Enbridge Line 3 Replacement Project Quick Facts/Overview Owner: Enbridge Throughput Capacity: 760,000 bbl./day[i] Start: Hardisty, Alberta End: Superior, Wisconsin Cost The project will cost $5.3B CAD in Canada and $2.9B USD in America.[ii] Existing Pipeline The Enbridge Line 3 began operating in 1968 running from Edmonton, Alberta through to Superior, Wisconsin with a capacity of
Woodstock for Capitalists: The Berkshire Hathaway AGM
To my understanding, Woodstock was an iconic rock concert that represented the Zeitgeist of America's hippie era. There was a re-do in the 90's where there ended up being riots - nonetheless, this is what Warren Buffett has coined the Berkshire Hathaway annual general meeting. As we approach the AGM for
US M&A Roundup – Q1 2019
Europe’s Private Equity M&A Roundup – Q1 2019
Secondary Buyouts: Not Your Typical Second-Hand Shopping
By Eric Peghini Initially posted on the BSPEC blog “Everyone has access to information. We just know how to analyze it better.” This is the mantra of Billions protagonist Bobby Axelrod, a fictional hedge fund manager who’s ethically compromised fund breeds alpha like a wolf pack. However, putting aside any insider trading and market manipulation, is
Can Technology Sector Stocks Keep Rising?
What is a Technology Stock? In a previous post, we briefly discussed lofty valuations for tech companies. However, simple attribution analysis will show that these richly valued companies have been responsible for much of the growth in the 10 year bull market. Market pundits and talking heads that show up on
The Upcoming Tech Unicorn Parade
Commercial Real Estate Valuation: Cap Rate Approach
Fundamental valuation of commercial real estate is similar to fundamental valuation of a stock, the intrinsic value of the property depends on the cash flows that it generates. This is known broadly as the income approach to valuation, which can be further broken down into 3 variations: Cap rate approach
Pension Funds, Intermediaries and Private Equity
Understanding a Merger and Understanding a Merger Model
A Lesson in Mergers & Acquisitions Theory Step back for a second and forget all of the accretion/dilution, tax implications and purchase price allocation jargon that goes into mergers and acquisitions and read this to understand the basics of mergers and acquisitions. A firm buys another firm. There are no synergies and