$EQT Tape Reports
Per Ticker.id: $EQT Tape Reports — timestamped podcast mentions, volume, and share of voice. Latest 2026-07-02 00:09 UTC.
that becomes a risk management question where you might end up better off, but you might end up taking more risk than you had planned to. Which, like you said, could be good or bad. I think the bigger issue is analysis paralysis and not investing. If you have a big lump sum of new money, not investing in investing, or if you're whatever, get maybe a bonus or just your regular savings if that takes you longer to invest because you have more stuff to think about, I think that's probably the big opportunity cost issue there. Now we're talking about 14 basis points. The other interesting thing is that this question, as I said, we're behind in answering our AMA questions. This question was sent a while ago and since then the fees on the EQT specifically have come down quite a bit. Its management fee, which is different from the MER, was cut from 22 basis points to 17 basis points effective November, November 18, 2025. That puts the MER, which includes a couple of other costs, at about 19 basis points. That's not published yet, but just running the numbers quickly, It'll be around 19 basis points once they update the MER. I looked what it would cost to reconstruct this portfolio from its components. It's about 15 basis points. So now we're talking about a 6 basis point difference, which obviously changes the trade off. What do you think, Dan?
Benjamin Felix — The Rational Reminder Podcast · Is VEQT Costing You? (& Other Questions) · 2026-07-02Looking at Clean Harbors, they're engaged in environmental energy industrial services. As you would imagine in this world where a lot of money is going into data centers, their business has benefited, especially those environmental services, those industrial services, etc. They do, um, they work with, uh, landfills. They have treatment services, storage and disposal facilities, wastewater treatment facilities, and solvent recycling centers as well. So, uh, $16 billion market cap. It has been on a nice run because earnings are growing, and they're expected to grow 18% this year, 10% next year, to $9.49. However, $290 stock. So based on forward-looking earnings, you're talking about over 30 times forward forward-looking multiple, which is kind of on the expensive side. Now, if you're looking at an enterprise value to EBITDA, that's in about the 15 range— 14 range, should we say— forward-looking, which is on the high side. It hasn't been this high since 2024. Zoom out here. Yeah, that's when you started a broader pullback from about 260 all the way down to $183. What I will say is technically it looks like it's probably the beginning of a broader correction. Is that a reason to sell it if you're a long-term holder? No, not necessarily, because this correction may be something similar where it goes from— it went from $270 all the way on down to $180. You know, that was about a 30% correction. It doesn't feel great, but obviously it worked its way higher. It's a very good business with strong balance sheet, return equity around 14.5%. Not amazing, but very solid, very consistent. It's taking that cash flow, about $400 million per share, and they're buying back shares. So they're doing smart things with that, uh, that cash flow. They don't pay a dividend, but their dividend is kind of that share buyback. So I like the business. It wouldn't be a time for me to pick up more, I would wait until about the $250 range. The $290 now, I think it probably works its way down there over the coming 12 months. Maybe not, but the technicals are telling me that, and so are the valuations. So I'd be very patient on it. I would be a long-term holder because I like the business, but I wouldn't be adding to it until you get to $250. Thanks for the call. Now, we had a great show yesterday. We look in— we looked into a story about a teaching moment and how Wall Street targets are built, why they move, and how little they should drive your decisions. Luke got into that and I, I, it was, it was a great show. And if you answer, we also answer, he also answered questions on EQT Corporation. That is a natural gas, uh, I think it's a natural gas producer if I remember correctly. That was submitted via our YouTube channel. And if you happen to miss it, go check it out. The best way to get every show is to follow Invest Talk wherever you get your podcasts. Now we have a lot of ground to cover. Today, over the next 45 minutes, and time permitting, we'll get to all of it. Our main focus point is reviewing the first half of the year. What were the expectations going into 2026, and how did they— how did the first half live up to the hype, shall we say? What shifted throughout those first two quarters, and what does that mean for the back half of the year? What does that mean for setting up back half positioning in your portfolio? So we'll dig into that. Then I want to touch on the streaming wars and cable cutting, what this means for you, the viewer, but also the companies within the space. How profitable will they continue to be over time? We have another topic. I have it in front of me. Where is it? I'll find it. Don't have it in front of me, actually. I'll find it, but we have more to talk about. Ah, yes, that's what it was. AI exuberance, uh, report from the BIS. So we'll dig into that story as well. Most importantly though will be your calls. We have voice bank calls. One is on index performance as well as the Vanguard Information Technology Index VGT ETF. And then we have some questions that came in via the comment section over on the Invest Talk YouTube channel as always. So we're going to take a quick break. However, please remember you can call anytime, leave your question on the Invest Talk voice bank. And if you're listening via our live stream, or possibly on AM 1220 in the Bay Area, you can call right now, 888-99-CHART. Up next, I will comment on today's market activity.
