Seeking Alpha
  • American Realty Capital Properties: A Good Value That Is Gaining Strength
    Editors' Pick ARCP Yesterday, 11:27 PM James Bjorkman 25 Comments

    Summary

    • ARCP's stock price has struggled since announcing its deal to purchase real estate leased by Red Lobster restaurants due at least in part to concerns about Red Lobster's viability.
    • A newly disclosed document issued by the former owner of Red Lobster, however, suggests that Red Lobster's problems are fixable.
    • Combined with ARCP's strong financials, ARCP is a good value for income investors.
  • 25 Dividend Champion Investment Opportunities: Something For Every Retired Investor, Part 1
    Editors' Pick SPY, AFL, CB Yesterday, 6:27 PM Chuck Carnevale 136 Comments

    Summary

    • The stock market as measured by the S&P 500 continues to hover near an all-time high.
    • It is getting harder to find reasonably valued dividend growth stocks to invest in today.
    • There are still high-quality attractive blue-chip dividend growth stocks available for current investment.
    • 25 Dividend Champion research candidates at or near fair value currently.
  • I'm Glad I Have This West Coast Gem In My REIT Portfolio
    Editors' Pick ROIC Wed, Aug. 20, 4:39 AM Brad Thomas 22 Comments

    Summary

    • I remember building a shopping center in a rural market around twenty years ago and I had steel in the air before signing the first lease.
    • So now you have it, I’m extraordinarily critical when it comes to Shopping Center REITs.
    • One of my biggest lessons as a real estate developer was to only invest in high-quality markets; that’s where property fundamentals are the strongest.
    • With an expanded institutional base, ROIC shares are becoming harder to pick up “on the cheap” and the high-quality asset mix is highly correlated to the current valuation premium.
  • Should An Intelligent Investor Buy This Cyber-Focused Office REIT?
    Editors' Pick OFC Tue, Aug. 19, 7:20 AM Brad Thomas 10 Comments

    Summary

    • COPT does not focus on leasing to tenants engaged in weapon system production.
    • COPT has a strategic tenant niche that provides real estate solutions serving a specialized cyber-based platform.
    • The dividend cut in 2012 was substantial, and since that time, the company has generated reduced earnings (FFO per share).
    • I can't justify an investment in this REIT without adequate protection of principal.
  • Fifth Street Senior Floating Rate's Recent Material Equity Offering And Its Impact On NAV
    Editors' Pick FSFR Mon, Aug. 18, 1:47 PM Scott Kennedy 25 Comments

    Summary

    • On 8/13/2014, after FSFR reported results for the fiscal third quarter of 2014, the company announced the anticipated equity offering that was discussed in my prior article.
    • However, what surprised markets and myself was the size of the announced equity offering (22.8 million shares of common stock; over three times the size of FSFR’s initial public offering).
    • This article incorporates FSFR’s recently announced material equity offering into the financials and shows why this event will materially decrease the company’s current NAV.
    • The net issuance price of FSFR’s recently announced equity offering is $12.14 per share which is materially below the company’s NAV as of 6/30/2014 thus materially diluting existing shareholders.
    • My buy, sell, or hold recommendation for FSFR is stated in the “Conclusions Drawn” section of the article.
  • Target Poised To See Higher Prices On Improved Sentiment
    Editors' Pick TGT Mon, Aug. 18, 7:38 AM Josh Arnold 7 Comments

    Summary

    • Target has had a rough go of it over the past year, and shares have languished.
    • A recent guidance cut underlies operational issues.
    • Target's yield and value should serve to buoy shares on pullbacks.
  • Dividends Matter If They Matter To You
    Editors' Pick VIG, SDY, NOBL Thu, Aug. 14, 4:48 PM David Van Knapp 494 Comments

    Summary

    • Recent articles have debated whether dividends matter during accumulation or retirement.
    • Some articles state that dividends don't matter, while others state that they do.
    • "Do dividends matter" is the wrong question. The correct question is "Do dividends matter to you?"
  • 2 Key Tests For The True Dividend Growth Investor
    Editors' Pick BCR, BKLN, HYG Thu, Aug. 14, 2:44 PM Eric Parnell, CFA 231 Comments

