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..
Mingling with Financial Advisers at the Investment News Alternative Investments Conference
I spent the day in Chicago where I’d been invited to debate the merits of my book, The Hedge Fund Mirage, with a pleasant fellow named Ed Butowsky who runs a fund of hedge funds. I’ll leave it to the audience to decide who won – it is the season of debates after all. I’ll […]
Hedge Fund Mirage Featured at AR Symposium, New York Nov 1-2
I’ll be making an appearance with two other hedge fund authors Jack Schwager and Steve Drobny, discussing the state of the hedge fund industry next month. http://www.hedgefundintelligence.com/Article/3102473/Market-wizards-or-masters-of-mirage-Noted-authors-Schwager-Lack-and-Drobny-to-discuss-at-Symposium.html
Will Central Banks Cancel Government Debt?
The FT today has a dynamite article with the abovementioned title by Gavyn Davies, Chairman of Fulcrum Asset Management. As the title suggests, Mr. Davies speculates that the vast holdings of government debt create the possibility that central banks may forgive some of it so as to further stimulate growth. It’s a quite electrifying thought. In […]
University Endowments Learn Hedge Funds May Not be the Answer
Jim Stewart in the New York Times has noted the poor performance of many large university endowments, and in the process questions their large allocations to alternatives. Hedge funds figure prominently for many of them, and their investment committees are learning the hard way that uncorrelated returns are not unlimited, and that the hedge fund […]
The Carnage in Pimco's Closed End Funds
Bill Gross is by any measure financially sophisticated. Which is why it’s entertaining to watch him reconcile his undoubtedly well-honed skills at investing with his firm’s management of one of the most overpriced closed end funds around. The closed end fund sector is one of the truly inefficient sectors in financial markets. Investors routinely confuse […]