Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

<ol><li>Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment Fund, a $200m closed end fund listed in London run by Qatar Insurance giving you exposure to the Qatar index at a discount to NAV. Returned over 20% last year (dollar pegged) despite oil prices halving, will likely return double digits over the next 7-10 years annually. </li><li>Buy Iran as soon as it opens, currently under 6x PE with double digit dividends. I believe an Iran deal is likely in the next few months. One of the funds I advise hopes to have an easy to access listed fund to make things easier once SWIFT sanctions are removed </li><li>Buy oil for delivery in 2 years either direct or through options. You may not make as much as spot, but if I (and more importantly T Boone Pickens) are right, it should offer 20%+ return at the least with minimal downside risk unless someone decides to spend hundreds of billions in exploration or the world economy completely collapses. Buy Brent as the Brent-WTI spread will gap out into the middle of the year on Cushing inventory build due to the contango in the curve. </li></ol>

Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment Fund, a $200m closed end fund listed in London run by Qatar Insurance giving you exposure to the Qatar index at a discount to NAV. Returned over 20% last year (dollar pegged) despite oil prices halving, will likely return double digits over the next 7-10 years annually. Buy Iran as soon as it opens, currently under 6x PE with double digit dividends. I believe an Iran deal is likely in the next few months. One of the funds I advise hopes to have an easy to access listed fund to make things easier once SWIFT sanctions are removed Buy oil for delivery in 2 years either direct or through options. You may not make as much as spot, but if I (and more importantly T Boone Pickens) are right, it should offer 20%+ return at the least with minimal downside risk unless someone decides to spend hundreds of billions in exploration or the world economy completely collapses. Buy Brent as the Brent-WTI spread will gap out into the middle of the year on Cushing inventory build due to the contango in the curve. 

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Marathon Petroleum Corporation (MPC) reported strong financial performance for the second quarter of 2025, signaling a well-executed strategy in both refining and midstream operations.</li><li>The company achieved a remarkable 97% utilization rate across its refineries, leveraging its integrated value chain to capture a margin of 105%.</li><li>This reflects an effective response to current market fundamentals, including robust diesel demand and tight inventory levels, which continue to support favorable margins.</li></ul>

Marathon Petroleum Corporation (MPC) reported strong financial performance for the second quarter of 2025, signaling a well-executed strategy in both refining and midstream operations.The company achieved a remarkable 97% utilization rate across its refineries, leveraging its integrated value chain to capture a margin of 105%.This reflects an effective response to current market fundamentals, including robust diesel demand and tight inventory levels, which continue to support favorable margins.

Marathon Petroleum: Optimization of Galveston Bay to Sustain Profitability Even Amidst Market Fluctuations!

<ul><li>The recent results and investment outlook for Marathon Petroleum Corporation (MPC) reflect both strategic advancements and operational challenges faced during the quarter.</li><li>In the first quarter of 2025, MPC reported a net loss of $0.24 per share, primarily due to decreased results in their Refining and Marketing, as well as renewable diesel segments.</li><li>However, despite posting a net loss, the company achieved a commendable 104% capture rate amidst significant turnaround activities, indicative of strong operational execution under volatile market conditions.</li></ul>

The recent results and investment outlook for Marathon Petroleum Corporation (MPC) reflect both strategic advancements and operational challenges faced during the quarter.In the first quarter of 2025, MPC reported a net loss of $0.24 per share, primarily due to decreased results in their Refining and Marketing, as well as renewable diesel segments.However, despite posting a net loss, the company achieved a commendable 104% capture rate amidst significant turnaround activities, indicative of strong operational execution under volatile market conditions.

Marathon Petroleum: Midstream Growth & Integration As A Key Growth Catalyst!

<ul><li>Marathon Petroleum Corporation’s recent earnings offered a detailed account of its strategic priorities, operational milestones, and financial performance, presenting a clear view of the company’s position and direction.</li><li>In 2024, the company achieved its lowest OSHA recordable injury rate company-wide, alongside improved environmental metrics over the past five years, highlighting a continued emphasis on safety and sustainability.</li><li>Operational cash flow reached $8.7 billion, enabling a notable capital return of $10.2 billion to shareholders, underscoring strong financial execution.</li></ul>

Marathon Petroleum Corporation’s recent earnings offered a detailed account of its strategic priorities, operational milestones, and financial performance, presenting a clear view of the company’s position and direction.In 2024, the company achieved its lowest OSHA recordable injury rate company-wide, alongside improved environmental metrics over the past five years, highlighting a continued emphasis on safety and sustainability.Operational cash flow reached $8.7 billion, enabling a notable capital return of $10.2 billion to shareholders, underscoring strong financial execution.

Marathon Petroleum’s $17 Billion Shake-Up Is Just the Beginning – Here’s What’s Powering the Next Surge!

United States

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

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Marathon Petroleum (MPC US)

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Islam, Terror, Politics and Oil - Part 1

Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment...

Emad Mostaque

Marathon Petroleum: Optimization of Galveston Bay to Sustain Profitability Even Amidst Market Fluctuations!

Marathon Petroleum Corporation (MPC) reported strong financial performance for the second quarter of 2025, signaling a well-executed strategy in...

Baptista Research

Marathon Petroleum: Midstream Growth & Integration As A Key Growth Catalyst!

The recent results and investment outlook for Marathon Petroleum Corporation (MPC) reflect both strategic advancements and operational challenges...

Baptista Research

Marathon Petroleum’s $17 Billion Shake-Up Is Just the Beginning – Here’s What’s Powering the Next Surge!

Marathon Petroleum Corporation’s recent earnings offered a detailed account of its strategic priorities, operational milestones, and financial...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Islam, Terror, Politics and Oil - Part 1

Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment...

Emad Mostaque

Marathon Petroleum: Optimization of Galveston Bay to Sustain Profitability Even Amidst Market Fluctuations!

Marathon Petroleum Corporation (MPC) reported strong financial performance for the second quarter of 2025, signaling a well-executed strategy in...

Baptista Research

Marathon Petroleum: Midstream Growth & Integration As A Key Growth Catalyst!

The recent results and investment outlook for Marathon Petroleum Corporation (MPC) reflect both strategic advancements and operational challenges...

Baptista Research

Marathon Petroleum’s $17 Billion Shake-Up Is Just the Beginning – Here’s What’s Powering the Next Surge!

Marathon Petroleum Corporation’s recent earnings offered a detailed account of its strategic priorities, operational milestones, and financial...

Baptista Research

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....