Seeking Alpha
  • Mr. Valuation Disagrees With Henry Blodget: 'It's A Market Of Stocks' Is Not A Meaningless Phrase
    Editors' Pick AAPL, APH, AVP Thu, Apr. 16, 4:00 PM Chuck Carnevale 114 Comments

    Summary

    • "It's a market of stocks, not a stock market" is a meaningful phrase.
    • Every prudent long-term investor should start out every investing day by chanting this phrase.
    • There are common stocks of companies within the market that dramatically outperform.
  • What's So Special About One Liberty Properties' 6.6% Yield?
    Editors' Pick OLP Tue, Apr. 14, 7:00 AM Brad Thomas 45 Comments

    Summary

    • Most all investors are seeking that one true gem that supports robust and sustainable economic profits - with shares that can be held for long periods of time.
    • I'm not seeing the value proposition for a $385 million REIT that invests in a smörgåsbord of everything.
    • There's really nothing special about One Liberty Properties. As my mother used to say: "Always buy quality, the cream rises to the top".
  • Analyzing The FTSE 100 For Opportunities
    Editors' Pick AMIGF, ARMH, BTI Mon, Apr. 13, 11:05 PM Nick Mackintosh 13 Comments

    Summary

    • A detailed list of the FTSE 100.
    • Several popular metrics are used.
    • The cheapest on a free cash flow basis.
    • Quality companies to look out for.
  • The Trace Of Wisdom Analysis For STORE Capital
    Editors' Pick STOR Mon, Apr. 13, 7:15 AM Brad Thomas 7 Comments

    Summary

    • STORE has become somewhat of an outlier (in the Net Lease space) by advancing its share price, an opposite trends for most “bond-like” participants.
    • Maybe there’s a good reason to hop on STORE, so I don’t get left at the door.
    • Hopefully Oaktree will give me an opportunity in May as the company begins to prune back exposure (Oaktree controls over 70% of total shares).
    • "Successful investors manage to acquire that necessary “trace of wisdom” that Ben Graham calls for”. Howard Marks.
  • A Disciplined Investor's Recap Of Realty Income's 2014 Annual Report
    Editors' Pick O Mon, Apr. 13, 7:00 AM Brad Thomas 63 Comments

    Summary

    • Analysts and investors should always consult reports and other documents wherever possible to gain a competitive advantage within the due diligence process.
    • Realty Income's Annual Report cover illustrates a rowboat with these words at the top: Disciplined. Proven. Consistent.
    • A moat-worthy brand manifests itself as pricing power or a model of repeatability that translates into sustainable profits.
    • A sound investor should maintain some level of patience in hopes of establishing an entry price in order to commence an investment strategy aimed at principal preservation and wealth-compounding.
  • Adjusting For Lower-Than-Expected Returns In Retirement
    Editors' Pick Sun, Apr. 12, 8:24 PM Robert Mattei 101 Comments

    Summary

    • Most retirees fear their portfolio will underperform in retirement.
    • With bond prices and stock prices at relatively high valuations, there is reason to believe future returns may trail their historical averages.
    • This article discusses adjustments you can make if your retirement portfolio underperforms.
  • BioMed Looks Cheap, But Maybe There's A Good Reason
    Editors' Pick BMR Fri, Apr. 10, 7:31 AM Brad Thomas 13 Comments

    Summary

    • Maybe Mr. Market is signaling that the risk with BioMed is much greater.
    • While the shares may look cheap today, I would wait.
    • Given the more recent risks that could add stress to earnings, I’m in a HOLD pattern.
  • Mr. Valuation Thinks AbbVie Will 'Humira' Us For A Few More Years
    Editors' Pick ABBV Thu, Apr. 9, 12:55 PM Chuck Carnevale 60 Comments

    Summary

    • It is not enough to simply identify a great company to invest in.
    • You must also be careful to invest when valuation is sound.
    • AbbVie currently represents a sound and attractive high-yield dividend growth opportunity.
  • DDR Is Moving The Bar But The Yield Is Sub-Par
    Editors' Pick DDR Thu, Apr. 9, 7:00 AM Brad Thomas 21 Comments