Justin Klein — InvestTalk · The Half-Year Scoreboard · 2026-07-02888-99-CHART. Let's talk a little bit about the market before we move any further because Q2 is over. So how did we do to finish out the month? Looks like stocks finished a bit higher, not far from best levels. The best index though is the NASDAQ, up 1.52%. S&P up 79 basis points. Small caps up 46. The Dow's about 26 basis points on the day. In fact, it looks like the S&P and NASDAQ actually closed out their best quarters in 6 years. Think about that. On the back of what is happening since February, Q2 2026 was the best quarter for the S&P and NASDAQ in 6 years. Diving a bit deeper, it looks like semis, tech hardware, multis, building products, ag chemicals, the best performers on the day. Big tech did actually pretty well today. You saw something that you've seen for really quite some time as we've had these big breadth concerns, is the equal-weight S&P lagged the cap-weighted index in this case by almost a percent. Looks like it, it was about 80 basis points, relatively lower, still positive, uh, actually just barely negative on the day. You know, you saw software mix, a theme that we've continued to see, but really the worst-hit names: medtech, trucking, food and beverages, staple retailers, telecoms, insurers, energy. You had more than anything a bit of the rotation that we've seen really on pause to end out the month. You had Treasuries weaker. That's going to propel growthy names. You had the dollar index up 10 basis points. You had gold finishing pretty flat after having really a horrible quarter. And you had crude oil down 1.8% on the day. And that's in spite of it gaining about 2-plus percent to start the week yesterday. Again, a bit of reversal. Momentum did really well today, but frankly, not really much that drove it. I mean, semis were broadly higher. You look at the SOX, it had its best quarter since, since, uh, its inception going back all the way to 1993. But other than that, I mean, not much really going on. The market, for the most part, I would say waiting to see what happens in the rest of the week. I mean, you have Warsh's remarks on Wednesday. You have nonfarm payrolls on Thursday. If I had to guess, I would say probably this economic data continues to hint at what we've seen recently, which is a solid macro backdrop with another 100,000+ in payroll growth. And then you look at the corporate front. I mean, you have Q2 earnings season, which is expected to deliver its second straight quarter of 20%+ growth. And you can understand why maybe the comparisons to a dot-com bubble don't really manifest themselves, because you have tailwinds from all this CapEx boom, all this oil actually showing itself in not just top-line revenue but also bottom-line earnings. Let's talk a little bit about what happened today on the macro front. Looks like June's consumer confidence came in at 91.2. That was a bit below consensus but better than what we saw in May. You had May JOLTS job openings at 7.594 million, a little bit higher, but really pretty much no change from 7.585 million the previous month. Uh, you have the quits rate unchanged. And then on manufacturing, it— Chicago PMI dropped to 56.7 because you saw declines in new orders and production. But really, again, just a waiting game. We get ISM Manufacturing and ADP private payrolls and May construction spending on Wednesday, and then June employment report, initial claims, and May factory orders gonna cap out the week on Thursday. Notice I said cap out the week because the market is closed on Friday. Let's keep things moving and get to a question that came in earlier to our YouTube comment section from SSJ Baller, and it says, looking to consolidate my energy stocks I'm looking to consolidate my energy stocks. Which should I keep? WNB, TRGP, EQT. I already own Exxon. My total