Return toCapitalist Times
April 2026 Capitalist Times Live Chat
powered byJotCast
This chat is available to members only. Please log in to participate.
AvatarRoger Conrad
1:55
Hello everyone and welcome to our Capitalist Times April live webchat. As always, there is no audio. Type in your questions and we
1:57
will get to them as soon as we can comprehensively and concisely. As advertised, we'll keep going so long as there are questions in the queue and from emails we received prior to the chat. We will send you a link to the complete transcript of all the Q&A following the close of the chat.
We'll start per usual with questions we received previous to the chat. Thanks again for joining us today!
1:58
Q. Brookfield Infrastructure (NYSE: BIPC) and Brookfield Renewable (NYSE: BEPC) dropped by double-digits in one day earlier this week. I see it’s being blamed on some downgrade but -11% seems excessive. Your take? Thanks—Cliff W.
 
A. Hi Cliff
 
First off, big one-day moves in stocks are not uncommon this year, including in stocks where we’re not used to seeing them like Brookfield unit C-Corp shares for Brookfield Renewable (BEPC) and Brookfield Infrastructure (BIPC).
 
What’s important here is there’s really no business development that would justify such a move. And in fact, we’re seeing some recognition of that in today’s reversal. The BIPC drop came after the company announced solid Q1 results and affirmed guidance. BEPC doesn't announce results until May 1. Interestingly, the MLP units of both companies traded as BEP and BIP fell only a few percentage points. And Brookfield Asset Management closed down less than a percentage point.
There are many reasons for this stepped up volatility. In the case of the Brookfields, there’s still some doubt about artificial intelligence-led growth in power demand. But there’s also been a string of extraordinarily volatile days that have followed the launch of Operation Epic Fury. That’s highlighted the fact that daily volatility is heavily influenced by algorithmic trading that's trained to respond to headlines.
 
I've favored the MLP units of the Brookfields over the C-Corps because of the wide price differential. But I don't see anything to justify abandoning positions in the C-Corps at this time. And I fully expect Brookfield Renewable’s results tomorrow to be very strong.
 
 
Q. Hi Roger:

I'm tempted to add to my existing medium sized position in Telus Inc (TSX: T, NYSE: TU), but wanted to check in with you.  Do you think it's at or near a bottom? Or is it about to take another leg down like Charter Communications (NSDQ: CHTR) has recently? Regards--Kerry T.

A. Hi Kerry
I want to see what Telus reports for Q1 earnings and updated guidance
on May 7. But if they affirm guidance and show enough progress on
cutting their debt, I will continue to recommend the stock as deep
value. The price momentum is terrible, just as it is for the other Canadian
telecoms just now. And that's a big contrast with the big gains we’ve seen for my other non-US telecom pick America Movil (NYSE: AMX). But the story with Telus is if they can execute their strategic plan to boost the balance sheet as they build out fiber and 5G, then the stock price will eventually recover.

If Telus does report its fortunes are deteriorating and is forced to
cut guidance, that recovery may take longer than I want to wait. And I
may recommend something else to replace it with a better 12 to 18
month outlook. But based on what we know prior to May 7, the dividend
looks well covered by earnings and free cash flow, and debt reduction
is on track. So I'm going to stick with it at least until then.
 
Q. Hello Roger:
1:59
Today 4/24/2026 Charter Communications (NSDQ: CHTR) is down more than 20% and near the 52 week low. I have a small position and thinking of adding to it, but wanted to check in with you.—Kerry T.

A. Hi Kerry

Both Charter and Comcast have sold off heavily following Q1 earnings. The primary reason is continuing losses of cable broadband customers
to the US Big 3--AT&T, Verizon, T-Mobile US--who are rapidly building fiber connections and extending coverage of 5-G "fixed" wireless. Both companies reported more wireless customers. But this is basically
re-selling service on networks owned by the Big 3.