    Summary

    • DDR has positioned itself as a leading owner of the larger, power centers.
    • When I was referring to “green pastures” I meant it figuratively as the former CEO (Hurwitz) pocketed cash and stock compensation of $9.8 million.
    • Bottom Line: I don’t see a margin of safety with DDR, the dividend yield is sub-par.
  • Verizon: Is 4.43% Greater Than 5.90%? Sometimes
    Editors' Pick VZ Wed, Apr. 8, 3:11 PM Rubicon Associates 30 Comments

    Summary

    • Verizon is held out by many as an attractive, dividend-paying stock, which it is.
    • Investors have more than one way to invest in Verizon for income, and should explore their options.
    • Verizon baby bonds present a compelling opportunity versus the equity, sometimes.
  • Microsoft And 'One-Time Investing'
    Editors' Pick MSFT Wed, Apr. 8, 1:01 PM Eli Inkrot 44 Comments

    Summary

    • In 1999, shares of Microsoft were trading near $60 as compared to today’s mark closer to $40.
    • Given this information, you might suppose that Microsoft has been a poor investment.
    • This article details why this type of thinking could fall victim to the folly of “one-time investing”.
  • A Single Mother's Income - Dividend Growth Investing
    Editors' Pick CL, CVX, JNJ Wed, Apr. 8, 12:11 PM Dividend Diva 242 Comments

    Summary

    • For the past four years I have known that I would be a single mother - someday.
    • A 20-year consulting career rewarded me well (salary-wise), but doesn't translate well to part-time work.
    • It has, however, given me a small asset base.
    • Dividend Growth Investing is a key strategy in building my post-divorce income.
  • My Top First Quarter Pick Took Off Without Me
    Editors' Pick HASI Wed, Apr. 8, 7:00 AM Brad Thomas 32 Comments

    Summary

    • It's important to understand that HASI is a REIT but it's really considered more of an investor in clean energy assets.
    • HASI is referred to as the “Sustainable Yield” company and the short two-year history validates the brand message.
    • Congratulations for those who got a seat on the train!
  • Capital Product Partners LP: A Dividend Investor's Dream (>10% Yield) At A Deep Value Price
    Editors' Pick CPLP Tue, Apr. 7, 11:52 AM Emily Muhleman, CFA 77 Comments

    Summary

    • CPLP is an undervalued MLP in a sector whose fundamentals have drastically turned, leading to strong cash flows and a high likelihood management will raise the quarterly dividend on 4/30.
    • CPLP currently yields >10%, despite double digit revenue growth in each of the past 3 years, consistent (high) profitability (61%+ EBITDA margins), & an unusually tight outlook in its markets.
    • Tanker rates have risen drastically in YTD 2015; CPLP is undergoing contract renewals precisely when prices for its charters are at their peaks, thus locking daily rates at multiyear highs.
  • Adversity Was Bittersweet For This REIT
    Editors' Pick GGP Tue, Apr. 7, 7:00 AM Brad Thomas 31 Comments

    Summary

    • As Donald Trump learned, the use of leverage can be bittersweet, it can send you to places you’ve never seen: the palace or the poor house.
    • If Sears cannot find some magic inside its brick and mortar, the company could be in the same museum as TG&Y, Loehmann’s, S.H. Kress, F.W. Woolworth, Borders, and Circuit City.
    • Mr. Market has already taken all of the sweetness out of GGP shares.
  • 7% Raise For The Dividend Growth 50
    Editors' Pick AAPL, ADP, BDX Mon, Apr. 6, 7:50 PM Mike Nadel 468 Comments

    Summary

    • Every component in the DG50 has paid a dividend since the portfolio was funded on Dec. 16.
    • Nearly half of the companies increased payouts during that time, resulting in an average raise of 7%.
    • 3M had the highest rate of dividend growth, and KRFT experienced the best total return.
  • Do I Smell A Bargain At The Dividend Factory Outlet?
    Editors' Pick SKT Mon, Apr. 6, 7:00 AM Brad Thomas 69 Comments