    Summary

    • Dividend growth investing is one of the most popular and time-tested stock market investment strategies.
    • Who among us are truly dividend growth investors? Do you pass the two key tests?
    • Will you be ready to not only withstand, but capitalize on the potential risks that lie ahead?
  • American Capital Agency Corp.'s Dividend Sustainability Analysis (Post Q2 2014 Earnings) - Part 1
    Editors' Pick AGNC Thu, Aug. 14, 11:34 AM Scott Kennedy 40 Comments

    Summary

    • AGNC reported estimated REIT taxable income ("ERTI") available to common shareholders of $100 million (or $0.28 per common share) for the second quarter of 2014.
    • However, AGNC reported ERTI and net dollar roll income available to common shareholders of $238 million (or $0.67 per common share) for the second quarter of 2014.
    • AGNC had a quarterly ERTI underpayment (overpayment) of ($130) million and a quarterly payout ratio of 230%.
    • However, AGNC had a quarterly ERTI and net dollar roll underpayment (overpayment) of $8 million and a quarterly payout ratio of 96%.
    • Part 2 will discuss some additional topics/trends to consider in a general net rising (and falling) interest rate environment regarding AGNC’s, MTGE’s, and NLY’s dividend sustainability.
  • I'm Staying On The Gramercy Property Trust Train
    Editors' Pick GPT Thu, Aug. 14, 7:00 AM Brad Thomas 9 Comments

    Summary

    • Since my initial investment my total return in Gramercy is over 55% (since September 3, 2013).
    • In order for Gramercy to “move the needle” it must continue to feed the engine with accretive high-quality net lease investments.
    • So unlike the majority of Gramercy’s peer group, the majority of total return for this security is derived from capital appreciation.
    • It’s clear that Gramercy has had a nice run but based upon the trends unfolding I see more potential.
  • High-Yield Bonds: Call Waiting
    Editors' Pick HYG, JNK, HYLD Wed, Aug. 13, 2:45 PM AllianceBernstein 7 Comments
  • 5 Of 7 Regional Banks Trade At Credit Spreads Better Than Too-Big-To-Fail Banks
    Editors' Pick ALLY, AXP, C Wed, Aug. 13, 1:17 PM Donald van Deventer 2 Comments

    Summary

    • The debate about the effective funding subsidy for the too-big-to-fail banks and their implicit government guarantee is an important one.
    • We present bond market pricing that shows 5 of 7 regional banks traded at better credit spreads than the U.S. Cost of Funds Index, the proxy for TBTF funding costs.
    • High secondary trading volume in the TBTF bank bonds is not necessarily a plus. Exxon Mobil, with $220,000 of trade volume on August 11, is in stronger financial condition.
  • A Few Net Lease REITs To Avoid
    Editors' Pick GPT, SIR, OLP Wed, Aug. 13, 7:00 AM Brad Thomas 46 Comments

    Summary

    • It’s important however that investors shouldn’t paint all Net Lease REITs by the same brush, that is, be careful not to purchase a Net Lease REIT without ample due diligence.
    • While I consider the O, NNN, and WPC to be high-quality REITs worthy for most any investor portfolio, the best time to purchase these stocks is when they are on.
    • Most other investors are preoccupied with how much money they can make and not at all with how much they may lose.
  • Western Asset Mortgage Capital Nails The Quarter - Cautious On 18%
    Editors' Pick WMC Tue, Aug. 12, 11:12 AM Rubicon Associates 27 Comments

    Summary

    • Western Asset Mortgage nailed the quarter, turning in impressive results.
    • At 18%, WMC is one of the - if not the - highest-yield mREITs in the sector.
    • I am holding at current position levels until I have more faith in the quality of dividends.
  • Here's A Cool Way To Soak Up The Dividends With This Net Lease REIT
    Editors' Pick EPR Tue, Aug. 12, 7:00 AM Brad Thomas 33 Comments

