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..
Another Implausible Investment Scheme Blows Up
You’d think that following the collapse of Bernie Madoff’s Ponzi scheme in 2008, all investors would have developed a more skeptical protective layer to ward off those who would dishonestly separate them from hard-earned savings. Sadly though, examples regularly occur of the gullible being fleeced. Joe Lewis ran a currency trading business from Istanbul, Turkey that […]
Some Investors Dodge a Bullet
Winston Churchill has been quoted as once saying, “There’s nothing more exhilarating than to be shot at and missed.” Such must be the feeling of investors today who found recently they had rather more exposure to falling crude oil prices than previously thought. Chevron just announced the indefinite suspension of a project in the Canadian […]
6% Yields on MLPs Are Looking Attractive
Another day and another new low for crude oil. Since stocks are moving with oil, trying to figure out the short term direction of the equity market requires being an oil trader. Few of us are any good at this although it’s easy to have an opinion. For our part, we don’t bet on the […]
A Good and a Poor View on the Value of Liquidity
A couple of months ago Roger Ibbotson and I were both presenters at a CFA Conference in Toronto. Ibbotson is a professor of Finance at Yale School of Management and also chairman of Zebra Capital Management, an investment firm whose style of investing reflects his work. Liquidity as an Investment Style was the title of […]
Health Care Versus Energy Within the S&P500
The chart below shows the performance of different sectors of the equity market so far this year. Of course, there are always sectors that are outperforming, so nothing much new there. However, if in general as an investor you don’t commit much to health care and you are overweight energy, recent months have likely given […]