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Title : The Market And Energy Page, Part 2, T+208 -- August 16, 2017
link : The Market And Energy Page, Part 2, T+208 -- August 16, 2017

The Market And Energy Page, Part 2, T+208 -- August 16, 2017

Market surges, despite:

• no ObamaCare relief;
• no tax relief;
• no respite from Trump tweets.

What, me worry?

Indices:

• Dow 30: up 75 points
• Nasdaq: up 16 points
• S&P 500: up 7 points

Aluminum siding. I've long argued that the roof solar panels fad reminds me of the aluminum siding fad in the Midwest in the 1950s - 1960s. It turns out I wasn't far off. In today's WSJ (linked at Morningstar): 

• PACE: small, high-interest-rate loans
• PACE: among the fastest-growing types of loans in the US
• target audience: gullible homeowners (most in California) to help people pay for solar panels, energy-efficient air-conditioners, and other "green" appliances
• borrower defaults are increasing: defaults have jumped over the last year
• roughly 1,100 borrowers have missed tow consecutive payments this year through the tax year that ended June 30; compared with 245 over the previous year
• that means they are in default, and at risk of losing their homes
• lenders: Renovate America Inc.; Ygrene Energy Fund; and, Renew Financial Inc. 
• PACE: small, high-interest-rate loans -- oh, I already mentioned that

Natural gas bet. In today's WSJ, why Blackstone is betting $7 billion on natural gas. Data points:

• world's largest private-equity firm
• latest piece:  $1.57 billion; 30%+ stake in the Rover Pipeline, a 710-mile pipeline being built across Ohio; could be completed as early as this autumn; Energy Transfer Partners; Appalachian drillers who have gained access will pay fees whether they ship or not
• other pieces:
• EagleClaw: $2 billion; Permian; 375-mile gas-gathering system;
• Sabine Pass LNG export facility: $1.5 billion; Gulf of Mexico; Cheniere Energy
• Vine Resources: northwest Louisiana; $1.2 billion; 100,000 acres of gas drilling land
• Huntley & Huntley: $250 million, Pennsylvania; land acquisition for natgas drilling

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