    Summary

    • Unlike Windstream who has proposed to convert to a REIT by entering into long-term telephone line leases, EPR Properties has a uniquely-positioned business model that requires knowledge.
    • EPR does not contend directly with most Triple Net REITs and as a result, the company has been able to source new investments with less competition.
    • The 6.29% dividend yield represents an extremely attractive opportunity for yield-hungry investors in today's low interest rate environment.
    • I like EPR’s uniquely-positioned net lease platform and it’s clear that the management team has done an outstanding job recovering from the dividend cut a few years ago.
  • Retirement Strategy: The Absurdity Of Believing That Dividends Don't Matter In Retirement
    Editors' Pick CVX, JNJ, KO Mon, Aug. 11, 9:10 PM Regarded Solutions 634 Comments

    Summary

    • Dividend growth investing has proven over and over to be an effective wealth-building strategy for retirement, as well as any more secure financial future.
    • I believe that investors who choose a strategy of picking stocks that could increase in value are actually gambling, not investing.
    • Are you investing to build wealth over time, or trying to strike it rich by picking a few hot stocks?
  • Unrecognized Quality Presents 48% Upside At Brixmor Properties
    Editors' Pick BRX Mon, Aug. 11, 2:00 PM Dane Bowler 14 Comments

    Summary

    • Brixmor is a grocery anchored shopping center REIT that recently came public.
    • At current prices it is deeply undervalued relative to its quality.
    • We anticipate that internal growth, careful strategy, dissipation of misconceptions and a reduced cost of capital will create up to 48% upside.
  • Nobody Does It Better Than Kimco, I Feel Sad For The Rest
    Editors' Pick KIM Mon, Aug. 11, 7:15 AM Brad Thomas 21 Comments

    Summary

    • Beyond the desire to have vetted and trusted management working for me, I’m also interested to own a security that assures uniquely-positioned value.
    • In an internet/e-commerce world, I also strongly believe the neighborhood shopping centers will continue to perform well because they are all about essential goods and services.
    • All of the cylinders are clicking for Kimco – leasing spreads up 9.7%, small shop occupancy up 200 bps, and steady acquisitions and pruning.
  • W.P. Carey, NNN Report Great Q2 Results Utilizing 2 Very Different Strategies
    Editors' Pick WPC, NNN Sun, Aug. 10, 6:45 AM Bill Stoller 41 Comments

    Summary

    • National Retail Properties, or NNN, is executing a strategy focused almost solely on U.S. retail locations, and is on the verge of joining the exclusive Dividend Aristocrat club.
    • W.P. Carey has also proven to be a very dependable source of dividend income -- having just announced its 53rd consecutive quarterly increase -- while shunning the U.S retail sector.
    • W.P. Carey actively pursues larger, sophisticated build-to-suit opportunities; while NNN avoids development risk by growing almost entirely from the acquisition of smaller U.S. retail properties.
    • W.P. Carey earns 17% of its revenue from fees generated from over $8 billion of non-traded REIT assets under management, or AUM; while NNN generates no earnings from fee income.
    • However, both companies have managed to generate solid returns and dividend growth for shareholders -- while focused on maintaining a strong balance sheet.
  • The Search For Yield Compression: MLP Takeover Targets
    Editors' Pick NSH Fri, Aug. 8, 8:24 AM Elliott Gue 16 Comments

    Summary

    • Individual investors often focus on distribution yield, but yield compression has accounted for much of the return posted by the best-performing MLPs.
    • Three of the 10 top-performing MLPs in 2013 were beaten-down names that surged after a private-equity outfit stepped in, creating a visible pipeline of growth opportunities.
    • Investors should focus on potential takeover targets that have other upside drivers to provide a degree of protection if the expected transaction never comes to fruition.
    • NSH could be a potential takeover target and, even if a deal doesn't materialize, the firm's turnaround story should continue to gain traction.
  • A Surprising New Portfolio Diversifier
    Editors' Pick XLU Fri, Aug. 8, 7:19 AM Eric Parnell, CFA 50 Comments

