 41:05 - Final push! Confirm no growth unless the ROE is better than stock? 43:55 - LPG assets: Are these core? Multi-gas core?
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