Blog
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.
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 […]
Markets as Theatre
Financial markets are not totally devoid of entertainment value. Sometimes a spectacle unfolds that can rivet one’s attention, rather like a movie in which the reckless driver who’s been handling his car aggressively takes one risk too many, causing his shiny sports vehicle to careen off the road and into the valley below. This must have been the expectation […]
Cooper Union Learns An Expensive Lesson About Hedge Funds
The New York Times has a story highlighting what can happen when well-intentioned but financially unsophisticated trustees of a college endowment interact with the wrong kind of financial advisors. It’s a sorry tale of poor portfolio construction and imprudent debt capped off with a Hail Mary type lunge for hedge funds that it was hoped […]