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In the last few years, we’ve seen certain municipalities in the US fail to pay their debts, Detroit being the largest. On August 3, Puerto Rico defaulted. Around the same time, Greece defaulted. This is the tip of the iceberg. … Continue reading
The energy industry represents a significant portion of the global economy and is essential to modern civilization. The industry is highly capital intensive and prone to volatility caused by commodity price swings, geo-political events and periodic investor panics and speculation. … Continue reading
After the credit crisis of ’08/’09, Americans decided they didn’t like banks. Ever willing to oblige, politicians highjacked the populist uproar and created a behemoth of a regulatory morass, called Dodd Frank. If your community bank has closed its branch … Continue reading
At some point in every market cycle, investors forget the last cycle and get too frisky. We can tell when this happens because it usually coincides with so-so performance for value managers, and great performance for growth managers. Value managers … Continue reading
After Good Friday’s not-so-good jobs report, we expect a continuation of the rocky road stocks are traveling this year. Like last year, a rough winter has sideswiped the economy. But new factors are in place – the fall in oil … Continue reading