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..

Greece Borrows from Prof. Shiller

A little known element of the Greek bond restructuring of several months back was the granting of warrants whose coupons were linked to Greece’s GDP. Maybe this was inspired by Professor Shiller’s suggestion (most recently in his book, “Finance and the Good Society”) in which he proposed that the U.S. issue “Trills”, securities whose coupons would […]

Barron's Covers MLPs

Barron’s ran a piece on MLPs (Master Limited Partnerships) over the weekend. Regular readers of our research will know that we have long liked the sector and of course run an MLP strategy. Finding sources of investment income while avoiding the tyranny of conventional bonds manipulated by government intervention is what we do, and MLPs fit with that […]

Shocker: Greece Needs More Time!

Greece is seeking a two year extension of its latest austerity program, arguing that the additional time would improve its chances of ultimately bringing its debt down to a sustainable level. This is hardly news. Many observers had already concluded that the latest plan was as unworkable as prior ones. But it does illustrate that […]

Thoughts on the Market August 14, 2012

Volatility (as defined by the VIX) has been trending lower, as the many sources of bad news fail to get any worse and confiscatory interest rates relentlessly push investors into the water. Investors are searching for ways to bet on it rising again – a tricky concept to get right. As investors climb the wall of […]

"…there really is no robust refutation of Lack’s book."

From Felix Salmon’s examination of AIMA’s latest attempt to counter the criticisms of the hedge fund industry in my book. Felix is far more eloquent than I ever could be in assessing AIMA’s report. It’s well worth reading his analysis.