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

How Greece Can Quietly Exit the Euro

On the radio this morning a journalist from the New York Times confidently asserted that Greece would soon leave the Euro and issue Drachma. Both the new Drachma and the resulting Euro were both likely to plunge as a result and therefore it’s a good time to book an August vacation to Greece (meanwhile German vacationers are […]

Facebook Loses its Friends

The Facebook (FB) IPO drama has been fascinating and entertaining if you’re comfortable being a Luddite like me and fully confess an inability to “get it” when reading bullish forecasts of their business. A brief glance at their S-1 (the registration document the company filed prior to going public) reveals that FB made $1BN in profit […]

The Value of Facebook

I have watched the endless TV hype about Facebook’s (FB) IPO with great interest but from a safe distance. FB is SO not the kind of stock we’d ever invest in – not that anyone should feel dissuaded because over the years we safely avoided Apple and Google amongst others too. So nobody should interpret […]

Unlocking Value in Prisons Through a REIT

We’ve been invested in Corrections Corp (CXW), the largest private operator of prisons, since 2010. Sometimes we’ve had a large position and at other times not; we think the current opportunity is compelling.  We’ve written about it before here.Around 9% of the U.S. prisoner population is housed in privately run prisons. CXW is the largest […]

The Venture Capital Mirage

The Kauffman Foundation in Kansas City, MO is to be commended for the open manner in which they’ve shared the results of their own venture capital (VC) investing. In a remarkably candid appraisal that covers twenty years of experience, the authors reveal that much of the conventional wisdom about this area of private equity is […]