    Summary

    • I have yet to put my hands on shares of Tanger Factory Outlets; however, I may be getting closer to my goal.
    • Last week Tanger announced that its Board had approved an 18.8% dividend increase.
    • "In good times people love a bargain." Steve Tanger.
  • Comparing Prospect Capital Corp.'s NAV, Investment Portfolio, Dividend, And Valuation To Several BDC Peers - Part 2
    Editors' Pick PSEC Sun, Apr. 5, 2:49 PM Scott Kennedy 60 Comments

    Summary

    • This article compares PSEC's recent dividend per share rates and yield percentages to several BDC peers.
    • During the calendar fourth quarter of 2014, PSEC and FSC had yield percentages modestly to materially above the BDC peer average, thus supporting each company's recently announced dividend reductions.
    • This analysis also compares PSEC's recent annualized weighted average yield on the company’s debt investments, weighted average cash LIBOR floor, and cost of funds rate to several BDC peers.
    • My current buy, sell, or hold recommendation and dividend sustainability projection on each BDC company within this analysis is stated in the "Conclusions Drawn" section of the article.
  • The Up-And-Coming Dream Team REITs
    Editors' Pick APTS, ARCP, BRX Fri, Apr. 3, 7:00 AM Brad Thomas 84 Comments

    Summary

    • "Greatness is talent applied consistently." - Gary Player.
    • Which REIT could become the next Realty Income or Federal Realty?
    • I thought it would be interesting to compare the performance of the "Sweet 16" REITs, based upon my original recommendation date through today.
  • Anheuser-Busch Inbev: Truly The King Of Beers
    Editors' Pick BUD Thu, Apr. 2, 4:43 AM Timberwolf Equity Research 36 Comments

    Summary

    • AB Inbev’s very strong market positions in many American markets effectively means it dominates the continent’s beer industry.
    • Outside the Americas it has noteworthy presences in Europe and Asia but not the same level of dominance.
    • The company’s acquisition record was continued during 2014 with the reacquisition of Oriental Brewery.
    • AB Inbev lost market share in most of its markets but achieved very strong upward pricing which added further to industry-leading margins.
    • Definitely among my brewing sector favorites but lofty valuation and currency disruptions make it unattractive at this price.
  • Omega Healthcare Is A Classic Textbook Model Of Repeatability
    Editors' Pick OHI Wed, Apr. 1, 6:45 AM Brad Thomas 120 Comments

    Summary

    • Omega has plenty of gun powder now: no borrowings outstanding on its credit facility, and $340 million of cash.
    • It's no secret that rising dividends translates into superior shareholder returns.
    • The true meaning for this REIT is an investment model built on powerful sources of differentiation.
  • BreitBurn Energy Partners: Short-Term Pain For Long-Term Gains
    Editors' Pick BBEP Tue, Mar. 31, 9:56 PM Albert Alfonso 23 Comments

    Summary

    • BBEP needed to secure capital to survive.
    • The stock should rebound if oil prices were to recover.
    • The preferred units trading under the ticker BBEPP offer a safer alternative to the common.
  • Until There's A Dividend, This REIT Remains A Pig In A Poke
    Editors' Pick ARCP Tue, Mar. 31, 6:45 AM Brad Thomas 109 Comments

    Summary

    • This REIT is definitely headed back up, but there are few other hurdles to clear before the stock trades north of $10.00.
    • I have always viewed Cole as a highly conflictive piece of the ARCP puzzle.
    • Two items are now checked off the list…but until I see a dividend paid, this REIT is (in my opinion) a “pig in the poke”.
    • "A dividend payment is the ultimate sign of corporate strength". Josh Peters, Morningstar.
  • 4.2% Dividend Duke Energy Should Benefit From The Dovish Fed And Growing Profits
    Editors' Pick DUK Tue, Mar. 31, 12:11 AM David White 11 Comments

    Summary

    • Duke Energy pays a 4.24% annual dividend. When interest rates go down, the prices of good utility stocks like Duke Energy tend to go up.
    • The Fed on March 18, 2015 cut its Fed Funds rate raise expectation from 1.125% by Q4E 2015 to 0.625% by Q4E 2015. Lower rates ==> higher utility stock prices.
    • The Fed also cut its economic outlook for both 2015 and 2016. As a result, the 10-year US Treasury Note yield is still heading downward.
    • DUK is planning to grow its adjusted EPS by 4-6% through 2017.
  • Comparing Annaly Capital Management's BV, Dividend, Risk And Valuation To Several mREIT Peers - Part 2
    Editors' Pick NLY Sun, Mar. 29, 5:15 PM Scott Kennedy 26 Comments

