The 4th Pillar: June 2023

The 4th Pillar

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In this issue, we'll reflect on the irrelevance of the debt ceiling drama, and why Government and society's myopic focus on the short term will lead to higher prices for all of us.

We also turn our attention to the oil markets for the first time in the New Portfolio and feature a large energy producer that:

  • Had a record year in 2022 and continues to execute well;
  • Is trading at a very attractive valuation because of the politics of the country it primarily operates it.

“We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously…

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