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April April Investment Results
March March Investment Results
February February Investment Results
January January Investment Results


December December Investment Results
November November Investment Results
October October Investment Results
September September Investment Results
August August Investment Results
July July Investment Results
June June Investment Results
May Interest Rates, Crude Prices and MLPs
April Corporations Lead the Way to American Energy Independence
March Send in the Canadians!
February Windfall and the New Energy Abundance
January 2017 Year-end Review and Outlook


December Limited Partners, Limited Rights; American Energy Independence Index
November The American Energy Independence Index
October The Green and the Black
September The Moral Case for Fossil Fuels; Escheatment
August The Age of Oil
July Falling Dominoes
June The Algorithmic Wealth Transfer
May Dunning-Kruger and Investing
April The Folly of Leveraged ETFs
March Shale Security
February Change and Uncertainty
January America Is Great!


December The Hedge Fund Mirage Turns Five
November Bonds and Marshmallows
October Quarterly Outlook; The Phony War; To Our Clients
September How Expensive Are Stocks?
August Why Electric Cars Are Good for Fossil Fuels; Investors Require Less
July Quarterly Outlook
June The Politics of Bonds
May Filling Up
April The MLP Risk Premium; To Our Clients; Upcoming Wall Street Potholes Presentation
March Straight Answers From Tough Questions; Upcoming Wall Street Potholes Presentations
February Why the Tortoise Beats the Hare
January 2015 Annual Letter; The 2015 MLP Crash; How We Got Here; The Shale Revolution; Kinder Morgan; Valuation; What Next?; To Our Clients


December Cash is Not Quite Trash
November Wall Street Potholes; Energy Infrastructure Investments
October Quarterly Outlook; Performance Tables (Net of fees)
September Thinking Fast, And Slow; Wall Street Potholes
August An Apocalyptic Fund Story
July Quarterly Outlook
June Inflation and Investing
May Preparing for Higher Rates
April Quarterly Outlook; To Our Clients
March Interest Rates; Domestic Oil Production
February MLPs and Mergers and Acquisitions (M&A)
January Investment Philosophy; Investment Themes; Performance and Outlook


December Liquidity
November Energy
October Quarterly Outlook; Hedge Funds Lose a Big Client
September Kinder Morgan; Dodging the Potholes on Wall Street
August How Dovish is Janet Yellen?
July Quarterly Outlook; Are MLP’s Hedge Funds?
June How To Invest Like A Woman
May Flash Boys
April Quarterly Outlook; MLPs; Bonds Are Not Forever
March Liquidity
February Two-Edged Activists
January Annual Letter; Investment Strategies; Investment Themes; Investment Results; Our Clients


December Spot the Bubble
November A Tale of Two Stocks
October Quarterly Outlook; MLPs
September September’s Pattern; Website Upgrade
August Bonds Are Not Forever
July Quarterly Outlook; Bonds Are Not Forever; Pension Investing in Hedge Funds
June Hotel California; Crude by Rail
May Short Put Options Coverd Up As Calls; Business Update; Bonds are Not Forever
April Quarterly Outlook; JCP; The Hedge Fund Mirage
March Cash; Natural Gas
February Buying Stocks, Gingerly
January Quarterly Outlook; Low Beta Long-Short; Blog; Hedge Fund Mirage


December Stocks and Lotteries; The Hedge Fund Mirage is One Year Old
November Sandy’s Aftermath
October Quarterly Outlook; MLP Update
September Don’t Go Away in May; Betting Against Beta
August New Ideas; Hedged Dividend Capture; MLPs
July MLP Update; Quarterly Outlook; The Economist Book Review
June 30th Anniversary; MLPs
May Less Macro and More Micro; Hedge Funds; Business Update
April Quarterly Outlook;
March Finance Behaving Badly; CDE
February An Attractive Alternative to Alternatives;
January Quarterly Outlook; The Hedge Fund Mirage


December The Hedge Fund Mirage; Bond Math
November Banks and Leverage; Website Update
October Quarterly Outlook; Hedged Dividend Capture Strategy
September Why Smart People Should Work in August; Natural Gas
August Fear of Debt; Natural Gas
July Quarterly Outlook
June ETFs and the Bond Market; CSJ
May Timing is Everything; GCI
April Quarterly Outlook; MSFT, RSG
March Fiscal Prudence Delayed (Again); KFT, CDE
February Politics and U.S. Energy Policy; BRK, BTF
January Quarterly Outlook;


December Inflation; OSG
November Taxes; BTF, CEW
October Stocks, Bonds and the US$;
September CFA; CSJ, BZF
August The Bond Market’s Forecast;Municipal CEFs, CXW
July Proposition 14; Closed End Fund Activism; DRP, DVN
June Seeing what you own; RMT, AHL
May Abacus; BIF, SWN, HK
April Repo 105; BHL, SOR
March Improving Hedge Funds; GAM, PAX.L
February A U.S. Employment Vignette; ADX, MVC
January Spreading Populism; EDD, EROC