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Andrew Boral

 
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  • Wild West Trading In Shares Of Gogo [View article]
    I checked the link in your article. There was significant short volume in each on the three days following the date your article was published (2/19/2014). The numbers are:

    2/24/2014 Short Vol = 338,620 Total Vol = 843,790
    2/21/2014 Short Vol = 147,737 Total Vol = 494,348
    2/20/2014 Short Vol = 308,591 Total Vol = 750,268

    Could you elaborate about what you were thinking those numbers would tell you?
    Feb 24 10:35 PM | Likes Like |Link to Comment
  • Wild West Trading In Shares Of Gogo [View article]
    This is interesting. I took a look at the Failure to Deliver Data at the SEC website for the second half of 2014. There were failures every day. Some of the failures were significant (i.e. approximately 100,000). What does something like that mean?

    http://1.usa.gov/1drxcVh
    Feb 24 10:23 PM | Likes Like |Link to Comment
  • IPO Preview: EP Energy [View article]
    EPE's performance on the opening day was unimpressive. Do you think that the other oil and gas IPOs that were issued on Thursday and Friday were the reason for the poor performance? Do you expect EPE to improve as all these issues are absorbed in the next few days?
    Jan 17 03:32 PM | 1 Like Like |Link to Comment
  • Campbell's Justifies High P/E With Acquisitions And International Growth [View article]
    Maybe you are a quarter or two off on the breakout prediction. The disclosure of the discontinued operation took many people by surprise last quarter. Any thoughts about the what the current quarter's earnings are going to be?
    Nov 10 06:30 PM | Likes Like |Link to Comment
  • Campbell's Justifies High P/E With Acquisitions And International Growth [View article]
    Maybe you are a quarter or two off on the breakout prediction. The disclosure of the discontinued operation took many people by surprise last quarter. Any thoughts about the what the current quarter's earnings are going to be?
    Nov 10 06:30 PM | Likes Like |Link to Comment
  • Seadrill's Dividend Does Not Look Sustainable [View article]
    Exactly. I was going to make the same point. Looking at the 2012 payout ratio doesn't make sense.
    Nov 10 06:13 PM | Likes Like |Link to Comment
  • Buffett Eyes DaVita As A Long-Term Investment [View article]
    I offer a word of caution. Return on Capital can be easily gamed through the use of off-balance sheet items. And cost of capital is typically a difficult calculation to get correct. But if you are going to use this as a benchmark, I would consider the large impact of goodwill. Over 55% of DVA's assets are goodwill which are present do to the recent mergers. Goodwill has been a large factor for many years. It is a larger component of assets than for many other companies. If the company had grown organically instead of through mergers, I believe that return on capital would look much better.
    Jun 29 11:00 AM | Likes Like |Link to Comment
  • Why Tegra 4 Still Makes Nvidia A Bullish Play [View article]
    What do you make of the difference in market capitalization? NVDA is only 10 billion versus QCOM at almost 110 billion. It seems like these companies have very different market penetration. There are corresponding differences in their revenue numbers. NVDA has 4 billion while QCOM has about 18 billion.
    Jan 21 07:39 PM | 1 Like Like |Link to Comment
  • Buffett Eyes DaVita As A Long-Term Investment [View article]
    Thank you very much for your insight Dan.
    Dec 20 06:07 PM | Likes Like |Link to Comment
  • Buffett Eyes DaVita As A Long-Term Investment [View article]
    I apologize for the confusion. The dividends on their statement of cash flows was to and from minority interests / joint ventures. They are not paid to the shareholders.
    Dec 17 12:19 PM | Likes Like |Link to Comment
  • Aflac Inc. Revisited: Share Price Is Expected To Be Stable In 2012Q4 [View article]
    I am not sure why an insurance company would be correlated with a transportation and furniture index. Are you sure you took the first difference of each time series? If you didn't, that would explain your spuriously good results.
    Nov 30 07:48 AM | Likes Like |Link to Comment
  • Aflac's Attractive Fundamentals And Its Growing Value [View article]
    I think you have a real long-term worry. And you are asking a really deep question. Will the house of cards that the global central banks are building collapse? However, I don't that is a risk in the short term. There has been deflation or minimal inflation in Japan recently. You can find Japanese inflation statistics here: http://bit.ly/RhiI2L.
    Oct 24 05:53 PM | Likes Like |Link to Comment
  • Aflac's Attractive Fundamentals And Its Growing Value [View article]
    baseballman24,

    I thought you might like to know that two of Aflac's competitors issued debt recently. The comparable offerings were by Allstate (ALL) and Unum (UNM). Both ALL and UNM issued senior notes in the last few months. Both had maturities of 30 years (i.e. due in 2042). Allstate was at 5.2% and Unum was at 5.75%. Allstate was rated BBB+ by AM Best and Unum was rated BBB by AM Best.

    Hope that helps.
    Oct 21 06:48 PM | Likes Like |Link to Comment
  • Aflac's Attractive Fundamentals And Its Growing Value [View article]
    Thanks for the question.

    Moody's came out with its rating of this issuance of subordinated debt at a rating of Baa1. This is an investment grade rating. The company's rating is higher. You are getting a higher yield for going down the capital structure.

    This issuance matures in 2052. That is a 40 year maturity. Going out that long in maturity is probably longer than I would like. Rates are at abnormally low levels. It is probably a good ideas to invest in things with shorter maturities.
    Oct 17 11:19 AM | Likes Like |Link to Comment
  • Consider The Distribution To Cash Flow From Operations Ratio For Infrastructure MLPs [View article]
    I also was under the impression that there are tax implications. MLP wanted to pass through losses to offset the dividend income. This would enable investors to defer taxes. And give investors a lower cost basis that they would have to pay capital gains on later in the future. Therefore the incentives for them to generate "earnings" are different than an ordinary corporation. Is that true? I understand the tax issue from an investor perspective. But not really from the management's perspective. How do the tax issues factor in for the MLP?
    Oct 9 10:34 PM | 1 Like Like |Link to Comment
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