December 22, 2016

Market Summary Over the next few months, we believe, the U.S. economy will grow, and certain industries are poised for more rapid growth in the immediate future.  We see no U.S. economic recession on the near horizon, and without a recession, it is hard to see the U.S. market having Read more…

May 19, 2016

Executive Summary 1.  Market summary.  The movement of the U.S. dollar will be the key determinant of the direction of U.S. stocks, gold, and oil — and a great deal about the direction of the U.S. currency and market depends on the coming U.S. election.  In our view, the election Read more…

February 19, 2016

Market Summary  Some market sectors have become very good values.  Others need to fall more in price to become attractive.  Seeing the outsized declines in energy, technology, and other sectors has made us quite certain that some values have been attained in certain sectors.  We are focused on technology, social Read more…

September 25, 2015

Global Winners and Losers in the Oil Shakeout Oil analysts were mostly caught flat-footed by the price decline that began to unfold in June of last year, which has become one of six such drops of greater than 30 percent over the past three decades. Oil price forecasting techniques range from Read more…

January 12, 2015

Executive Summary 1. Short-term fears, long-term prospects. Once again, we see some short-term volatility led by various market fears: of a Greek departure from the Euro, of a collapse of European banks or even of the common currency itself; of a “collapse” in the price of oil; of financial stresses Read more…

October 17, 2014

Falling Oil  Oil continues its sharp decline, driven by seasonal factors, although a strong U.S. Dollar and global growth slowdown fears are also involved. Oil companies have been hurt, and the U.S. consumer is benefitting from cheaper gasoline. Although the strong Dollar may eventually hurt U.S. exports, we note that sharp oil price Read more…

February 06, 2014

Coals to Newcastle, Gas to the Gulf U.S. Shale Continues to Reshape Global Energy Markets and Alliances Last year, the United Arab Emirates (UAE) awarded a contract for the construction of a liquefied natural gas (LNG) import terminal. Yes, you read that correctly, as counter-intuitive as it may seem, the UAE Read more…

January 09, 2014

The Bullish Case for 2014: Productivity Growth is the Key We are looking forward to 2014 with optimism, and we believe the key factor supporting the U.S. and global economies in the present phase of the economic cycle will be productivity growth. Our comments below were prompted by a similar analysis recently Read more…

December 5, 2013

Yieldcos: Spinoffs Seek Tax and Other Advantages for Renewable Projects Government support is providing powerful tailwinds for renewable energy projects. Despite some public relations problems, the Obama administration’s clear policies still favor renewables over any type of hydro-carbons — even domestically produced oil and gas. Until recently, investors wishing to invest Read more…