Stephen Ellis

The firms have agreed to expand crude oil takeaway capacity in the Rockies.

We believe it has a sizable opportunity in NGL exports.

Several high-quality hydrocarbon shippers are currently on sale.

We may modestly decrease our fair value estimates after proposed policy changes, but we think the market is overly punishing high-quality midstream energy firms.

REX plays an important part in the U.S. natural gas market.

We would be looking to purchase quality midstream firms at a discount.

The end game for the narrow-moat limited partnership is building out full control over a massive NGL market hub in the northeastern United States.

Despite a high uncertainty rating, this narrow-moat refinery MLP's Gulf Coast exposure should provide a benefit over the coming years.

The dominant position in the Permian can't be replicated.

It simplified its corporate structure with a midsummer merger.

Tax reform may still happen even as banking deregulation in the U.S. faces more hurdles.

The acquisition is the result of an opportunistic move by Santander's management picking up a strong franchise hurt by toxic real estate exposure, rather than a continuation of previous management’s acquisition streak.

The wide-moat firm has inked a memo of understanding with Saudia Arabia's Sovereign Wealth Fund.

We think the environment’s improving for the wide-moat firm.

Now that narrow-moat Lloyds has substantially completed its turnaround, its moaty retail and commercial bank will be the biggest driver of results going forward.

This weekend's referendum and the resignation of Prime Minister Matteo Renzi are neither Brexit nor Trump moments for European investors.

Although the wide-moat firm is unlikely to grow book value like it did in the past, future returns should still come in solidly and consistently above the firm's cost of capital.

The U.S. Department of Justice's proposal that Deutsche Bank pay $14 billion to settle claims of mis-selling mortgage securities is an extravagant negotiating tactic.

The Brexit vote will have wide-reaching implications for our European financials coverage universe.

Few competitors can match its profit margins or breadth of product offerings in custody.

The Department of Labor's proposed rule could affect around $3 trillion of client assets and $19 billion of revenue at full-service wealth management firms.

Investors see banking crises as the result of extraordinary circumstances--chiefly, unforeseeable economic shocks. We disagree.

Apollo is one of the best-positioned alternative asset managers in credit today, writes Morningstar’s Stephen Ellis.

We think that as alternative asset flows consolidate around a few select global managers, Ares will benefit.