Is it time for investors to load up on oil shares--or time to sell? The answer is--it depends what metric you're looking at. On a cash flow basis, they're expensive. But based on Net Asset Valuations (NAV), they're cheap. How can oil stocks be both expensive and cheap? I'll...
Each January I look back at last year's trading and remind myself what cost me money. In Part 1, I wrote about what MADE me money. In this article, I look at what decisions, what trading patterns, didn't work out? What lessons did I learn--again?
So what cost me money...
Understanding the future—not just the present—is very important to ETF returns. And this is where the two basic questions for investors get answered.
What is the timeline of the trade?
The real question here is, how many times does the ETF have to “roll” its futures contracts between now and that trade date?
Use oil as...
I love speaking at investment conferences. I learn so much from the subscribers and investors that I meet there.
One of my subscribers is a landman from Wyoming, a former professional rodeo rider who flew up to see me at the Calgary Resource Investment Conference last weekend. I sat wide...
Energy Companies And Share Buybacks – A Lesson In Capital MismanagementThe job of the men and women at the top of Big Oil is to help manage capital through the volatile cycles of this business.For that they are handsomely rewarded with big salaries and stock options.These are experienced people...
A Texas court case this Friday, February 26 will set a precedent that will either see all US pipeline and “midstream” stocks have a monster rally—or get crushed (even more!).
That’s when Crestwood Partners (CEQP-NYSE) will defend its fee structure in transporting the natural gas of defunct Quicksilver (formerly KWK-NYSE)...
Financial markets have an impressive ability to discount (or predict) major events days in advance.
For example, think of the market declines leading up to 9/11--the S&P 500 declined 7.79% over the ten trading days prior. NOW, over the past five trading days, the S&P 500 has declined 12%, as...