    Summary

    • Portfolio diversification is a primary objective for most investors in any market environment and a particularly high priority today.
    • In 2014, a surprising new category has emerged from within the stock market itself to become an effective portfolio diversifier in the current environment.
    • Utilities are providing a far greater diversification benefit today than normal and may be worth a closer look following a recent pullback.
  • Tupperware Is On Sale: P/E Of 12, PEG Less Than 1 And A 3.7% Dividend
    Editors' Pick TUP Thu, Aug. 7, 8:49 AM Anthony Ruben 27 Comments

    Summary

    • TUP down 14% as market over-reacted to downward guidance.
    • Global TUP has strong long-term growth forecasts and sports a PEG of less than 1.
    • A real tax inversion candidate due to its global presence and increasing tax rate.
  • How Dividends Don't Matter In Retirement; A Few Examples
    Editors' Pick BRK.A, BRK.B, NOBL Thu, Aug. 7, 7:39 AM Dale Roberts 518 Comments

    Summary

    • Recently I wrote an article entitled Dividends Don't Matter In Retirement Either. Here are a few simple scenarios that demonstrate the power of stock price growth for retirees.
    • It all comes down to the earnings power of your companies. Dividends can help us find that profitability.
    • Investing for total return, even in retirement can be the path to the most successful retirement, with the most income available.
  • Think Strategically About Income During Market Volatility
    Editors' Pick GE, ROST, T Thu, Aug. 7, 7:31 AM Adam Aloisi 45 Comments

    Summary

    • Recent volatility should be no surprise and it may continue to escalate as investors speculate on forward economic prospects.
    • Why the broad market does have something to do with the performance of stocks, to an extent.
    • How an income investor should manage their portfolio during volatility.
  • Catching Up With The DGI Lite DiviDogs
    Editors' Pick DX, MCY, OHI Tue, Aug. 5, 6:17 PM Miz Magic DiviDogs 55 Comments

    Summary

    • The DGI Lite Portfolio was created in November 2011 to find yield growth in a small group of CCC stocks.
    • This strategy combines The Dogs of the Dow with the CCC Lists for a quick method to find underdogs.
    • The current update explores various scenarios to see how it has performed.
  • American Realty Capital Properties - The Other Part Of The Capital Structure
    Editors' Pick ARCP Tue, Aug. 5, 6:59 AM Rubicon Associates 7 Comments

    Summary

    • Most analyses focus on the equity section of American Realty's capital structure, but what of the debt?
    • ARCP's debt is attractive, especially when viewed versus the industry standard Realty Income.
    • There are reasons the debt is cheap, but it seems too cheap on account of a few reasons.
  • Mortgage REITs - Like The Yield But Not The Volatility, Here Is An Alternative
    Editors' Pick AGNC, CLNY, NLY Mon, Aug. 4, 9:27 AM Rubicon Associates 51 Comments

    Summary

    • Many yield starved investors have been buying mortgage REITs in order to produce income.
    • The volatility that comes with mortgage REITs is often inconsistent with portfolio objectives.
    • Preferred stock offers a viable alternative, but the rate environment warrants caution.
  • Pebblebrook Hotel Trust - A Luxury Brand To Consider
    Editors' Pick PEB Mon, Aug. 4, 7:00 AM Brad Thomas 18 Comments

    Summary

    • In other words, the word luxury is synonymous with the Trump brand and if I did not know any better, I would have thought that Donald Trump created it.
    • When it comes to luxury-based products, loyal patrons will buy beyond traditional purchases, almost immune to price – kind of the complete opposite of a value investor, eh?
    • Although the P/FFO multiple denotes opulence, the durable growth prospects and strong balance sheet provide comfort with the contemplated entry price.
    • There are just a handful of REITs that I would consider buying with P/FFO multiples above 18x and Pebblebrook is one of them.
  • Nyrstar Is Up To Something
    Editors' Pick NYRSY Fri, Aug. 1, 5:48 PM The Investment Doctor Comment!

