December 20, 2018

The Hedge Fund Manager’s Dilemma…


My most recent article has generated an unusual quantity of feedback from friends in the hedge fund industry, so I thought I’d expand upon it and address this article to all my hedge fund brethren. As you are well aware, despite outwards appearances, most of us struggle internally with the duality of our desire to produce long-term, risk-adjusted absolute returns vs. the business reality ... Read More
Categories: Comments On Events
Positions Mentioned:
December 16, 2018

Hedge Fund Armageddon


Like all industries, the hedge fund industry is highly cyclical. 2018 is proving to be a catastrophe for many of my fund brethren. Let’s face it; most hedge funds have produced pretty awful returns for the past few years—a time when the S&P (the global benchmark) has shot the lights out. There’s an obvious reason for this underperformance and it comes down to the ... Read More
Categories: Comments On Events
Positions Mentioned: TSLA
December 10, 2018

Taking Advantage Of The Energy Washout…


One of the great ironies during the decade of ZIRP/NIRP and QE, is that while it created plenty of asset price inflation, it created minimal consumer price inflation. I suspect this is because free money brought forward all sorts of unprofitable new supply, creating oversupply in most industries and crushing end-market pricing. Look at shipping for instance, excluding some brief spikes, you’ve had all ... Read More
Categories: Investments
Positions Mentioned: TDW, ESV, NE, AR, GPOR, RRC, SD
December 3, 2018

Who’s Bullish On Natural Gas??


I am bullish on US natural gas. I realize that this is one of the most contrarian things you can say in finance, but I am indeed bullish. Every investor knows that the US is awash in cheap natural gas, but investors often forget that usage and export volumes have also increased rapidly. Meanwhile, pipeline bottlenecks have slowed down the pace of new supply ... Read More
Categories: Investments
Positions Mentioned: AR, GPOR, RRC, SD
November 18, 2018

40% Less Than Carl Paid…


In the two decades that I’ve been investing in stocks, one of my favorite strategies is to follow very successful investors and wait for the opportunity to buy one of their holdings at a sizable discount to what they paid—particularly if the thesis seems to be playing out. With that in mind, it is worth noting that Carl Icahn is one of the greatest ... Read More
Categories: Investments
Positions Mentioned: SandRidge
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