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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.
The Increasing Risk in Owning Bonds
The Fixed Income market has been a tough place to find much value for far longer than I can remember. And yet, that hasn’t stopped the returns from being nothing short of spectacular. In fact, it’s not hard to find securities that have outperformed equities, and most would agree that it’s been a surprisingly good […]
Quarterly Outlook
Quarterly Outlook September 2012 might well be regarded as the moment when the Federal Reserve committed itself unambiguously to reflation, as they came down clearly on the side of improved U.S. employment as the more important element of their twin mandate. In achieving “maximum employment and price stability,” as the Fed describes its statutory responsibility, […]
The Generational Wealth Transfer
The evolving transfer of obligations from old to young is a theme that deserves more attention. It’s a slow-moving, demographic event so isn’t something that’s likely to produce a headline. But a consequence of the enormous debt the U.S., has built up and the under-funded entitlement obligations is that the bill will be paid by […]
Why Kraft Still Looks Cheap Before It Recrafts Itself
On Monday Kraft (KFT) begins its new life as two new companies: Kraft Foods Group (KRFT) and Mondelez International (MDLZ). In fact, both stocks trade on a when issued basis already. The purpose of the split is to highlight the value in the company. The old Kraft consisted of a North American grocery business with low […]
The Optionality in Shorting the Yen
Recently we’ve initiated a short position in Japanese Yen in our Fixed Income Strategy. Some observers have been forecasting economic catastrophe for Japan and its currency for many years based on its poor demographics and steadily worsening fiscal situation. Kyle Bass is one of the better known Japan bears, and he has written eloquently about […]