Latest Edition



February Change and Uncertainty
January America Is Great!


December The Hedge Fund Mirage Turns Five
November Bonds and Marshmallows
October Quarterly Outlook; The Phony War; To Our Clients
September How Expensive Are Stocks?
August Why Electric Cars Are Good for Fossil Fuels; Investors Require Less
July Quarterly Outlook
June The Politics of Bonds
May Filling Up
April The MLP Risk Premium; To Our Clients; Upcoming Wall Street Potholes Presentation
March Straight Answers From Tough Questions; Upcoming Wall Street Potholes Presentations
February Why the Tortoise Beats the Hare
January 2015 Annual Letter; The 2015 MLP Crash; How We Got Here; The Shale Revolution; Kinder Morgan; Valuation; What Next?; To Our Clients


December Cash is Not Quite Trash
November Wall Street Potholes; Energy Infrastructure Investments
October Quarterly Outlook; Performance Tables (Net of fees)
September Thinking Fast, And Slow; Wall Street Potholes
August An Apocalyptic Fund Story
July Quarterly Outlook
June Inflation and Investing
May Preparing for Higher Rates
April Quarterly Outlook; To Our Clients
March Interest Rates; Domestic Oil Production
February MLPs and Mergers and Acquisitions (M&A); Performance Tables (Net of fees)
January Investment Philosophy; Investment Themes; Performance and Outlook


December Liquidity
November Energy
October Quarterly Outlook; Hedge Funds Lose a Big Client
September Kinder Morgan; Dodging the Potholes on Wall Street
August How Dovish is Janet Yellen?
July Quarterly Outlook; Are MLP’s Hedge Funds?
June How To Invest Like A Woman
May Flash Boys
April Quarterly Outlook; MLPs; Bonds Are Not Forever
March Liquidity
February Two-Edged Activists
January Annual Letter; Investment Strategies; Investment Themes; Investment Results; Our Clients


December Spot the Bubble
November A Tale of Two Stocks
October Quarterly Outlook; MLPs
September September’s Pattern; Website Upgrade
August Bonds Are Not Forever
July Quarterly Outlook; Bonds Are Not Forever; Pension Investing in Hedge Funds
June Hotel California; Crude by Rail
May Short Put Options Coverd Up As Calls; Business Update; Bonds are Not Forever
April Quarterly Outlook; JCP; The Hedge Fund Mirage
March Cash; Natural Gas
February Buying Stocks, Gingerly
January Quarterly Outlook; Low Beta Long-Short; Blog; Hedge Fund Mirage


December Stocks and Lotteries; The Hedge Fund Mirage is One Year Old
November Sandy’s Aftermath
October Quarterly Outlook; MLP Update
September Don’t Go Away in May; Betting Against Beta
August New Ideas; Hedged Dividend Capture; MLPs
July MLP Update; Quarterly Outlook; The Economist Book Review
June 30th Anniversary; MLPs
May Less Macro and More Micro; Hedge Funds; Business Update
April Quarterly Outlook;
March Finance Behaving Badly; CDE
February An Attractive Alternative to Alternatives;
January Quarterly Outlook; The Hedge Fund Mirage


December The Hedge Fund Mirage; Bond Math
November Banks and Leverage; Website Update
October Quarterly Outlook; Hedged Dividend Capture Strategy
September Why Smart People Should Work in August; Natural Gas
August Fear of Debt; Natural Gas
July Quarterly Outlook
June ETFs and the Bond Market; CSJ
May Timing is Everything; GCI
April Quarterly Outlook; MSFT, RSG
March Fiscal Prudence Delayed (Again); KFT, CDE
February Politics and U.S. Energy Policy; BRK, BTF
January Quarterly Outlook;


December Inflation; OSG
November Taxes; BTF, CEW
October Stocks, Bonds and the US$;
September CFA; CSJ, BZF
August The Bond Market’s Forecast;Municipal CEFs, CXW
July Proposition 14; Closed End Fund Activism; DRP, DVN
June Seeing what you own; RMT, AHL
May Abacus; BIF, SWN, HK
April Repo 105; BHL, SOR
March Improving Hedge Funds; GAM, PAX.L
February A U.S. Employment Vignette; ADX, MVC
January Spreading Populism; EDD, EROC