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..
Putting Stocks in a Bond Fund
In “Running Low on Bonds”, the WSJ today notes that bond funds are increasingly holding stocks because of the shortage of attractive bonds to buy. They cite the Loomis Sayles Strategic Income fund as an example. Common and preferred equity is now 19% of its portfolio, versus 5% in mid-2011. We’re sympathetic to the argument. […]
Short Put Options Covered Up As Calls
Writing covered calls sounds like such an innocuous strategy. You own shares in a company that you like for the long term. Its performance has been modestly positive but fairly unexciting. You don’t want to sell but want to make a little more money out of the investment. So you sell call options to generate […]
The Coke Standard
We certainly make our share of mistakes, so don’t misread the absence of any gold mining exposure in our client portfolios as bragging. Regular readers of this blog will be aware of the occasional wrong turn. One of the most insightful lessons of Behavioral Finance is the overconfidence many people have in their forecasts of […]
A Hedge Fund Journalist with Integrity
My friend Josh Friedlander, Editor at Absolute Return, has written a very good essay in the Hedge Fund Intelligence Global Review 2013. Unlike most journalists covering the sector who offer uncritical praise of their subjects, Josh asks some very pertinent questions about the future of the hedge fund industry. He’s asking the right questions. Hedge […]
Direct or indirect, the hedge fund industry can't deliver
Here’s a piece AR Magazine invited me to write.