    Summary

    • Nyrstar's H1 results were good, but what intrigued me more were the hints between the lines.
    • Nyrstar announced its plans to "refinance" its 2015 bonds, even though it does not have a call option.
    • This strengthens my conviction the company will announce a bond swap soon.
    • Nyrstar's CFO hinted at a rights issue, and the English-writing press hasn't picked up on that yet.
  • A Closer Look At Kinder Morgan Energy Partners' Q2 Distributable Cash Flow
    Editors' Pick KMP Fri, Aug. 1, 3:01 PM Ron Hiram 18 Comments

    Summary

    • Reported distribution coverage includes items I do not consider sustainable and exclude outflows that would have been required but for KMR holders receiving in-kind distributions.
    • Were i-units to receive cash in lieu of KMP units, coverage ratios based on sustainable DCF would be lower than reported ratios.
    • Good news regarding natural gas pipeline expansion opportunities and CO2 business; but delays on Trans Mountain mega project.
    • IDR payments remain a drag on cost of capital and ability to raise distributions. KMP will require KMI waivers of IDR payments to meet its 2014 distribution target.
  • Exxon 'Immobile' - No 3% Yield And No Plans To Form An MLP
    Editors' Pick XOM Fri, Aug. 1, 12:54 PM Michael Fitzsimmons 219 Comments

    Summary

    • Exxon Mobil announced another "same old same old" EPS report (Q2). Production was off 5.7%.
    • XOM continues to pay the lowest dividend yield in its peer group: 2.7%.
    • Responding to an analyst question, Exxon VP David Rosenthal implied the company has no plans to form an MLP.
    • Investors need to come to grips with the fact that the new Exxon, led by CEO Rex Tillerson, is simply not focused on shareholder returns.
  • A Frothy Market Has Nothing To Do With Investing In Individual Stocks
    Editors' Pick GE, ROST, T Thu, Jul. 31, 11:20 PM Chuck Carnevale 206 Comments

    Summary

    • It’s impossible to forecast the stock market in the short run.
    • The earnings of the individual company drive long-term returns.
    • Retired investors should be concerned with the stocks they own, not the market.
    • The P/E Ratio is a relative metric, and therefore, useless when viewed in a vacuum.
    • The broad stock market has little to do with the performance of individual stocks.
  • Digital Realty Has A Powerful Moat Of Dividend Repeatability
    Editors' Pick DLR Thu, Jul. 31, 7:00 AM Brad Thomas 55 Comments

    Summary

    • Although Mr. Market oftentimes ignores the true long-term profits that are the basis for a wide moat, he eventually becomes more rational in nature and provides a more accurate representation.
    • A wide moat business, purchased at the right price, is the ultimate “sleep well at night” investment, and I recognized that opportunity in December 2013.
    • "This mutual attraction and our interconnected global portfolio essentially act as a wide moat that is extremely difficult for competitors to replicate." - Bill Stein of Digital Realty.
  • A Diversification Dissertation For Income Investors
    Editors' Pick AGNC, MO, PSEC Wed, Jul. 30, 12:25 AM Adam Aloisi 169 Comments

    Summary

    • How income investors might view diversification a bit differently than growth investors.
    • What is the optimal amount of diversification for the income investor?
    • Why smaller portfolios reap the biggest marginal benefit from diversification.
  • Can Red Lobster Claw Back Its Once Loyal Customers?
    Editors' Pick ARCP Mon, Jul. 28, 7:30 AM Brad Thomas 95 Comments

    Summary

    • Over the century brands have become less about trust and more about certainty, instead becoming advertising catchphrases designed to appeal to customers.
    • People often seek out the closest Starbucks location in a cult-like ritual where the brands trademark is only recognizable by a text-less logo of the mythological Norse Queen.
    • It’s clear that there are lessons learned from the Starbucks transformation and hopefully Golden Gate and Red Lobster can learn from the coffee king.
    • Red Lobster has an uphill battle and the key to predicting the success of the fading brand is to claw back loyal customers.
  • Finding A Margin Of Safety In Realty Income
    Editors' Pick O Mon, Jul. 28, 7:00 AM Brad Thomas 63 Comments

