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..
Debating Hedge Funds in London
I have arrived in London and am therefore physically closer to the Eurozone crisis than normal. Tomorrow I’ll be spending a lot of time promoting my book – Bloomberg at 7am, a roundtable debate at the Center for the Study of Financial Innovation over lunch and Jeff Randall on Sky in the evening. Hedge funds […]
The EU Treats the Addict not the Dealer
Betting against a crisis is almost always the right approach. If you invest without leverage, you’re afforded the luxury of waiting to see how events play out without caring too much about the path equity prices take. It might very well be that the latest round of negotiations will result in the ultimately more stable […]
Hedge Funds Challenge the Faithful
Many years ago, when hedge funds managed far fewer assets and returns were generally good, they were described as Absolute Return strategies. Perhaps the best industry magazine covering the sector is called AR Magazine. An Absolute Return suggests that it should be positive in most circumstances, which to most people sounds like an attractive proposition. […]
Bond Math
You don’t need a degree in Psychology to know that investors are nervous. Pick up any newspaper, or just take your own pulse. Macro issues dominate almost every investing decision, and it’s therefore not surprising that the safety of bonds remains attractive. No doubt fixed income has had a great run. The Dow Jones Corporate […]
Transocean Buys High and Sells Low
Transocean (RIG), the world’s largest operator of deepwater drilling rigs, has just provided a breathtaking example of how to destroy shareholder value. As I pointed out yesterday, when they bought Aker Drilling in August at a substantial premium they expressed confidence that they could finance the acquisition without diluting shareholders. They reaffirmed this a few […]