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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..
Carl Icahn, Transocean is Calling You
Warren Buffett has commented in the past that as an investor you should buy a company so strong that it could be run by an idiot, since someday it will be. The management of Transocean (RIG) is busy providing evidence in support of this rule. Their stock is already reeling from a likely large settlement related to the […]
Hedge Funds Need Smart Investors
My book, The Hedge Fund Mirage, will be out in early January. Its one sentence description is that all the money ever invested in hedge funds would have earned a higher return in treasury bills instead. It’s not that there aren’t some great hedge fund managers out there – of course there are. And there […]
Avoid All Debt and Look For Value – Why We Like Kraft and Microsoft
As the Euro Crisis Express trundles down the track to the cliff, for those of us old enough to have been trading during the October 1987 Crash, it’s all starting to seem eerily familiar. As was once said, history doesn’t repeat but it rhymes. This time is different in many ways, but what is the […]
The Euro Crisis Reaches Berlin
Contemplating the unthinkable long ago became a necessary tool for analyzing the euro sovereign debt crisis. Today’s failed Bund auction is another step on the road to Berlin. The 1.98% yield is hardly attractive, and one could quite understand investors avoiding such paltry returns for ten years under most circumstances. But the Euro’s uncertain future […]
A Year Later, and Hedge Fund IRR Remains Pathetic
One year ago AR Magazine published an article I wrote which revealed how poorly hedge fund investors had done in aggregate. Today, AR revisited the topic. Over the past 12 months the hedge fund industry has continued to deliver steadily mediocre results (although there are certainly some bright spots) and investors have continued to plow […]