    Summary

    • NLY, along with most mREIT peers, had a stable dividend per share rate during the first quarter of 2015 (a few peers within the sector had a dividend decrease).
    • NLY continued to have yield percentages modestly below the agency mREIT average thus generally lowering the risk of dividend reductions going into the second quarter of 2015.
    • AGNC and CYS had yield percentages near the agency mREIT average thus generally maintaining each mREIT peer’s risk of dividend reductions going into the second quarter of 2015.
    • Even though WMC continued to have yield percentages materially above the hybrid mREIT average, the company has a more unique business model which needs to be considered regarding dividend sustainability.
    • My current buy, sell, or hold recommendation and dividend sustainability projection on each mREIT company within this analysis is stated in the “Conclusions Drawn” section of the article.
  • Mr. Valuation's Best Valued Ideas For Retirement And Dividend Growth Portfolios: Cisco
    Editors' Pick CSCO Fri, Mar. 27, 10:55 AM Chuck Carnevale 120 Comments

    Summary

    • This series is designed to identify the most attractively valued dividend growth stocks in today's moderately overheated market.
    • There are many important advantages and benefits that investors gain from being disciplined about valuation.
    • Cisco Systems, Inc. has a S&P credit rating of AA-, a debt-to-capital ratio of 25%, a dividend yield exceeding 3%, and a compelling valuation.
    • Bonus: For F.A.S.T. fundamental analysis, a live earnings and price correlated graph on Cisco Systems, Inc.
    • Bonus: For F.A.S.T. fundamental analysis, 5 live earnings forecasting calculators on Cisco Systems, Inc.
  • This REIT Yielding 7.4% Should Benefit Investors When Rates Rise
    Editors' Pick BXMT Fri, Mar. 27, 6:45 AM Brad Thomas 170 Comments

    Summary

    • I'm focused on durable income, and that means no stocks with dividend volatility.
    • REIT investors tend to fear rising rates, particularly investors in residential mortgage REITs, where many of the assets are fixed-rate but the liabilities float - but BXMT is different.
    • BXMT has a lower risk profile today, and the dividend is now fully covered.
  • Rampant Mispricing Makes Specialty REITs An Interesting Space
    Editors' Pick CORR, FPI, LAND Thu, Mar. 26, 5:00 PM Dane Bowler 26 Comments

    Summary

    • Specialty REITs are a new and fast growing sector.
    • They are underfollowed and broadly misunderstood.
    • We see the sector outperforming over the next couple years.
  • How Bond Bears (Especially In Japan) Lost So Much Money Since 2000
    Editors' Pick JGBD, JGBS, JGBL Mon, Mar. 23, 9:24 PM Tariq Dennison 4 Comments

    Summary

    • Japanese Government Bonds have enjoyed a Sharpe Ratio of 0.8 since 2000, compared with 0.65 for U.S. Treasuries and 0.33 for higher-yield Australian Government Bonds.
    • The excellent performance can be explained by a steep and steady yield curve, along with fundamentals that continue to favor long-term Japanese fixed income in yen terms.
    • Shorting JGBs has long been called a "widow maker" trade for its consistent losses over the past decade (and recently via the JGBS and JGBD ETNs).
    • While the author is less bullish on Japanese bonds now than in the past, there many better trades than trying to short them.
    • Low absolute yields alone are no reason to be bearish on bonds - the worst bond bear markets typically happen when the yield curve is high and flat.
  • A Potential New REIT For The Durable Income Portfolio
    Editors' Pick CONE Mon, Mar. 23, 7:00 AM Brad Thomas 9 Comments

    Summary

    • I have no desire to sell Digital Realty, as this stalwart REIT has provided me with outsized performance.
    • There are notable catalysts that could drive CyrusOne's share price performance in 2015 and beyond.
    • CyrusOne's expansion pipeline is highly predictable, and should support cash flow growth rates in excess of the peer group.
  • 13% Dividend CYS Investments' Strategy Is Looking Better After The Dovish Fed Announcement
    Editors' Pick CYS Sat, Mar. 21, 12:44 PM David White 45 Comments