energy percentage is less than 22% of my portfolio. Well, here's what I will say first, okay? Every weighting, every sector weighting is always on, or should always be on, a relative basis, right? You're not just picking these numbers out of nowhere. When you're making sector allocations. A great starting point is how is the market allocated. If we look at the S&P 500, which again is just large caps, market cap weighted large caps, energy weight is 3%. So you are already nearly 20% overweight the market. Couple months ago, that's great. Recently, drawdown in oil, not so good. This is how you get asymmetrically exposed to certain risks. Now, these companies are a bit different, right? Williams Companies is WOB. That's a natural gas and pipeline infrastructure company. TRGP is Targa Resources. So think NGL gathering, processing. Then you got EQT. It's a name that we like. It's a natural gas E&P producer. It's the largest natural gas producer in the United States. We actually hold that for clients. And amongst those three, I mean, it's the cheapest. Comparatively. We mentioned the old Exxon. You know, we actually talked about on the webinar some of the reasons why we are reducing some of our exposure to oil weights. As a spoiler, I mean, you had this huge move in oil that isn't probably not going to sustainably lead to higher revenues over the next, over the next couple quarters in spite of everything hitting the fan since February, I would say. But take a look at these three names. I think that you can't comparatively say, okay, I already hold Exxon, what should I do with these others? Because these are natural gas and NGL names. These are all pretty similar in terms of exposure. I think of the three, obviously I like EQT because we hold it for clients. I'm a big proponent of infrastructure names, pipelines, especially in natural gas, as you have us trying to export some of these, some of these fuels externally outside of the United States. So if I had to choose I would certainly think that you would need to meaningfully reduce your exposure given your dramatic overweight. And really, I think trimming from all 3 of these, if 4 names equal 22% of your weight in your portfolio, would probably be a good idea. Thanks for watching. Well guys, our 24/7 InvestTalk Voice Bank never closes, meaning you can leave your finance and investment question absolutely anytime. Could be now, could be in an hour, could be 3 in the morning. It doesn't matter. You know the number, 888-99-CHART.
Luke Guerrero — InvestTalk · JPMorgan Says 7,800: Should You Believe Price Targets? · 2026-07-01Next question. If DFA products were not available to you, would you then rather use an Avantis ETF like AVGE or a market cap fund like vt? I personally wouldn't use either because those are US listed. I would personally prefer to use Canadian domiciled funds. I did say in the rational reminder community years ago that if I could not use DFA607 like if I didn't work at PWL I would probably just buy one of the EQT like VEQT or XEQT or ZEQT or whatever market cap weighted ETFs just for the simplicity, I made that comment preventus having CAGE launched in Canada. If for some reason I lost access to dfa, I would probably use CAGE before going market cap weighted for the reasons we mentioned earlier. It still gives you that globally diversified internally rebalanced portfolio, but it has built in factor tilts.
Benjamin Felix — The Rational Reminder Podcast · Answering Your Financial Questions · 2026-06-18It's great to have you. I've been looking forward to this conversation for a while. Before we get to eqt. You've a really interesting background and I want to dive into that a little bit. You grow up in Chile, you go to the Wharton School at University of Penn to get a bachelor's in finance and economics. Was investing always the career plan?
