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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Flash Boys
I eagerly read anything that Michael Lewis writes. He must be one of the most erudite and entertaining writers of our time. From Liar’s Poker on he’s produced books and essays that are highly entertaining as well as informative. I even enjoyed Moneyball, even though as a Brit I know very little about baseball. It […]
Tax Expert Sees Little Risk to MLPs
Interesting perspective on where the IRS is likely to focus from Robert Willens in Barrons today. He notes, “While the IRS is getting more restrictive on REITs and inversions, they are getting more expansive on MLPs, for some unknown reason. They are allowing a broader class of entity to convert to MLP status.”
Coke's Management Pushes Their Way to the Trough
The proxy statements filed by public companies prior to their annual meetings are not always interesting to read. But Coca-Cola’s (KO) has caught my attention, thanks to some diligent work by David Winters of Wintergreen Advisers, LLC. Like many companies, KO is putting its compensation plan up for a non-binding shareholder vote. However, it turns […]
Bonds Are Not Forever Book Review
Laurence B. Siegel, Research Director at the CFA’s Research Foundation, has written a generous, largely positive review. He has evidently read the book quite carefully and has written one of the more extensive reviews I’ve seen. I am flattered by his kind attention. How to Confront the End of the Bond Bull Market
Why Brokers Like to Sell Municipal Bonds
Today’s Wall Street Journal has an article that analyzes the transactions costs, or commissions, faced by retail investors in municipal bonds. They find that the cost of buying a typical muni is about twice that of a high grade corporate bond. I wrote about this in my book, Bonds Are Not Forever; The Crisis Facing […]