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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.
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 […]
Few Strong Hands at This Poker Table
Greece has been warned by the troika (EU, ECB, IMF) that personally signed pledges from key political leaders are required before the next tranche of the bailout is released. Greece apparently has enough cash to last 20 days. The threat is that failure to comply will result in Greece being allowed to default. Well, at […]
The Weekend Press Looks for Yield
Barron’s ran an interesting article on places to go for higher income than high-grade bonds. The writer pointed out quite accurately that ten-year treasury bonds do not provide sufficient income to preserve after-tax real purchasing power. The Federal government doesn’t believe its creditors should earn a real return, and has adopted a policy to prevent that. […]
Why Kyle Bass Hoards Nickels
Kyle Bass, who runs a hedge fund called Hayman Capital Management in Texas, is gaining notoriety as an investor with the foresight to anticipate today’s growing sovereign debt crisis. If eurozone governments ultimately write down their debt because the weight of supporting their banks becomes too great, Kyle Bass will go down as one of the […]