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Albert Alfonso

 
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  • American Realty Capital Properties: Just How Good A Deal Was Red Lobster? [View article]
    glory,

    ARCP was able to chose the best locations and leave out the struggling franchises. There are several conference calls/interviews/press releases out there with the details.
    Oct 6 05:29 PM | 2 Likes Like |Link to Comment
  • Update: 16% Yielding Resource Capital Sees A Huge Increase In Loan Originations [View article]
    PaNo,

    Regarding AGNC,

    The decline seen in the mREIT sector during Q1/Q2 2013 was a once in a lifetime event. I believe I saw a chart showing that the volatility in MBS price for those few months was more than the previous decade. Blame the Fed and its mismanagement/poor guidance, not AGNC.

    Regarding buybacks and bookvalue,

    Simple math tells us that buying back stock that trades at a discount is an accretive act. Not sure why you say this is nonsense. This also increases EPS. Another example of the power of buybacks is DTV which bought back 65% of its float since 2006.

    We can agree to disagree on the value of buybacks. I think they are merited in some situations. For RSO, this may not be the case as they have other areas for investment, as noted in the article.
    Oct 5 09:54 PM | 1 Like Like |Link to Comment
  • Armour Residential REIT: A 15% Yield With Outsized Risk [View article]
    Wow, that is a almost a carbon copy of my work.
    Oct 1 03:40 PM | Likes Like |Link to Comment
  • Update: 16% Yielding Resource Capital Sees A Huge Increase In Loan Originations [View article]
    Pablo,

    I've been nibbling at RSO at under $5. It is way oversold.
    Sep 30 08:37 PM | Likes Like |Link to Comment
  • Update: 16% Yielding Resource Capital Sees A Huge Increase In Loan Originations [View article]
    PaNo,

    Buybacks can be very profitable if done properly.

    AGNC made a bundle earlier this year from buying mREIT stock. Apple was able to put a floor on its tanking stock price. PM and MO are able to raise their dividends yearly without increasing net cash payments from reducing the float.
    Sep 30 08:31 PM | Likes Like |Link to Comment
  • Update: 16% Yielding Resource Capital Sees A Huge Increase In Loan Originations [View article]
    From the Q2 CC:

    "I want to reiterate our guidance of approximately $0.40 of AFFO for the next six months. We also reiterate our dividend guidance of $0.20 per quarter during 2014."
    Sep 30 08:27 PM | Likes Like |Link to Comment
  • Update: 16% Yielding Resource Capital Sees A Huge Increase In Loan Originations [View article]
    Pablo,

    Good point. AFFO is the metric you want to use for RSO. AFFO more or less covers the dividend.
    Sep 30 08:26 PM | 1 Like Like |Link to Comment
  • Should General Electric Break Up? [View article]
    Rich,

    I am also a GE bull. However, IMO, the company is bloated.

    What really irks me is that the core GE industrial segments are doing so well. Aviation is having another huge year; GE oil and gas is taking market share, etc. Alstom, a much derided purchase, will start paying dividends in 2015.

    Maybe I'm just trying to rationalize its under-performance YTD. Market sentiment on the name is just too bearish.


    Sep 30 03:40 AM | Likes Like |Link to Comment
  • Update: Kinder Morgan Secures Bridge Loan For Merger [View article]
    Pretty much every energy stock is getting hammered. A few points:

    Have you seen where WTI is trading at?

    The Russia/Ukraine conflict has cooled down.

    Retail gas prices are below $3.00 per gallon.

    Nat gas inventories are climbing faster than expected.

    Do these news items have a long-term impact on KMP/KMI fundamentally? Unlikely. But the market does not trade based on fundamentals 99% of the time. This also explains how Apple was trading at below 10x EPS for over a year.
    Sep 30 02:48 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Moving Towards Bigger Investments [View article]
    Stock was trading at $10 when I wrote the initial paragraph. Discount was 5.3%. Close of day discount is now 5.6%.
    Sep 30 02:42 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Moving Towards Bigger Investments [View article]
    Bruce,

    I know your comment is a bit tongue in cheek. However, PSEC does not charge anywhere near the level of "unregulated" debt (10 to 15% per month from what I hear).

    I agree that PSEC is operating at the higher risk end of the spectrum. But the stock price discount and yield is more than enough reward.
    Sep 30 02:28 AM | 2 Likes Like |Link to Comment
  • Update: Kinder Morgan Secures Bridge Loan For Merger [View article]
    You will likely face a tax bill if you own KMP or EPB. KMR shareholders will not get a tax bill. Please see page 11 or 13 footnote 3.

    http://bit.ly/1r7hzhZ

    ***Do note that this is only a estimate. You may need the help of a CPA to get the actual number.
    Sep 29 12:16 PM | 1 Like Like |Link to Comment
  • Update: Kinder Morgan Secures Bridge Loan For Merger [View article]
    John,

    Yes, you would be able to take all KMI stock. The cash component is mostly there for those facing a large tax bill.
    Sep 29 10:38 AM | 1 Like Like |Link to Comment
  • Looking For Alpha In The Upstream MLP Sector (September 2014 Update) [View article]
    RLP,

    I think the upstreams are more vulnerable to the argument that they are overvalued than the midstream sector. Most are small, thinly traded, and held by weaker hands.

    Hedgeye famously put a $10 price target on LINE and a even lower one on LNCO. The rationale was that they are not generating any earnings. This was demonstratively false, though it did not prevent Barron's running with the story.
    Sep 28 11:27 PM | Likes Like |Link to Comment
  • Looking For Alpha In The Upstream MLP Sector (September 2014 Update) [View article]
    That is actually a good question. It is due to the derivatives (hedges) impacting EBITDA. This is also the reason why reported net income varies so much between the stocks.
    Sep 28 10:21 PM | Likes Like |Link to Comment
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