That said, these companies are still generating massive amounts of free cash flow. The pace of customer losses is not rapid (-1.5% for Charter the last 12 months). And both companies have made substantial progress cutting costs out of their businesses, further bolstering margins.
2:00
Bottom line: There's a lot of negative momentum against both stocks.
But the magnitude of selling recently looks well out of proportion to
actual business development--both for Charter and Comcast. Charter is
also on the verge of closing its merger with Cox Communications--which
will be transformative in that it will add territory, boost the balance sheet and provide substantial opportunity to cut costs. Management reported it has received all needed regulatory approvals except California--where it expects approval in time for a summer close of the deal. I think that's likely, given California did
eventually approve Verizon/Frontier earlier this year.

Charter is also going to fold in its parent Liberty Broadband in another deal that will simplify ownership structure. And I think doing so, it will greatly increase the likelihood of an eventual takeover of Charter--probably by one of the Big 3.
Charter obviously doesn't pay a dividend like Comcast does. But I think it's a value for patient investors here--a lot of negative momentum with all the focus on broadband losses but the Cox deal is a
major long-term upside catalyst.
 
Q. For a long time, the REIT monthly report recommended one conservative and one aggressive REIT from the top ranked REIT spreadsheet. They used to be on the opening page of the report and easy to find. Are these conservative and aggressive recommendations still being done? And if so, where can they be found, and what are they for the April report? And why not clearly state them on the opening page as they use to be. Thank you--William H.

 
 
 
 
 
A. Hi William
2:01
Thanks for writing. The short answer is I’ve changed up the features in The REIT Sheet. Rather than just 2 picks a month, I now feature the 5 best fresh money
REIT buys every month. And I highlight another five to sell. They're listed in their own section about halfway through the report. I do appreciate your comments and will consider listing them further up in the report.

Q. Hello Roger, thank you for putting a spotlight on the US Premier Stock Index as uninvestable at the moment. It appears the dominant AI theme continues its parabolic rise fueling FOMO pressure. For those of us who do not like to chase, this is a tough environment. 

On the flipside, we see the TLTW hovering near a 10+ year low. Does that represent an opportunity and good value?

Thank you again for your insight.—Robert N. 
 
A. Thanks Robert

I'm somewhat wary of that kind of pure interest rate bet in the bond market at this point.
With Senator Tillis lifting his hold on Kevin Warsh as the new Federal
Reserve Chairman, it's looking more likely that we'll have a
confirmation by the time Chairman Powell's term ends. And that very
likely means we'll see the central bank resume cuts in the Fed Funds
rate, which would all else equal be a positive for the bond market and
a catalyst for lower interest rates.

This time around, however, a Fed seen as too eager to please
politicians by cutting rates could actually have the opposite impact
on borrowing costs. Mainly, there's real concern inflation is on the
rise globally, especially after the oil price spike.

During his confirmation hearing, Warsh seemed to advocate calculating inflation in a different way than the Fed does now, which if adopted would reduce the official measure. That could be used to justify rate
cuts. The question is will investment markets buy it, especially banks and mortgage lenders?

Nothing would be more bullish for the stocks I recommend this year than the Fed cutting
2:02
interest rates at a time when market inflation
expectations are dropping, especially if the economy isn't crashing. Such a circumstance would arguably be even more bullish for bonds and TLTW. But if investment markets see a change at the Fed as an attempt to pump up the economy ahead of November mid-term elections--and despite growing risk of inflation--it would be a huge negative for bonds, and not necessarily so for stocks.

And that's basically why I'm much more comfortable sticking mostly with dividend stocks than an aggressive bet on falling interest rates like TLTW. We'll win big in the best case scenario of lower interest rates aligning with falling inflation expectations. But we should hold our own if the outcome is less benign.
 
 
Q. Please explain the business relationship between Cheniere Energy Pts. (CQP) and Cheniere. Energy Inc. (LNG). And then, the implications for the investment in both. What are the pros and cons of each?--Kenney G.
 