    Summary

    • CYS pays a 13.4% annual dividend. The dividend is a bit shaky in the current environment; but even if it gets cut, it should still be over 10%.
    • CYS had a +$0.36 per common share book value gain in Q4 2014. It will likely see its $10.50 book value be flat or slightly higher after Q1 2015.
    • The March 18, 2015 dovish U.S. Fed announcement should take possible skyrocketing interest rates off the table. This makes CYS a much less risky stock to own.
  • Mr. Valuation's Best Ideas For Retirement And Dividend Growth Portfolios: Emerson Electric
    Editors' Pick EMR Fri, Mar. 20, 2:29 PM Chuck Carnevale 273 Comments

    Summary

    • Being only willing to invest in a stock when it is fairly valued is an important step that investors can take to ensure successful long-term returns.
    • Emerson Electric, a Dividend Champion, high-quality, high-yield, attractive valuation, long-term opportunity.
    • Bonus: For F.A.S.T. fundamental analysis, a live earnings and price correlated graph on Emerson Electric.
    • Bonus: For F.A.S.T. fundamental analysis, 5 live earnings forecasting calculators on Emerson Electric.
    • Bonus: For F.A.S.T. fundamental analysis, a live earnings and price correlated graph on the S&P 500.
  • Annaly Capital: 11% Dividend Should See Benefits From The Fed's New Dovish Stance
    Editors' Pick NLY Fri, Mar. 20, 7:31 AM David White 33 Comments

    Summary

    • NLY pays a 11.2% dividend, which seems likely to be maintained with the Q1 2015 report.
    • The book value seems likely to be flat to slightly lower for Q1 2015, although it may gain book value toward the end of this quarter.
    • The only problem spot may be a decrease in the net interest spread for Q1 2015. NLY will likely view this as temporary; and it will have little effect.
    • The latest Fed announcement has taken away the fear of interest rates rising rapidly near term. It has also decreased the risk of skyrocketing rates in the next two years.
  • Here's The Pros And Cons Of Casino REITs To Consider Before You Become A Skeptic Or A True Believer
    Editors' Pick PENN, PNK, GLPI Thu, Mar. 19, 10:52 AM Howard Jay Klein 1 Comment

    Summary

    • REITs can provide breathing room for debt-heavy casino operators and reliable dividends for investors.
    • New casinos in a market could cannibalize revenues and squeeze rent payments for propcos.
    • REITs burden casino opcos with long-term contingent liabilities they can't control as easily as some conventional debt refis.
    • How can you unlock realty value on single-purpose buildings?
    • Penn National Gaming is a casino opco we like now at $16.
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 2
    Editors' Pick PSEC Thu, Mar. 19, 4:44 AM Scott Kennedy 102 Comments

    Summary

    • Part 2 of this article discusses three topics/trends impacting PSEC’s future dividend and NAV sustainability.
    • These three topics/trends discuss PSEC’s cash LIBOR floor, an FMV investment rating analysis, and a quarterly FMV gain (loss) analysis on the company’s debt and equity investments.
    • PSEC’s investment portfolio continues to have several portfolio companies with moderate unrealized FMV losses (capital depreciation) thus raising the risk of the company’s future NAV sustainability.
    • My exact PSEC dividend per share projections for May 2015 and June 2015 are stated in the “Conclusions Drawn” section of the article.
    • My PSEC NAV per share range projections for the next several fiscal quarters are stated in the “Conclusions Drawn” section of the article.
  • BHP Billiton: Increasingly Attractive For Dividend Investors After The Demerger
    Editors' Pick BHP, BBL Wed, Mar. 18, 11:08 AM Seeking Early Retirement 42 Comments

    Summary

    • BHP Billiton spins off some of its non-core assets.
    • BHP shareholders will receive South32 shares, and South32 plans to distribute at least 40% of its underlying earnings as dividends.
    • With the combined dividends from BHP and South32, the yield is likely to approach 6%.
  • Don't Over Think It: Buy AT&T
    Editors' Pick T Mon, Mar. 16, 7:06 AM Nicholas Ward 147 Comments

