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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.
MLP Investors Pay More Tax
Master Limited Partnerships (MLPs) are one of the more tax efficient income generating investments around, given that investors can deduct depreciation from their distributions and thereby defer portions of their tax liability until they sell. We’ve been running an MLP strategy for many years, directly invested in a portfolio of partnerships. This is the best […]
Barrons Covers Bed, Bath and Beyond
Nice piece today on BBBY. We’ve liked this stock for a while, strong balance sheet, reasonably priced and exposed to the improving housing market. Barrons probably goes a little overboard in speculating that it’s the kind of name Berkshire (BRK) might choose to acquire, but we think it’s a good investment with plenty of opportunity […]
Reminding CBB's Management Who They Work For
Cincinnati Bell (CBB) will celebrate 140 years since its founding this July. It has long provided phone and data communications to residents and businesses in Ohio, Kentucky and Indiana. We have been invested in them for the tiniest sliver of their history, and today endured our very first quarterly earnings release. We were lambs to […]
Barron's Covers MLPs Again
Barron‘s has a decent overview of MLPs today. They could have been more critical of the various funds, exchange traded notes and ETFs that offer MLP exposure. None of these pass through the tax benefits to clients as effectively as a portfolio of direct holdings – although the managers being interviewed run such funds themselves. […]
David Einhorn's Conference Call on Apple
This call and webcast ended a little while ago. David Einhorn did a very good job of explaining his idea behind ingeniously named iPrefs, only slightly marred by the brain dead questioners who began the Q&A segment. We think the theme of perpetual preferreds is applicable to many companies including tech names such as Microsoft (MSFT) about which […]