A. Hi Kenney
2:03
Cheniere Energy Inc (NYSE: LNG) is the general partner and therefore
primary shareholder of Cheniere Energy Partners (NYSE: CQP).

If you're interested in dividends, CQP is by far the more attractive option in my view. LNG's yield is growing steadily but is less than 1%. CQP's yield is 5% plus and tax advantaged. It's divided into a base rate and a variable rate that's been on the rise lately as earnings rise. You get a K-1 at tax time with CQP and a 1099 with LNG--but the yield differential is more than enough to pay for any needed accounting services many times over.

Other than that, CQP and LNG are just two ways to own the same collection of valuable LNG export assets.
 
Q. Roger. I have enjoyed your work over quite a few years and have profited from it considerably. Realizing I am only a few years from dying I have taken a close look at my IRA accounts and my ROTH accounts. Clark Howard, a name you may know, has written about leaving these to heirs and the undesirable changes made to those accounts by the SECURE act. I am sure many of your loyal followers are not adequately informed of the changes or made the appropriate changes to adjust accordingly. Clark's suggested changes involve leaving heirs real estate (including houses) rather than traditional IRA accounts, or leaving stock or mutual funds in a taxable brokerage account, or trust funds (rather than IRA's) in order to minimize taxes. Depleting the IRA accounts within 10 years, when added to other income a person may have, can minimize the remaining value of a persons lifetime of work.

Since I am personally unfamiliar with the trust fund angle I am willing to explore that as a potential idea for my use. My next step
2:04
seems to me to be limited to finding and paying for an appropriate attorney or involving myself in a seminar designed around the problems brought on by the change in current laws. so, I have come to the point of presenting this idea to you, with a large audience of investors who should take a keen interest in making the appropriate changes, to avoid unnecessary taxation.

My question to you is: Would you and Elliott be willing to include a seminar format in a upcoming live chat to get a sense of the extent of interest in learning about the changes in the law and whether some of your clients have heretofore successfully used any of the suggested methods of tax reduction.

Above, I referenced Clark Howard, a long time personality on Atlanta radio and TV stations (perhaps also in other areas). In late March, 2026, he published an article entitled : Should You Spend Your IRA Before You Die? What to Know. Its available at https://clark.com/personal-finance-credit/investing-retirement/why....

Your consideration of
this idea would be greatly appreciated.—James C
A. Hi James
 
Appreciate the information and good points on inherited IRAs.
 
It's a nice "problem" to have when you inherit these. But you're right to point out that the IRS is going to take its cut. And sometimes it can be quite substantial when the sponsor decides to cash you out all of a sudden. 
 
As we are not CPAs, I'm not entirely sure what Elliott and I can really add to the discussion here, other than to possibly share some benefit of experience as we try to do. But tax efficiency is likely to be an increasingly important issue to address. And we are interested in any shared expertise. This is also a great topic for this week's CT live chat. Please feel free to bring it up.
 
 
Q. Hello Roger,
 
I hope that you are doing well. I have a a couple questions regarding on BUI, a position held in the CUI+ portfolio. On September 10 2025, Blackrock updated BUI’s investment objectives and principal investment strategies. 
Click to view PDF
View PDF
" target="_blank">https://www.blackrock.com/us/individual/literature/press-release/9-10-2025-pr-fe-cef-in
2:06
. 
Click to view PDF
View PDF

Do you have any views on the reasons behind this change? Would this change modify your position on this holding? Thanks in advance. Best regards—Pete
 
A. Hey Pete

One of the things I've liked about Blackrock Utilities Infrastructure & Power is that they haven't used leverage to get results or maintain a high yield. That's included option writing. The dividend isn't all paid from investment income. But they're never forced to sell--as a leveraged fund often is when there's a market event.

