THE AI REVOLUTION NEEDS ENERGY
US natural gas demand is growing to supply data centers and LNG exports. We believe midstream energy infrastructure offers predictable cash flows to investors.
Bulls Talk While Bears Sell
We’re in one of those periods of time in the market where participants are simply talking past one another. The fundamentally-driven bull case acknowledges that sharply lower oil prices are bad for E&P companies but notes that for the rest of the economy it’s like a tax cut. Power consumption just got cheaper. And yes, […]
Navigating the New Volatility
Some market strategists had been warning of a market reversal, and had been telling us that low levels of volatility couldn’t continue. If you keep forecasting a market drop long enough you’ll be right. Even for those of us who don’t focus much attention on market timing and therefore ought not to care, it’s never […]
With Options, Less Can Be More
This weekend the Striking Price column in Barron’s referred to the Options Industry Council’s educational series of videos. I have to say I have mixed feelings on the topic. On the positive side of course educating investors is a good thing. The videos currently available are extremely basic, offering definitions on terms such as “strike price” […]
CalPERS Has Enough of Hedge Funds
The California Public Employee Retirement System (CalPERS) recently announced they were closing down their $4.1 billion hedge fund program. I don’t know if they read The Hedge Fund Mirage. It might have saved them some time. The New York Times has an interesting perspective.
CalPERS Hedge Funds; No Fee Break Here
CalPERS’ $4 billion hedge fund portfolio will cause barely a ripple in the $2.5 trillion hedge fund industry as it’s redeemed over the next several quarters. Some speculate that their decision will cause other public pension funds to re-examine their commitment to hedge funds, although you’re unlikely to find a public pension trustee who will […]