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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..
Reminding CBB's Management Who They Work For
Cincinnati Bell (CBB) will celebrate 140 years since its founding this July. It has long provided phone and data communications to residents and businesses in Ohio, Kentucky and Indiana. We have been invested in them for the tiniest sliver of their history, and today endured our very first quarterly earnings release. We were lambs to […]
Barron's Covers MLPs Again
Barron‘s has a decent overview of MLPs today. They could have been more critical of the various funds, exchange traded notes and ETFs that offer MLP exposure. None of these pass through the tax benefits to clients as effectively as a portfolio of direct holdings – although the managers being interviewed run such funds themselves. […]
David Einhorn's Conference Call on Apple
This call and webcast ended a little while ago. David Einhorn did a very good job of explaining his idea behind ingeniously named iPrefs, only slightly marred by the brain dead questioners who began the Q&A segment. We think the theme of perpetual preferreds is applicable to many companies including tech names such as Microsoft (MSFT) about which […]
Unlocking Value In Microsoft The Einhorn Way
This morning David Einhorn on CNBC elegantly highlighted the inconsistency in pricing of different asset classes, specifically in the case of Apple (AAPL), which he owns. Einhorn believes AAPL should exploit the low yields/high prices of preferred equity to the advantage of stockholders. You can read the transcript of Einhorn’s interview here so we won’t […]
Buying Stocks, Gingerly
Money has been flowing into bond funds for a long time. During the financial crisis of 2007-08 many of us contemplated hitherto unthinkable risks to our investments. I spent a few miserable evenings in September 2008 calculating the fall in the value of my own portfolio and wondering where it might stabilize. Avoiding leverage, and […]