I didn't interpret this statement as indicating any real change in BUI when it came out and I still don't. In fact, there was only a one two word change in the investment objective--they removed " current
gains." And actually that brings the fund closer to what I like it for--current income and "long-term" capital appreciation.
 
 
Frank
2:14
I currently have a position in Realty Income (O) and keep hearing about Agree Realty being smaller, more nimble, and having a portfolio that is of higher value. Do you have any thoughts on Agree REIT
AvatarRoger Conrad
2:14
Hi Frank. I do track Agree Realty in the REIT Rater, which is a monthly feature in the monthly REIT Sheet.  My current advice is Buy<80 with an "Aggressive" risk level. I have a profit taking price of 110 currently and a Dream Buy price of 60. The current REIT Sheet issue REIT Rater also highlights the company's Q1 earnings and guidance for 2026--including investment guidance, which is the primary driver of FFO and EBITDA.

I'm not sure I go along with the idea that smaller means more nimble in real estate. In fact, there appear to be real scale advantages for larger firms like Realty Income--one being private capital firms are more willing to help fund growth. But I like both REITs.

If you're interested in my REIT coverage, please call Sherry anytime M-F, 9-5 ET at 877-302-0749.
Sandy
2:26
Hi Roger,

I'm holding tight. Despite the big swings in the markets, I'm holding.
I've been on hold as far as investing goes. A couple of names came up this month that have aroused my curiosity.

GPIQ offers an alternative way to invest in the overstretched Tech stocks. I bought a small position, but I don't understand how it works.

I like to buy clothes through NOVICA. It's online and sells quality handmade items from many countries. The prices for clothes are reasonable. Today, I received an invitation to become an investor in the startup company. $300 minimum is asked. What do you think of this as diversification?
AvatarRoger Conrad
2:26
Hi Sandy. I'm not sure what GPIQ really offers is much different from what you'd get with an ordinary S&P 500 ETF. In fact, its even more weighted to the same 7 Big Tech stocks at 41.4%.

My view is if you own any financial instrument that has a generic "stock" portion, then you already own enough of the so-called "Mag 7." And adding to it at current valuations is basically locking in long-term underperformance, even if the group avoids a 2000-02 style Tech Wreck. Remember the IT leaders then went on to change the world--but took 10-15 years to get back to 1999 highs.