    Summary

    • AT&T is trading down 12.5% from its 52-week high and offering investors a 5.74% dividend yield.
    • I believe the company's upside outweighs the current downside. I'm expecting a 15% total return for 2015.
    • This company has increased its annual dividend for 31 consecutive years and is addressing its free cash flow issues.
  • I Just Bought A High-Quality REIT With A Sound Margin Of Safety
    Editors' Pick BRX Mon, Mar. 16, 7:00 AM Brad Thomas 27 Comments

    Summary

    • As the Blackstone overhang diminishes Brixmor should gain further independence and begin to trade closer to its peer group valuation range.
    • With over 18 shopping centers in REIT-dom today, it's critical for every company to build an enduring strategy of differentiation.
    • As I see it, Brixmor is a bargain – I'm buying a quality REIT at a discounted price.
    • Mr. Market has undervalued shares in this company which has produced very reliable and predictable earnings.
  • Intel Has Given Dividend And Income Investors A Gift: Qualcomm
    Editors' Pick QCOM, INTC Fri, Mar. 13, 12:25 PM Regarded Solutions 220 Comments

    Summary

    • As a dividend growth investor for retirement I'm amazed that there are times when I am given a little gift with seemingly bad news.
    • While on the surface, the Intel "news" might appear wonderful for Intel, as far as I am concerned, it is a blessing in disguise for Qualcomm.
    • The "gift" of increasing dividends just keeps on giving.
  • 4.4% Dividend Health Care REIT Provides Steady Growth And Income
    Editors' Pick HCN Thu, Mar. 12, 7:26 AM David White 20 Comments

    Summary

    • HCN had a 48.5% total return for FY2014. Unfortunately, that probably means it is a little overvalued.
    • The REIT has had a long-term uptrend in place since 2000.
    • HCN pays a consistently growing 4.4% dividend, and it may be a good place for long-term investors to ride out troubles.
    • The fundamentals behind HCN are outstanding. Even if the stock price falls, it is sure to go back up; and the company will pay you to wait.
  • S&P 500 Telecom Services Sector: AT&T Vs. Verizon - Who Wins The Battle Between Growth, Yield And Value?
    Editors' Pick CTL, FTR, T Wed, Mar. 11, 8:18 AM Chuck Carnevale 144 Comments

    Summary

    • AT&T offers a higher current yield, a lower valuation, but a lower expectation for future earnings and dividend growth.
    • Verizon offers a lower current yield, a sound valuation, and higher expectations for future earnings and dividend growth.
    • AT&T vs. Verizon: Who wins the battle between growth, yield and value?
    • And the future potential total return winner is?
  • I'm Waiting Patiently For Mr. Market To Ignore This Wide-Moat REIT
    Editors' Pick O Tue, Mar. 10, 6:45 AM Brad Thomas 97 Comments

    Summary

    • There are obvious reasons why a market leader like Realty Income warrants a premium valuation, and I have touched on many of these in this article.
    • I think it's appropriate to consider comparing Realty Income to other market leaders with a similar quality bias rating.
    • While I have no crystal ball relating to the company's future share price movement, I believe investors will have a few more bites at the apple (before rates actually begin to rise).
    • There could be some attractive buying opportunities during the next 90 days, and I consider it prudent to maintain some dry powder.
  • I'm Feeling Good About Physicians Realty's Vital Signs
    Editors' Pick DOC Mon, Mar. 9, 7:00 AM Brad Thomas 33 Comments

    Summary

    • Last year I sold two Health Care REITs, and I believe that my decision to buy Physicians Realty was sound.
    • In 2014, DOC completed $565 million worth of investments.
    • DOC recently provided acquisition guidance of $500 million to $700 million for 2015.
    • DOC should continue to benefit from solid macro trends in health care and the portfolio is well positioned to benefit from the expansion.
  • The Often Overlooked Danger When Investing In S&P 500 Utility Stocks - Part 10A
    Editors' Pick D, FE, NEE Fri, Mar. 6, 3:15 PM Chuck Carnevale 84 Comments

