Investment Strategy

“Thanks I needed that,” (as Bluto guzzles a fifth of whisky and smashes the bottle into a car). “Christ,” says Donald (aka Peter Riegert), “this is ridiculous.” “What are we going to do?” asks Pinto. “ROAD TRIP,” says Otter! (Road Trip) . . . Animal House (1978) So, as most of you know we were […]

We don’t know how long ago we met Frederick “Shad” Rowe, but we are glad we did, because our conversations with him have been net worth changing. Recall that Shad is the founder, and portfolio manager, of the Dallas-based Greenbrier Partners Capital Management and one of the smartest guys on Wall Street. We first heard […]

If one would be successful in speculation, he should keep away from the stock-ticker. It is a fascinating little machine, and any one holding stocks and constantly watching the ticker will have plenty of thrills. But the practice is a deadly one. It may be a good thing for the professional trader to watch, hour […]

Readers of these missives know that we have been favorable on the midstream Master Limited Partnership (MLP) space for a number of months. The reasons for that strategy have often been mentioned in these letters. First, the midstream MLPs sold off when the upstream MLPs blew up with most of them going bankrupt. The midstreams […]