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..
Some Monetary Officials Contemplate Higher Inflation
Saturday’s New York Times ran a thoughtful piece that should send a shudder through any holder of long term bonds. While maintaining low inflation is typically in the DNA of every good central banker, some are starting to question the orthodoxy of a relatively inflexible approach to changes in the price level. While high inflation […]
A Tale of Two Stocks
The equity market has had a great run, currently up around 24% for the year (S&P500). Tempting as it is to assess the risk of a reversal as high, we tend to avoid market calls like that. But two stocks that recently reported earnings provide an interesting contrast. Netflix (NFLX) last night reported quarterly revenues […]
What's Greek for Chutzpah?
Achilles Macris worked in the office of the CIO in JPMorgan’s London office during the time of the infamous “London Whale” trades. Achilles was a direct report to Chief Investment Officer Ina Drew. I worked with Ina for many years and I developed enormous respect for her abilities and judgment. The credit derivatives losses have […]
Agrium's Investor Day
On Tuesday I attended the morning session of Agrium’s (AGU) Investor Day in NY (the second part was scheduled for Memphis to visit a couple of their facilities). We’re invested in Agrium, having been first drawn to the stock by Jana’s Barry Rosenstein. Last year Jana published a detailed criticism of the company, highlighting both its […]
How To Lose Money On 4-Week Treasury Bills
Here is the first in what may become a series of financial market oddities brought on by the Federal government’s shutdown and the threat of a debt-ceiling related default. I noted a report that banks were stocking up their ATMs with additional cash in preparation for increased customer demand as we approach the October 17 […]