I think any money you invest in NOVICA you should be prepared to lose 100% of. If you're patient, you may make a lot of money. But a crazy percentage of startups fail.
Frank
2:27
Hi. You can ignore this question if already answered but I would like you to address the UAE quitting OPEC and it's effect on oil going forward.
Thanks
AvatarElliott Gue
2:27
Hi, thanks for the question. I am sure we'll get this question a few times, so here are my thoughts. For several years now, UAE has been at odds with OPEC and, in particular, Saudi Arabia. So, it's not a huge surprise they're leaving the cartel. The basic problem is that UAE has spent significant sums in recent years to boost their production and export capacity. When OPEC agrees to "cut" production or "hike" production those cuts are based on a baseline level for each country. In the UAE's case, that baseline was set on their production before a lot of those investments in new production capacity. So, effectively, they weren't getting any credit for all the CAPEX they'd done to increase their production and exports. Obviously, that didn't sit well with UAE. Saudi and UAE did come to an agreement to adjust UAE's baseline higher a couple of years ago, but the sense was that UAE already had one foot out the proverbial door. As far as the impact on global oil prices and supply demand balances, let's consider the
AvatarElliott Gue
2:27
short and long-term. In the short-term, with Hormuz closed, there's no impact. UAE was production 3.55 million bbl/day pre-Iran and now they're producing  and exporting about 1. m bbl/day vis their Abu Dhabi Crude Oil Pipeline (ADCOP) which bypasses the Strait. Since ADCOP is maxed our right now and then some (rated capacity is 1.5 million bbl/day). They have around 1.75 m bbl/day shut in. Longer term, once the Strait reopens it will take time for them to resume exports at the pre-war level. As we explained in this week's update/issue the longer wells are shut in the harder and more time-consuming the task of restarting production. We also don't really know what, if any, damage their is to their infrastructure. Ultimately, I believe they can get back to 3.55 million bbl/day in weeks to maybe a few months. I believe they can push it a bit more and get up around, or a bit over 4 million bbl/day and, longer-term UAE had a plan to get to 5 million bbl/day of capacity by 2027 or so. Again, however, we don't know
How much those plans may have been delayed by the Hormuz closure, I suspect that there’s at least a delay of months to maybe 1+ years. At any rate, the maximum increase for UAE would be 1.45 million bbl/day from their pre-way level and that’s likely at least 1 to 2 years away measured from the reopening of Hormuz. Keep in mind that the total loss of production worldwide due to the Iran conflict is likely to exceed 1 billion barrels (and counting). Once this conflict is over, whether UAE were in OPEC or not, I suspect we’ll see the cartel essentially open the taps as fast as possible.
Pre-war the only significant spare capacity is in UAE and Saudi, and the rest of OPEC was falling way short of their quotas. So, even if they produce flat out, you’re just not going to see much of a boost in production from their pre-war levels because they were already near max as it was. And, certainly, it will take a long time for OPEC to offset the lost exports of 1+ billion barrels. So, I think it’s not particularly meaningful for oil prices. As we’ve said all along, we’d expect prices to pull back sharply once the Strait reopens based on the headline alone. However, we’re not going back down to $60 or $70/bbl/ Longer term, my view remains that oil prices will settle around $80 or higher a barrel.
2:28
With OPEC maxxed out (no spare capacity) this is the level at a minimum that will be needed to incentive investments in new oil and gas production to meet growing demand and rebuild commercial and strategic petroleum reserves globally.
Thomas C
2:34
Good Afternoon Roger...besides the many oil and gas plays, how do we best invest in the shift to more renewable energy?  Besides CWEN, BEP, HASI, is there any dividend way to invest in Battery companies or ETFs?  Is Bloom Energy worth looking at?  Thank you
AvatarRoger Conrad
2:34
Hi Thomas. I've always been far more drawn to the adopters of renewable energy technology than the manufacturers and suppliers--which face extreme competition, particularly from Chinese companies with far more developed scale.

Global supply chain disruption from tariffs and other trade barriers has provided a level of protection for companies like First Solar and Bloom Energy. And they're now benefitting from surging demand for US made product. But if the rules change, they're going to have a much more difficult time. I think both FSLR and BE--which I intend to start covering--are expensive stocks now. But one that's not ahead of earnings is storage company Fluence Energy (NSDQ: FLNC). As you can see from a price chart, it's a volatile stock and it's near a low point. But a good earnings report next week could trigger a nice move.
Mr. G
2:44
Any update on the very low takeover and advice for AES?

I'm holding on, hoping for a more realistic number.
AvatarRoger Conrad
2:44
Hi Mr. G. AES Corp (NYSE: AES) management has more or less gone to ground since announcing the takeover--cancelling the investor call for Q4 and issuing only an annual report and 10-K. The latest news is they're still trying to get enough holders of two bond issues to consent to the proposed change of ownership. A third squeaked by with 52% on April 1.

The company is expected to release Q1 results and potentially hold an earnings call on May 1 (tomorrow). But that's not been confirmed by management. And the website says "no upcoming events."

In my view, this deal faces a real challenge winning regulatory approval in Ohio, not so much in Indiana. But the real hurdle may be shareholders unhappy with the price. Also, Qatar's sovereign wealth fund is one of the buyers. And it has been pulling back on some investments.

