Blog - SL-Advisors

.flex_column.av-jjrmf7ps-c67a8c8c03a15c49af60226d5c45e3c8{ border-radius:4px 4px 4px 4px; padding:10px 10px 10px 20px; background:url(https://sl-advisors.com/wp-content/uploads/2018/07/HOME-BGBANNER-hero.jpg) 0% 0% no-repeat scroll ; }

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..

#top #wrap_all .avia-button.av-4wqy6e-72d462ef92bff37cc741de093ee99458{ margin-bottom:20px; margin-right:10px; margin-left:10px; } Energy Infrastructure ETF #top #wrap_all .avia-button.av-16vc24j-61a7b9ff24088444f2b47c6121d221c0{ margin-bottom:20px; margin-right:10px; margin-left:10px; } Energy Infrastructure Mutual Fund #top #wrap_all .avia-button.av-24qzoj-872615ebbd3f6be4aee4d88ea0974e4a{ margin-bottom:20px; margin-right:10px; margin-left:10px; } Real Asset Mutual Fund

#top .hr.hr-invisible.av-jjkejdzy-45d69def6fcd4634d81723d4107c2a5c{ height:50px; }

How UBS mismanaged its way to a profit

October 4, 2011/0 Comments/in Global Issues/by Simon Lack

The good news from UBS today is that they expect to post a modest profit for the third quarter. This is in spite of losing $2.3 billion through the unauthorized trading of Kweku Adoboli. On top of that, the woefully inadequate risk oversight that Mr. Adoboli so painfully exposed has forced UBS to hasten the […]

The Sorry Math of Bonds

October 3, 2011/0 Comments/in Bonds Are Not Forever/by Simon Lack

The equity risk premium (as defined as the earnings yield on stocks minus the yield on the ten year treasury note) is wide for good reason. 2012 consensus earnings for the S&P 500 of $105, which implies an earnings yield of 9.3% (September 30 S&P 500 at 1131) and a spread over the 1.90% yield on […]

The Credit Risk in Bank of America

September 28, 2011/0 Comments/in Bonds Are Not Forever/by Simon Lack

Many perverse things are happening in financial markets beyond the easily visible carnage in equity markets. Take Bank of America (BAC) for example. Credit insurance for one year through a credit default swap (CDS) costs 4.35% (according to Bloomberg). One year LIBOR is 0.85%. How does Bank of America function in today’s money markets, where […]

Bank Debt is Attractive

September 28, 2011/0 Comments/in Bonds Are Not Forever/by Simon Lack

We’ve recently started investing in some closed end funds that buy senior loans. The sector became quite overpriced in the Spring and several funds were trading at a premium to NAV. The last couple of months has reversed this, and now it’s possible to buy funds at discounts to NAV of 5% or more. On top […]

Range Resources and the Pennsylvania Superior Court

September 23, 2011/0 Comments/in Bonds Are Not Forever, Deep Value Equity, Global Issues/by Simon Lack

Yesterday a court ruling in Pennsylvania cast doubt on the title of thousands of shale gas leases, as reported in Bloomberg . Range Resources (RRC) is as heavily invested in the Marcellus shale area, which includes Pennsylvania, as any other company out there. The company is well run and we like the management. The stock has […]