Barry Ritholtz — Masters in Business · Riding Global Tailwinds with EQT's Jean Eric Salata · 2026-06-12You're absolutely right about that. And that actually is the key, I think, to what we've been able to achieve over three decades was that overcoming those barriers. Because ultimately the people think of Asia, they call it Asia, but it's, it's really a very. First of all, geographic is a huge, huge expanse of, you know, from Tokyo to Sydney, it's like a 12 hour flight, you know, and from, you know, from, from, even from Hong Kong all the way to India. It's still a pretty long distance. And culturally you're talking about a very significant difference in, in the local culture, the local language, the ways of doing business. So what, what we did initially was, you know, and we were actually criticized for this in, because in those days people just did single country funds for that very reason. You had a China fund, you had, you know, you had a sort of a Japan fund, a Korea fund. And what we set out to do was to say, okay, we're going to create a regional investment program. People looked at me and said, what do you know about investing in Japan? Or like what do you know about India? You're not even from Asia. And so what I early on appreciated, and this has been an important lesson in my career, is that actually being a good investor is very important for what we do in our industry. But if you want to build a company, which was always my ambition, if want to build a business out of it, you need to actually build a team, not just be a good investor. Being a good investor is kind of prerequisite to be in our industry. But beyond that, it's really about building a team. And so I was lucky enough to meet and to bring on board some great partners early on, very diverse backgrounds. So you know, we have people even to this day and in those days from each of these markets. So you know, we had great partners from China, from Taiwan on our team that we hired early on. We had a very good team in India, on the ground, in Mumbai we call it now local with locals, where you have local teams in each market. In 2005 we opened up an office in Japan and we hired a great team in Japan of great people there. As we're building the team A you needed to have people from those markets that understood those markets. But the next question is how do you stitch it all together? You know, how do you create that common thread? And that comes down to culture and building a culture of like minded people. And so I started to really also gain a huge appreciation for the importance of culture in a business. And that's something by the way, that EQT has I think really excelled in globally. And one of the reasons I was ultimately attracted to EQT and combining our business with EQT four or five years ago was that Connie Johnson, the founder of EQT early on, with the Wallenberg's backing, realized that culture ultimately drives performance in an investment organization like ours. So built an organization with tremendous culture and our culture was actually somewhat similar. So we were able to bring the two cultures together. And the cultural fit ended up being what made that merger so successful. But going back to building the Asia business, building the team on the ground, building the common culture, and then it was sort of, how do we institutionalize this? Instead of just doing deals here, doing deals there, how do we create a unified systematic approach? And this is where my Bain days sort of came in of thinking, let's come up with some constructs about how we think about capital allocation, how we think about diversification, how do we think about macro, how do we think about sector trends, how do we think about our investment committee process, how do we drive due diligence, systematic due diligence in every market. So we have quality control in each market. It's not just random deal makers doing things the way that they want to do them on the ground. And so pulling all that together, which, you know, it took a lot of time. I'm making it, I'm shortening it here. But, you know, there was a lot of ups and downs and a lot of mistakes, a lot of setbacks. But eventually we got there and refined our strategy over the years and we created something that's actually quite hard to replicate, which is this regional platform delivering consistent outcomes with a great team of consistent people that have been with us a long time and that have a similar approach to underwriting and ultimately great performance. And so all that going from 25 million where we ended up, by the time we did the deal with EQT, we had 25 billion under management over the spans of what was 25 years of building the business.
Jean Eric Salata — Masters in Business · Riding Global Tailwinds with EQT's Jean Eric Salata · 2026-06-12Coming up, we continue our conversation with Jean Eric Salado, chairman of EQT Group, discussing the combination of BPEA and eqt. I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio.
Barry Ritholtz — Masters in Business · Riding Global Tailwinds with EQT's Jean Eric Salata · 2026-06-12I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Rad. My extra special guest this week is John Eric Salata. He is chair of EQT Group, one of the largest alternative managers outside of the US. They manage $316 billion. So so let's talk a little bit about how this all came about 2022, you merged BPEA with EQT. That was a $7 billion deal that followed about 25 years of independence. What what led to that decision to merge? What could EQT offer that BPEA couldn't build on its own?
Barry Ritholtz — Masters in Business · Riding Global Tailwinds with EQT's Jean Eric Salata · 2026-06-12