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..

Quarterly Outlook

Fiscal issues dominated the last few weeks of 2012 and are likely to provide headlines during the next several months as well. Therefore, it’s worth contemplating what it means for investors. Following this most recent skirting of disaster with the Fiscal Cliff, it’s possible to draw some inferences about how the ongoing budgetary debate will […]

Why Compromise in Washington is so Elusive

As we approach the Fiscal Cliff, or more properly Slope, I thought the Republican negotiating strategy was very revealing. Gerrymandering, the process by which Congressional districts are tortured into shapes that resemble something drawn by a drunk with a permanent marker, are certainly part of the issue. Although the original intention was  to allow for districts that reliably […]

Brief 2013 Outlook Written for FinAlternatives.com

2013 will be the year when bond investors begin to acknowledge the inevitably low future returns caused by the Fed’s multiple rounds of Quantitative Easing and debt monetization. Negative after tax real returns will reach high grade bond investors as they already have for holders of government debt. The relentless Math, whereby the return on […]

Hedge Funds Limp To The Close of a Lousy Decade

The Economist, without doubt my favorite weekly magazine (or newspaper as they refer to themselves) has brought its clear thinking and analytical skills to hedge fund returns. As usual they’ve provided a balanced perspective that includes important points. They note the poor decade hedge funds have had relative to a simple 60/40 stocks/bonds portfolio. They […]