Welcome to Episode 10 of the Preferred Shares Podcast.

Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode. In this episode, we are joined by Ian Clark, founder and head of Dichotomy Capital, a power market focused investment manager that utilizes intensive research to find attractive opportunities in the public and private markets. 

In this episode

Ian Clark’s personal and professional background

What is a fat pitch for an expert in the utility space?

Difference between regulated and unregulated markets

Is there an investor preference for utilities that are diversified or focused on one type of market?

Ian’s checklist for evaluating a utility investment

Factors that impact the capital structure of a utility company

Catastrophe risk and why water utilities are so boring

Are synergies really available post-acquisition in a heavily regulated environment?

Best practices in the utility space

The push/pull of returning capital to shareholders versus reinvesting for growth

Ian on the Averch-Johnson effect

Will data centers and AI be a boon to utilities?

Is there a great capital allocator in the utility space?

Utilities are the last bastion for true scuttlebutt research

Episode resources

Dichotomy Capital website

NextEra Investor Materials

Duke Energy Investor Relations

US Federal Energy Regulatory Commission (FERC)

Changing Times, Changing Values: A Historical Analysis

of Sectors within the US Stock Market 1872-2013

Additional reading

Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:

Recession Resiliency: The Auto Repair Ecosystem, Douglas Ott, 4/17/2024

Generational Smoking Bans, Devin LaSarre, 4/21/2024

Disclaimer

All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com