America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..

Natural Gas Steadily Supplants Coal

The New York Times has an interesting article today highlighting the dilemma for Louisa, KY, in the heart of coal country. American Electric Power (AEP), which operates the local coal-burning power plant, wants to switch to burning cleaner, cheaper natural gas. As might be expected this has caused an uproar, but there are few easy […]

How Greece Can Quietly Exit the Euro

On the radio this morning a journalist from the New York Times confidently asserted that Greece would soon leave the Euro and issue Drachma. Both the new Drachma and the resulting Euro were both likely to plunge as a result and therefore it’s a good time to book an August vacation to Greece (meanwhile German vacationers are […]

Facebook Loses its Friends

The Facebook (FB) IPO drama has been fascinating and entertaining if you’re comfortable being a Luddite like me and fully confess an inability to “get it” when reading bullish forecasts of their business. A brief glance at their S-1 (the registration document the company filed prior to going public) reveals that FB made $1BN in profit […]

The Value of Facebook

I have watched the endless TV hype about Facebook’s (FB) IPO with great interest but from a safe distance. FB is SO not the kind of stock we’d ever invest in – not that anyone should feel dissuaded because over the years we safely avoided Apple and Google amongst others too. So nobody should interpret […]

Unlocking Value in Prisons Through a REIT

We’ve been invested in Corrections Corp (CXW), the largest private operator of prisons, since 2010. Sometimes we’ve had a large position and at other times not; we think the current opportunity is compelling.  We’ve written about it before here.Around 9% of the U.S. prisoner population is housed in privately run prisons. CXW is the largest […]