    Summary

    • I was not a buyer when shares were trading at over $55.00 a share in May (2013) and I waited on the right pitch to get in the game.
    • Every investor has his or her own risk tolerance level and that simply means that it comes down to how much you can afford to lose.
    • Unfortunately I cannot help you swing the bat, only you can do that.
  • Inter Pipeline: This Dividend Growth Company Is On A Tear And It's Not Over Yet
    Editors' Pick IPPLF Fri, Jul. 25, 4:04 PM Michael Fitzsimmons 95 Comments

    Summary

    • Inter Pipeline's stock is up 30% YTD.
    • Despite the rise, the company still yields 3.9%.
    • Several recent catalysts, including continued access to low-cost capital, will sustain the stock's move higher.
    • I am reiterating my STRONG BUY on the stock.
  • Are Growth Stocks Appropriate For Retirement Portfolios?
    Editors' Pick CTRX, CTSH, FB Wed, Jul. 23, 5:46 PM Chuck Carnevale 205 Comments

    Summary

    • Are growth stocks appropriate investments for retirement accounts, or should they be systematically ignored?
    • Life is not without risk, and sometimes taking a little risk can be a very good thing.
    • When utilized judiciously, the right growth stock investments can have a life-changing impact on a retiree’s financial future.
    • Tomorrow’s great growth stories can be identified early enough to participate in their extraordinary potential, and are often highly visible.
    • An appropriate allocation of growth stocks sprinkled into a portfolio can provide an orders of magnitude difference in future returns.
  • Underreaction To Recent News Makes Arbor Realty An Opportunity
    Editors' Pick ABR Wed, Jul. 23, 8:24 AM Dane Bowler 5 Comments

    Summary

    • Arbor Realty announced the termination of a $58mm liability.
    • The market response to the favorable news was underwhelming.
    • Arbor Realty is opportunistic, trading at a deep discount to fundamental value.
  • It May Be Time To Check Into Chatham Lodging Trust
    Editors' Pick CLDT Tue, Jul. 22, 7:00 AM Brad Thomas 36 Comments

    Summary

    • Chatham pursues a unique strategy of focusing on premium brand select service hotels such as Residence Inn, Homewood Suites, Hyatt Place, Courtyard and Hampton Inn.
    • Over the last 3 years Chatham has increased its annual dividend by an average of 11.1%.
    • Chatham is one of the cheapest Lodging REITs (based on P/FFO) in the peer group.
    • In a perfect world, I would like to own Chatham at $18.00, but that’s not reality.
  • American Capital Agency's Upcoming Q2 2014 Book Value Projection
    Editors' Pick AGNC Tue, Jul. 22, 2:03 AM Scott Kennedy 123 Comments

    Summary

    • I am projecting AGNC will report a total increase (decrease) in net common equity of $504 million for the six months ended 6/30/2014.
    • I am projecting AGNC will report an increase (decrease) in quarterly BV of 4.52% and generate an economic return of 7.19% for the second quarter of 2014.
    • My projection for AGNC’s book value per common share as of 6/30/2014 is stated in the “Conclusions Drawn” section of the article.
    • My projection for MTGE’s and NLY’s book value per common share as of 6/30/2014 is stated just above the “Conclusions Drawn” section of the article.
    • My buy, sell, or hold recommendation for AGNC, MTGE, and NLY is stated in the “Conclusions Drawn” section of the article.
  • Buy-The-Dip High-Yield Portfolio: First Half Of 2014 Performance
    Editors' Pick ACAS, AMJ, AMLP Mon, Jul. 21, 8:13 AM Stanford Chemist 27 Comments