    Summary

    • One of the smallest sectors of the S&P 500 by weight is the Utilities Sector at 3% of the total index, and includes 29 of 500 constituents.
    • The often overlooked danger when investing in utility stocks revealed.
    • Almost by definition, utility stocks offer high yields, but tend to have very low historical rates of earnings and dividend growth.
    • Be aware and cognizant of valuation when considering investments in utility stocks.
    • Bonus: For F.A.S.T. fundamental analysis, a live earnings and price correlated graph on Southern Company is included.
  • DGI Investing: It's Riskier Than You Probably Think
    Editors' Pick CL, PG Fri, Mar. 6, 8:16 AM Ian Bezek 493 Comments

    Summary

    • Are you a DGI investor? I am.
    • Can you name the biggest risks to your DGI portfolio?
    • DGI is widely seen as a simple and one-size-fits-all investing solution.
    • DGI as an idea has great merit, but the way it's being practiced by many in 2015 raises grave concerns.
    • This is the first in a series of articles on how to DGI invest responsibly.
  • 2.2% Dividend Chesapeake Energy Represents Value And Growth At This Low
    Editors' Pick CHK Fri, Mar. 6, 6:42 AM David White 31 Comments

    Summary

    • Chesapeake Energy has $4.11B in cash and an undrawn upon $4B credit facility. It is in great fiscal condition.
    • CHK is currently trading at a Price/Book of 0.74; and its current Book Value does not begin to reflect its real value as the recent $5.375B sale shows.
    • CHK did NOT indicate it was considering cutting its 2.2% dividend in the near future in its Q4 2014 Conference Call.
    • CHK is comparatively one of the best values in the unconventional oil and gas space. Plus, it was profitable in Q4 2014.
  • Kinder Morgan: Don't Be Fooled By The Nattering Nabobs Of Negativism
    Editors' Pick KMI Fri, Mar. 6, 1:03 AM David Alton Clark 118 Comments

    Summary

    • Kinder Morgan's Trans Mountain pipeline expansion plan continues to have trouble with the City of Vancouver and Burnaby. This is only the latest flare up between the parties.
    • The expansion is a $5.4 billion plan to increase capacity of the Northwestern oil pipeline to 890,000 barrels per day throughput. The expansion plan would provide substantial tax revenue increases.
    • The opposition will inevitably reach a fever pitch as the National Energy Board hearing draws near. In the following article, I will explain why it's really simply business as usual.
  • The Dividend Aristocrats And Higher Interest Rates
    Editors' Pick NOBL Thu, Mar. 5, 9:30 AM Ploutos 64 Comments

    Summary

    • High quality dividend stocks with a long track record of growing dividends through multiple business cycles, have outperformed the broader market over long time intervals.
    • Some investors have expressed concern that higher interest rates could have a disproportionately negative impact on dividend-paying stocks.
    • This article examines the absolute and relative performance of dividend paying stocks during periods of higher interest rates.
  • Has This Clean Energy REIT Left The Train Station?
    Editors' Pick HASI Thu, Mar. 5, 7:00 AM Brad Thomas 67 Comments

    Summary

    • Mr. Market beat me to HASI's earnings release and I can now hear the engineer shouting, “all aboard”.
    • I was originally attracted to HASI for the outsized dividend yield, and since my previous write-up some of the air has been let out of the balloon.
    • I'm a dividend miles club member so I place a special premium on the dividend yield.
  • Comparing Annaly Capital Management's BV, Dividend, Risk, And Valuation To Several mREIT Peers - Part 1
    Editors' Pick NLY Thu, Mar. 5, 5:16 AM Scott Kennedy 47 Comments

    Summary

    • Part 1 of this article compares NLY’s recent quarterly and trailing twelve-month change in BV, quarterly economic return, and current valuation to several mREIT peers.
    • Part 1 also performs a comparative analysis between each company’s MBS and derivative portfolios as of 12/31/2014.
    • This comparative analysis includes each company’s proportion of fixed- and variable-rate agency MBS holdings (including each specific maturity), non-agency MBS holdings, and hedging coverage ratio as of 12/31/2014.
    • As of 2/27/2015, NLY, AGNC, ARR, and CYS traded at a material discount to BV as of 12/31/2014, while WMC traded at a minor premium.
    • My current buy, sell, or hold recommendation for NLY and each company analyzed is in the “Conclusions Drawn” section of the article.