EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
AIMA Weakly Defends the Indefensible
Alistair Blair of Investors Chronicle provides an additional perspective on my book, The Hedge Fund Mirage, in an article out today. Mr. Blair has gone to the trouble of asking The Alternative Investment Management Association for a response. One of their Core Objectives is, “To provide an interactive and professional forum for our membership and act […]
How Shale Gas Is Leading To Energy Independence
Two articles concerning shale gas have caught my attention this morning. “The Death of Coal” reflects the view of some that under current EPA policies coal will continue to lose ground to natural gas as the fuel of choice for electricity generation. Cheap and relatively clean natural gas is eating into the demand for coal […]
Chesapeake Takes One For the Team
Today’s news that Chesapeake (CHK) is going to sell $12BN in assets in response to continued weak natural gas prices looks like good news. Depending on the buyers, it’s possible that the new owners could have a sufficiently long horizon that they won’t need to drill just to generate near term cashflow to finance debt payments. […]
Why Germany's Already on the Hook for 450BN Euros
As I’ve watched the ongoing saga in Europe, the discussions of sustainable Debt:GDP and other elements of the “Maastrict Criteria” I’ve often been puzzled at why these figures were so important. The U.S. represents a large single currency union, and although different states have incurred different levels of indebtedness there is no Federal law dictating […]
6% Yields In Senior Loans With A Cheap Market Hedge
We continue to like using a short Euro position in combination with risky assets. In our Fixed Income Strategy we’re invested in senior loans through closed end funds such as BlackRock Defined Opportunity Credit Trust (BHL) and ING Prime Rate (PPR). They’re both at a modest discount to NAV of around 5%, and yield over […]