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Monthly Archives: January 2012

What We Are Thinking: Approach Resources

by Eugene Robin Approach Resources, Incorporated (AREX: NASDAQ) is an independent oil and gas exploration company located in west Texas. As a spinout from energy private equity firm Yorktown Partners, Approach situated itself on land that was, at the time, a natural gas play on what was known as the Ozona Uplift formation. The average purchase price for each of their acres from 2004 through 2009 was roughly $300 per acre. In parallel to the company’s acreage acquisition, several other […]

A Plea for Higher Interest Rates

What’s great about Jim writing for the unwashed minority (those who toil in official positions in Washington) is that you can re-link and comment without running into the Wrath of Grant’s for violating his confidence as a paid-up subscriber. Our point here is that he is echoing our current belief that the current level of government mandated interest rates is a disaster for the economy in many ways, one of which is the depressive nature on the spending habits of the […]

The Ongoing Tyranny of the Growth vs. Value Argument

Co-written by Jeffrey Bronchick & Ben Claremon A recent article in the Wall Street Journal—from which we lifted the chart below—once again highlights the never-ending debate about the merits of growth versus value, a discussion that inevitably forces an investment manager to self-reflect. What kind of stocks am I investing in? What kind of manager am I? Will I be judged unmercifully if I am perceived to be picking outside of my “box?” Yes, there remains hundreds of billions of […]