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..
Recently we’ve initiated a short position in Japanese Yen in our Fixed Income Strategy. Some observers have been forecasting economic catastrophe for Japan and its currency for many years based on its poor demographics and steadily worsening fiscal situation. Kyle Bass is one of the better known Japan bears, and he has written eloquently about […]
Coeur d’Alene (CDE) is a silver and gold mining company that we have owned in the past but do not at present. Like many bullion miners, they seem to be cheap relative to the NAV of the assets they own. CDE was down quite sharply during the Summer before rallying strongly starting in August when central bank […]
There’s a thoughtful op-ed by Gavyn Davies in the FT today (Why did Bernanke change his mind). The Fed has a dual mandate of targetting maximum employment consistent with stable prices (which they take to mean inflation no greater than 2%). What’s become clear following last week’s announcement is that the priority the Fed attaches to […]
One of the few things on which just about everybody can agree during this election season is that our elected officials in Washington, DC have taken on too much debt on our behalf. Voters part company on what to do about it, but most agree it’s a problem that’s not going away. Deciding to borrow […]
In yesterday’s press conference, Steve Liesman from CNBC asked a highly pertinent question of Chairman Bernanke. Steve asked whether the explicit focus on employment meant that the Fed was now willing to tolerate a higher inflation rate than would otherwise be the case. Bernanke answered predictably by noting that the Fed by law has a dual […]