My view is holding from here gets us about 10% to a successful close. That rises if there's a higher offer. And if the deal fails, I think this stock ultimately gets back to the high 20s.
AvatarRoger Conrad
2:44
So I think we hold onto our AES and see what happens.
Gary
2:50
Elliot.  The nat gas situation in the Permian Basin seems to be getting worse as time goes on. Not enough pipelines for shipment and companies are paying to get rid of their nat gas so they can produce oil to sell. I hear as high as $8/unit causing significant discount in their oil selling price.  Is there any hope in the Permian in the future for selling nat gas for a profit?  I own REPX (Riley Exploration Permian) with a decent dividend - what do you think of their prospects?  Also, what are your thoughts about Mach Nat Resources (MNR) and their +10% dividend.
AvatarElliott Gue
2:50
I don't see any relief this year for Permian gas. Blackcomb is due for start up late 2026, and that will add 2.5 bcf/day of takeaway capacity. There are two more significant pipelines in 2027 and 2028 as well. I watch Devon Energy's guidance closely on this because they produce a ton of gas out of the Permian and they're big enough to have reserved space on these new pipelines. A few months ago, when they last reported DVN said that they see company wide gas prices at 40% to 50% of NYMEX/Henry Hub and still 40% to 50% of Henry Hub for the full year. That implies no change in Permian gas prices this year. REPX is an interesting small cap E&P. They have a core base of operations in the NW Shel, a  mature conventional play in Texas that is 90% oil. However, their growth region is New Mexico (Delaware Basin of the Permian) which is much gassier but also has far more growth potential. Basically, they sold their midstream division to Targa and have now gained access to Blackcomb when it starts up. That should help
AvatarElliott Gue
2:50
stem the bleeding in terms of gas price discounts, but it's likely more of a 2027 story on that. I don't follow MNR very closely, it's Tom Ward's company (Chesapeake/Sandridge). They focus on the Anadarko Basin and I believe their pretty gassy wells. Generally, for hefty gas exposure I prefer Marcellus and Haynesville exposure.
David O.
2:52
Gentlemen,

Retired…need dividends! Roger, worked with you for years! One of the greatest treasures you gave me was Pembina Pipelines…a faithful companion for many years now! I remember you once stating to the effect that one safe strategy to own the Canadian oil sands was to “buy the straw that will draw it out.” I do believe Canada has a bright hydrocarbon future. Give us your deep wisdom as it relates to the current positioning of Pembina Pipelines to be front and center in this new era. For income, could it be the one best reliable stock to capture the Canadian future? Thanks
AvatarRoger Conrad
2:52
Hi David. I think Pembina has come a long way in the 20 plus years I've been following and recommending the stock--mainly by consistently executing on high return, lower risk investment. And it continues to bring new projects in on time and budget--including so far the Cedar LNG export project on Canada's west coast.

The company will release Q1 results and update guidance May 7, which should expand on the bullish themes from their April 7 strategic update. My view remains that Pembina is probably the best placed midstream company to capitalize on Canada's growing exports of LNG, NLGs and oil. And like the US, Canadian energy is earning a major safety premium now that Qatar and others have declared extended force majeure on contracts with European and Asian buyers.

The challenge is getting a good entry point--42 is the most I'd pay now. But Pembina's best days appear to be ahead.
Terry G.
2:59
Do you think that Starlink could be a potential threat to legacy telecoms? I have already seen ads for internet service.
AvatarRoger Conrad
2:59
Hi Terry. I don't. In fact, the current strategy for Starlink is to partner with the US Big 3 of AT&T Inc (NYSE: T), T-Mobile US (NSDQ: TMUS) and Verizon (NYSE: VZ)--and in areas where a fiber/5G wireless network is not currently available.

With T-Mobile's acquisition of Sprint and the subsequent demise of DISH/EchoStar as a potential fourth US national communications company, the US market is now down to 3 major providers. China has proven that's the optimal number for encouraging network investment--4 plus in contrast undermines margins and investment, which is why #4 competitors have tended to fail.

Bottom line is Starlink can make a lot more money leveraging its network by providing service to the Big 3 than trying to be the next DISH or Sprint.
Load More Messages
Connecting…