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.
Bonds Still Aren't Cheap
It’s a long time since we had a bear market in bonds. Some may remember 1994, when Greenspan shocked the market from its complacency with a series of hikes in the Fed Funds rate. Events culminated that year with the bankruptcy of Orange County due to ill-advised bets on continued low rates by its treasurer […]
Buying Emerging Markets From Home
Investing in emerging markets has become de rigeur for equity investors in recent years. If you like stocks, goes the argument, how could you not like stocks in countries where growth is fastest? It’s probably fair to say that investing today with the objective of avoiding emerging markets is a more controversial approach than including […]
Les Luddites
France’s culture minister has criticized Amazon for undercutting rivals and being a “destroyer of bookshops”. Curiously, Aurelie Filippetti went on to claim that “Everyone has had enough of Amazon” although if French subjects weren’t such active customers Mme Filippetti would have to concern herself with less weighty matters. No doubt online sales have greatly challenged traditional, brick […]
Inland American Realty Runs Its Own Hotel California
Summer has finally arrived in the north east United States. Cycling to work provides a pleasant reminder that commuting can be enjoyable, accompanied for now by the curious background chorus of billions of buzzing cicadas emerging from their 17 year subterranean slumber. It certainly beats getting on a train. The question of the day is, […]
Annual MLP Conference
Yesterday I attended the National Association of Publicly Traded Partnerships’ (NAPTP) annual conference in Stamford, CT. It was well attended as is normal, and it provided a welcome opportunity to see presentations by several of our portfolio names. The long run prospects remain attractive although we’ve had two years’ worth of return in less than […]