Aubrey McClendon has by most accounts assembled a team of very able engineers and geologists as Chesapeake (CHK) has acquired the natural gas assets they own. We’d never invest with CHK because McClendon ‘s risk appetite is too big, but it’s stll interesting to watch what they do because thematically we are in agreement. The element of his compensation […]
Click here to see a spot I did today discussing the hedge fund lobbying group, AIMA, and their recent report promoting hedge funds. They are a soft target.
Hedge funds have received quite a battering in the financial press of late. Persistently disappointing results have rightly drawn attention to the high fees, opaque strategies and limited liquidity that characterize much of the industry. My recent book, The Hedge Fund Mirage, has helped promote a long overdue debate about how investors should access some […]
Today’s FOMC interest rate forecasts reveal an updated look at the thinking of the Fed. In January The Federal Reserve began releasing forecasts for the year-end Federal Funds rate from each FOMC member. They don’t identify each forecast with a name, but in aggregate this provides a very clear view of thinking on rate policy at […]
Today I was invited back on Business News Network, Canada’s answer to CNBC. The presenters are charming and somehow always like to get me on when natural gas prices are plummeting – as if we haven’t noticed! But it did give me the opportunity to talk about Range Resources (RRC), one of our larger holdings in […]
Last night’s event organized by Catalyst Financial Partners was a great success. I was paired in a debate with an old friend Peter Fell, with whom I traded interest rate swaps back in the 80s when we were both at Manufacturers Hanover Trust (Manny Hanny). The question posed was “The Eroding Profitabilty of Hedge Funds”. Peter […]
On Monday I shall be taking part in a debate on this topic on Monday evening in NY with my friend Peter Fell, from Kenmar, at The Harvard Club. I am looking forward to the opportunity to discuss with other investors how hedge fund clients might improve upon the frankly abysmal results that the industry has […]
Chesapeake (CHK) has long been the flag bearer for the natural gas industry. Aubrey McClendon has been front and center in making the case for shale drilling and the abundant natural gas reserves it is revealing. To many this is a game changer for U.S. energy consumption. Aubrey McClendon has also shown a tendency to get over […]
Managing tail risk is a constant worry for any investor using leverage, and many others who shouldn’t worry since they’re not levered also fret over the possibility of a market swoon. It’s a real dilemma; low risk assets such as government bonds offer no return at all unless a flight to quality drives prices temporarily higher. Risky […]
Investors are living in a time of unprecedented openness by the Federal Reserve. Many readers are old enough to recall the days when “Fed-watchers” would seek to divine the central bank’s intentions on monetary policy through its open market operations. If managing reserves, and therefore indirectly the cost of short term financing through the Federal Funds […]
