4th Quarter 2015 Partner Letter
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Portfolio holdings 1-8-15
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Stock Market Puts in Its Worst Opening Week Ever - MoneyBeat - WSJ
Records are made to be broken. I wouldn't read anything at all into this other than the week sucked for most investors. It's official: this was the worst opening week ever for U.S. stocks. Source:…
5 Things to Know About the First Freely Traded U.S. Oil Cargo in 40 Years - WSJ
The first foreign oil tanker filled with American crude pulled out of port on New Year’s Eve. Here’s what you need to know about its journey. Source: 5 Things to Know About the First Freely Traded…
Energy Lending Caught in a Squeeze
Banks have sold off recently on a variety of perceived woes, some real, some not so real. One of them is their exposure to energy loans. This article shows the exposure the major banks have.…
Investors Scramble for Answers After China’s Stock Halt
Obviously very bad for investor confidence. They might do better letting Macau casino operator, Steve Wynn run the exchanges as well as the casinos. China's stock market held its shortest trading…
Apple’s Record-Breaking Holiday Season Saw Over $1.1 Billion In App Store Sales | TechCrunch
Apple has become the Rodney Dangerfield of the stock market. It can get no respect even boasting profits and revenue growth any company including the FANGS would love to have. Attempting to steal a…
This Just Became The Most Important Map In Geopolitics | Zero Hedge
Because the sectarian divide is set to become the key geopolitical issue in the weeks and months ahead, we thought it an opportune time to present the following map from Goldman which does a nice job…
Oil’s prologue likely to be a harbinger of worse things to come - FT.com
In any assessment of the oil price crash, it is worth remembering Shakespeare’s aphorism: “What’s past is prologue”. In 2015, it appeared that the salient features of the US oil industry were:…
It's On: Saudis Sever Diplomatic Ties With Iran, Wil Confront "Hostile" Iranian Actions In Region
Earlier today, as Iranian police struggled to disperse protesters gathered outside the Saudi consulate in Mashhad, we said that Saudi Arabia and Iran may be on the verge of a historic diplomatic…