Penn West Still Shaky After Cutting Payout

As promised, I dug a little into Penn West Energy (PWE) after they cut their distribution. Keep in mind that PWE’s numbers are basically an unknown moving target after the huge drop in oil prices.  The earnings call on Feb 19 should shed much more light on where the company stands in this tumult. More [...]

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Nature Waits For No Financial Crisis

Even as the markets ponder the pending arrival of the Great Depression Jr, the laws of physics and nature continue their onward march.  Consider two interesting articles from today’s Globe and Mail. First, Suncor is cutting its 2009 capital spending by 70%. While the cause of this cutback stems entirely from the oil price collapse, [...]

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False Start In The Bond Market?

Today’s WSJ has this quote in their “Financial Flashback” section but possibly describing today’s conditions: “Some savvy bond investors are raising money that they plan to use to snap up distressed debt. Trouble is, there isn’t a lot to snap up. An argument can be made that the smart money is too early this time. [...]

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Blogging The Bears: A Book Review In 4 Parts (Part 1 – 1921)

AUTHOR: Russell Napier RATING: 10 of 10 Highlights Fairly in-depth look at economic conditions and market sentiment for each of the four “major” bears surveyed in the book, with each bear containing the following sub-sections: The road to the the bear The course of the Dow Structure of the market The stock market during the [...]

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Penn West Energy Cuts Distribution

Read the official press release here. I will dig deeper into the numbers later but my first reaction is somewhat muted. I had been anticipating a distribution cut when oil was much higher (see previous posts here) so obviously, yesterday’s announced 33% cut was inevitable, given the drastic drop in energy prices. Penn West is [...]

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The Invaluable Follies of 2008

Painful as it was, 2008 was an invaluable learning experience. That may be a gross understatement.  The investment turbulence of 2008 may have been a formative experience — one of those events that truly molds people and perspectives for a lifetime.  That I managed to only lose -15% vs. a 39% drop in the S&P [...]

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