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.
Ford's Novel Way of Paying Pensions
Last week Ford (F) announced plans to shift their pension fund even more heavily towards bonds. At a time when interest rates are ruinously low and equities should appear attractively priced to a long-term investor such as a pension fund this represents quite a radical move. As recently as 2006 the company had targeted an […]
Optimizing Shareholder Value – A Lesson from Devon Energy’s Management
In November of last year, Devon (symbol: DVN) completed its $3.5B share repurchase program announced in May of 2010. Under this program the company repurchased 49.2MM shares, for an average price of $71/share, reducing the share count by 10%! During the same period, management sold non-core acreage raising the cash to fund the repurchases, pay […]
The Hedge Fund Mirage is Currently the #1 Best Seller
On Amazon UK’s Investments and Securities List.
The A-Z of Smart Beta
In recent years as hedge fund performance has become ever less appealing, the industry has responded in part by changing the way it describes itself (much cheaper than cutting fees or delivering better results). So when Absolute Return outlived its utility, since many funds were unable to deliver positive returns in excess of treasury bills no […]
AIMA Weakly Defends the Indefensible
Alistair Blair of Investors Chronicle provides an additional perspective on my book, The Hedge Fund Mirage, in an article out today. Mr. Blair has gone to the trouble of asking The Alternative Investment Management Association for a response. One of their Core Objectives is, “To provide an interactive and professional forum for our membership and act […]