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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 60 slides",
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  "notes": "Includes a table for expected total return and two separate cost of equity calculations (sensitized total return and Barra beta).",
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      "text": "Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 10/5/2018. (1) Weights Expected Current - 2020E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate. (2) Barra beta as of 8/31/2018. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (3) 20-year treasury bond yield as of 10/5/18. (4) Duff & Phelps historical arithmetic premium.",
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      "text": "SQ AMGP Peer Group Cost of Equity Analysis",
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      "text": "Comparable Public Company Yield-Based Cost of Equity",
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