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

The EU Treats the Addict not the Dealer

Betting against a crisis is almost always the right approach. If you invest without leverage, you’re afforded the luxury of waiting to see how events play out without caring too much about the path equity prices take. It might very well be that the latest round of negotiations will result in the ultimately more stable […]

Hedge Funds Challenge the Faithful

Many years ago, when hedge funds managed far fewer assets and returns were generally good, they were described as Absolute Return strategies. Perhaps the best industry magazine covering the sector is called AR Magazine. An Absolute Return suggests that it should be positive in most circumstances, which to most people sounds like an attractive proposition. […]

Bond Math

You don’t need a degree in Psychology to know that investors are nervous. Pick up any newspaper, or just take your own pulse. Macro issues dominate almost every investing decision, and it’s therefore not surprising that the safety of bonds remains attractive. No doubt fixed income has had a great run. The Dow Jones Corporate […]

Transocean Buys High and Sells Low

Transocean (RIG), the world’s largest operator of deepwater drilling rigs, has just provided a breathtaking example of how to destroy shareholder value. As I pointed out yesterday, when they bought Aker Drilling in August at a substantial premium they expressed confidence that they could finance the acquisition without diluting shareholders. They reaffirmed this a few […]

Carl Icahn, Transocean is Calling You

Warren Buffett has commented in the past that as an investor you should buy a company so strong that it could be run by an idiot, since someday it will be. The management of Transocean (RIG) is busy providing evidence in support of this rule. Their stock is already reeling from a likely large settlement related to the […]