Simon Lack, Author at SL-Advisors

About Simon Lack

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Entries by Simon Lack

Fox Business News – Time to Dump Bonds?

September 6, 2013/0 Comments/in Bonds Are Not Forever/by Simon Lack

http://video.foxbusiness.com/v/2652189553001/time-to-dump-bonds/?playlist_id=1071839331001

Hedgeye's Third Time Lucky?

September 4, 2013/0 Comments/in Midstream Energy Infrastructure/by Simon Lack

I’d never heard of Keith McCullough until today when we noticed that Kinder Morgan (KMI), a stock we own, was down 4%. MLPs are weak but KMI and its cousins KMP and KMR are certainly leading the way. The driver appears to be a bearish report on Kinder Morgan to be released to clients of […]

A Footnote on the September Newsletter

September 3, 2013/0 Comments/in Global Issues/by Simon Lack

In writing this month’s letter (just published earlier today) I researched the source of the quote, “If you torture the data long enough, it will always confess.” It was attributed to Ronald Coase, listed on Wikipedia as “Born 1911”. Because his dates did not include an end date for his life, it somewhat improbably suggested […]

Huffington Post Ends Anonymous Comments

August 28, 2013/0 Comments/in Global Issues/by Simon Lack

In what will hopefully become the new normal for websites, the Huffington Post last week announced they would no longer be allowing anonymous comments on their website. This is a completely sensible move and one that will add civility (their main objective) as well as raise the quality of comments that are made. How is anyone […]

Japan's Debt Spiral

August 27, 2013/0 Comments/in Global Issues/by Simon Lack

I was struck by an article today on how much Japan will spend next year servicing its debt. In its next fiscal year the Japanese Ministry of Finance (MOF) expects to spend ¥25.3 Trillion on interest. That’s about $260 Billion, or just over 4% of its GDP. By contrast, the U.S. spends just over 2% […]

Yellen vs Summers

August 21, 2013/0 Comments/in Global Issues/by Simon Lack

In recent weeks much has been written and said about who President Obama should select as the next Fed Chairman. Supporters of Larry Summers and Janet Yellen are said to be each pressing the case for their candidate from behind the scenes. For a position that is supposed to float above politics, it is surprisingly political. So […]

Bridgewater Reassesses Flight to Quality

August 15, 2013/0 Comments/in Uncategorized/by Simon Lack

If you stop to think about it there are several analogies for the Fed’s “tapering”, under which they gradually relax the support which has been underpinning the bond market. Maybe it’s the parent who creeps out of the young child’s bedroom at night believing they’re finally asleep, only to be halted by renewed cries from […]

Another Short Aims at Joseph A Banks

August 14, 2013/0 Comments/in The Hedge Fund Mirage/by Simon Lack

This morning I noticed an article on Seeking Alpha by Alan Ginsburg making the case for shorting Joseph A Banks (JOSB). The writer makes a good case that the company’s financial statements are untrue and that a conflict-driven management team has at times “looted” the company. We have no position in JOSB and no plans […]

Picking The Right MLP

August 14, 2013/0 Comments/in Bonds Are Not Forever/by Simon Lack

Barron’s published a panel discussion on MLPs this past weekend. The panelists debate whether MLPs are still attractively valued or not and their sensitivity to rising rates. Although MLPs have been very strong this year, with our MLP Strategy +23% year-to-date, we continue to think that distribution yields of 5-6% and conservative growth prospects of 4-6% […]