 Good day, fellow investors! Today I want to discuss SETKLARMAN's largest U.S. portfolio position. It is Chenier Energy, MYSA LNG. Now, I already made a video about natural gas, what's going on, what are the long-term trends, so don't forget to watch that, because it will give you a much better understanding of this video and the company Chenier Energy. Just a quick reminder, LNG, liquefied natural gas trade, is expected to boom in the next 10 to 20 years. And especially what is expected to boom are North American LNG exports. You can see here the first three columns, two columns, the first one is practically in existing 2015 NO exports, then huge jump in 2025 and then again a huge jump in 2040. The U.S., thanks to the shale oil revolution, has become from a net importer and net exporter of oil and gas. Chenier understood that trend and created an export natural gas facility. In order to export natural gas by boat, you need to liquefy the gas, because then it's 600 times smaller in volume. And Chenier is investing, I think they invested now about 20 billion and will invest another 10 billion in order to have 7 or 8 liquefification trains in order to put the natural gas coming from the fields in Texas on the boats and ship them around the world mostly to Europe and Asia Pacific, which are net importers of gas. And you can see here the trains that LNG is building. Five trains are fully contracted, six trains coming on seven trains and then I think there will be another eight trains. In order to export natural gas coming from the fields around Texas, which where there is plenty of it it is low cost to extract so Chenier can compete globally even with the additional liquefification and transportation costs for natural gas. Just a reminder here, which I already this chart is already shown in the other video about natural gas. Natural gas prices vary a lot around the world because it costs to transport natural gas. Okay, short overview done. Now what's the value? Where does Seth Klarman see the value in Chenier energy? As I said 30 billion will be invested by 2020 and every year the company is now investing about 4-5 billion dollars and it's just started so it's really a growth startup that has 30 billion in investments. And if you look at this slide you can see that the cash flow distribution per share when all eight trains are made will be from $640 to $8 per share. Seven trains $540 to $640 per share. All the eight trains will be probably built in the late 2020s so I have taken 2027 as an approximate year to make my calculation. If let's take the average, if a shareholder can expect to get $7 per share in cash distributions in 2027, you attach $7 per share a yield of 5% thus we multiply the $7 with 20, we get to a stock price of $140 in 2027. As the current stock price is $45 in 10 years it should be $140. Of course there will be also cash distributions from 2020 going on the onwards that are a little bit smaller but however significant. So you can expect a return of about from 12 to 15% if everything goes as planned. And we have seen the chart about the expected LNG global demand so there is a high probability that everything will work out well. Thus, Klarman is already positioned to get the cash flows and then to make a 15-12 to 15% return in the long term. US will keep pumping out gas at a low cost will have a mode and Chenier is perfectly positioned to take advantage of that trend. Now what I want to close with is how to play that investment because it's not linear, it won't be linear and there will be lots of volatility around it. If we take a look at Chenier's stock price you can see in 2014-15 it was around $80 then it dropped to $24 and now it's around $45. You have to see okay I know that in 2027 the stock price will be around $140 so what's my expected return on investment and then you can do the same as Klarman. He bought more when the stock price fell at $24 around $30 and then he immediately solved that position when it went up to $40. So he is trading around his long-term expected trend. You know you have 12-15% in the long term and then you can increase your returns by trading around short-term sentiment in natural gas prices because when natural gas prices are low also Chenier's price will be lower. Margin of safety, $30 billion invested, long-term positive trend for LNG, long-term huge growth in the demand for natural gas. So a lot of interesting developments for Chenier. However it's let's say a boring business all done in 20 year contracts for where the customers want to secure their supply. Feel free to dig in into the sector if you're more interested. Please share your findings in this. Please share your findings under the video. We are here to learn all together and create a community of profitable low-risk high return investments. Thank you for watching don't forget to subscribe, click like if you like the content and don't forget to watch the next video about the natural gas sector which is about Gasprom. I'll see you in the next video.