    Summary

    • The Buy-The-Dip High-Yield portfolio turned in a strong 1H 2014 performance thanks to market optimism and falling interest rates boosting the performance of both equity and income assets.
    • On an absolute basis, the portfolio gained 13.91% (27.83% annualized) net of fees and taxes, competitive with most underlying indexes. After accounting for leverage, the portfolio gained 11.81% (annualized 23.63%).
    • The portfolio was relatively active and made around 75 trades this half-year.
    • The portfolio yielded 8.97% annualized on a 6-month trailing basis, or 7.62% if leverage is accounted for.
  • Silly Rabbit, Dividends Do Matter In Retirement
    Editors' Pick O Mon, Jul. 21, 7:00 AM Brad Thomas 282 Comments

    Summary

    • The most common reason for a company to avoid paying dividends is to avoid subjecting itself to capital market discipline.
    • The author went on to cite the “Joe and Theresa” analogy which (upon reading it) it clearly suggests that the author doesn't have the slightest understanding of the Modigliani-Miller theorem.
    • It’s not that investors have an “emotional” attachment to a dividend payment, it’s simply that dividends represent a commitment by the company to its shareholders.
    • Realty Income has built its brand value on 4 words: The Monthly Dividend Company.
  • Sotherly Hotels Still Has Room To Run
    Editors' Pick SOHO Fri, Jul. 18, 5:47 PM Dane Bowler 5 Comments

    Summary

    • SOHO has tripled over the past 3 years but remains cheap.
    • Strong fundamentals justify a substantially higher trading multiple.
    • We see SOHO as having 65% upside as it continues to grow FFO/share.
  • Dividends Don't Matter In Retirement Either
    Editors' Pick SPY, DGRO Thu, Jul. 17, 7:58 AM Dale Roberts 757 Comments

    Summary

    • Stocks are the best performing asset class that provide the best opportunity for growth and returns that can beat inflation.
    • What drives that growth is the earnings power of a company; the actual dividends do not drive earnings power, they are a reflection of that earnings success.
    • Most would agree that the dividends don't matter in the accumulation phase, but the same holds true when harvesting in the retirement phase. What matters is earnings growth.
  • Sovereign Debt: The Default Debate
    Editors' Pick ARGT, GREK Wed, Jul. 16, 1:42 PM Elliott R. Morss 27 Comments

    Summary

    • Argentina and Greece are trying to handle debt defaults.
    • Sovereign debt defaults are not like private bankruptcies and there is no "process" in place to handle them.
    • What both countries have done is described along with commentary on their strategies.
  • Forget The Trains And Planes, Buy This Industrial REIT For A 20% Treat
    Editors' Pick TRNO Tue, Jul. 15, 9:39 AM Portfolio Management 101 35 Comments

    Summary

    • Economic expansion in the US should continue to benefit transportation companies and warehouse real estate.
    • Being positioned in some of the busiest ports in the US provides a competitive advantage for Terreno.
    • Despite its lofty valuation, the stock not only has upside but the potential for dividend increases as well.
  • Reversal: Revisiting The Rationale For Bonds
    Editors' Pick HYG, LQD, EMB Mon, Jul. 14, 3:02 PM Robbie Morrison 5 Comments
  • How Do You Buy An Irreplaceable Corner?
    Editors' Pick AMRE Mon, Jul. 14, 7:15 AM Brad Thomas 8 Comments

    Summary

    • With 20 shopping center REITs today, the sector has become extremely crowded.
    • It’s extremely difficult to find a meaningful value proposition that translates into powerful forms of differentiation.
    • The only shopping center that I covet is Federal Realty.
    • If Regency expects to be successful in its bid to take over AmREIT, it will have to increase its offer significantly.
  • Can Johnson & Johnson Cure What Ails Your Portfolio?
    Editors' Pick JNJ Sun, Jul. 13, 6:23 PM Passive Income Pursuit 52 Comments

    Summary

    • Johnson & Johnson saw 8.2% adjusted earnings per share growth in FY 2013.
    • Johnson & Johnson has increased its dividend for 51 consecutive years.
    • Is Johnson & Johnson's stock priced for perfection?