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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.
Today's Unemployment Report is all Good
This looks on the surface to be good news across the board. Private payrolls up almost 100K greater than consensus; increased hourly workweek, and a drop in the Unemployment rate in spite of an increase in the labor force. Not a 4% GDP type of number, but good enough to reassure that the 2-2.5% type […]
The Case for JC Penney
It’s hard to watch JC Penney’s CEO, Ron Johnson, give his presentation yesterday without feeling a tinge of excitement that we’re at the beginning of something new in retailing. His absorbing performance promises a new paradigm in retailing. Turning around JCP won’t just be a question of spending ad dollars more wisely or weaning customers off perennial […]
How The Hedge Fund Industry Has Kept 98% of The Profits in Fees
Bloomberg TV invited me back on this morning – the sorry results of hedge fund investors are just too incredible to be believed and so they asked to produce a chart illustrating how fees have been split. It turns out that if you calculate how much money hedge funds generated BEFORE fees from 1998-2010, and […]
Chesapeake Responds to Market Forces
To make any money in natural gas E&P stocks you need to look carefully at balance sheets and production costs. Natural gas prices have been collapsing because of oversupply and a mild winter. The success of shale drilling is hurting many natural gas E&P companies whose activities have led to an abundance of cheap gas. […]
Long Equities and Short The Euro Still Works
The Euro has been a good hedge on a portfolio of long stock recently. Equities are attractively valued for a long-term investment; the equity risk premium remains high. But who can think about investing in stocks for the long run and shunning bonds when the Euro sovereign debt crisis rolls on. For us, the solution was […]