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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
Why MLPs Did What They Did in September
In September Master Limited Partnerships had a tumultuous month. On September 29th, one day before month’s end, we were looking at the worst monthly performance in the history of the Alerian Index. A strong recovery on the 30th reduced the damage somewhat, but MLPs have had a terrible year and September was nonetheless awful. Why the […]
Why MLPs Make a Great Christmas Present
Using such a cheery headline following the week MLPs have had will tempt wisecracks that Christmas tree baubles might be better investments than MLPs. Nonetheless, your blogger is looking beyond the latest round of forced selling and taking the longer-term view on returns. It is likely that buyers better understand the values they are getting […]
Bonds Are Dead Money
If you aspire to achieve acceptable returns from bond investments, the Fed is in no hurry to help you. They have other objectives than ensuring a preservation of purchasing power for buyers of taxable fixed income securities. Their failure to raise rates on Thursday is not that important — what’s more significant is the steadily […]
Rate Hike Or Not, The Same Problems Persist
On May 22, 2013 then-Fed chairman Ben Bernanke inadvertently added “taper tantrum” to the lexicon of terms used to describe the impact of the Fed’s activities. That date marks the formal beginning of the Fed’s efforts to prepare financial markets for an eventual tightening of policy — or the start of the removal of accommodative […]
Why You Might Care About Risk Parity Strategies
Everybody wants to know why the market just did what it did, and what is its next likely move. Chinese equities don’t seem that important to us, but the U.S. sell-off in August coincided with the Chinese one so maybe there’s a stronger connection than we thought. It’s important because investors would love to alter […]