MEP Portfolio Trading Note 10/15/26
A Trader betting on a Trader
Yesterday I told you I’d wade into a new position and write it up properly. Here it is.
It’s the most interesting trade I’ve put on for MEP so far: a management team that at best you'd call slippery, but I really like despite it anyway, a balance sheet with some honest problems, and, beneath it all, a setup in European gas that I really think make all of that irrelevant.
I'm calling this idea: A trader betting on a trader.
Please read the whole thing. This is the kind of story that keeps me engaged in energy. I love it. It's not just an analysis of market action and supply/demand dynamics: It's a soap opera with brilliant characters, big money bets and shaky business principles – all leading to (hopefully) a very profitable investment.
This is why I still enjoy doing this.
Please read it and send me your thoughts.