America’s midstream energy infrastructure, the pipelines that move U.S. energy supplies to market is crucial as we strive for American Energy Independence.

Why Gold and Silver Miners are Attractive Today

We’ve never been big believers in owning gold and silver. Warren Buffett’s comment (most recently in his 2011 letter released on Saturday) that all the gold in the world could be exchanged for “all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 Exxon Mobils…” with $1 trillion left over is […]

Ford's Novel Way of Paying Pensions

Last week Ford (F)  announced plans to shift their pension fund even more heavily towards bonds. At a time when interest rates are ruinously low and equities should appear attractively priced to a long-term investor such as a pension fund this represents quite a radical move. As recently as 2006 the company had targeted an […]

Optimizing Shareholder Value – A Lesson from Devon Energy’s Management

In November of last year, Devon (symbol: DVN) completed its $3.5B share repurchase program announced in May of 2010.  Under this program the company repurchased 49.2MM shares, for an average price of $71/share, reducing the share count by 10%!  During the same period, management sold non-core acreage raising the cash to fund the repurchases, pay […]

The A-Z of Smart Beta

In recent years as hedge fund performance has become ever less appealing, the industry has responded in part by changing the way it describes itself (much cheaper than cutting fees or delivering better results). So when Absolute Return outlived its utility, since many funds were unable to deliver positive returns in excess of treasury bills no […]