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Anthony Alfidi  

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  • Wall Street Breakfast: Must-Know News [View article]
    Why keep GGP on life support? Other REITs with money to burn could do a better job for investors after buying its assets.

    The Citigroup show on Capital Hill is more kabuki theater. None of those backstops will be pulled, and of course they'll discover that management has the taxpayers' interests in mind. :-(

    Looks like lobbyists haven't killed off the Volcker rule yet, so the two-year timeline may be designed to make it palatable to the industry.
    Mar 4, 2010. 04:19 PM | 2 Likes Like |Link to Comment
  • Unit Labor Costs Collapse, A Portent of Increased Hiring [View article]
    Collapsing unit labor costs are more an indicator of a slack job market than future hiring. As long as productivity is increasing, employers don't need to increase hiring.
    Mar 4, 2010. 04:04 PM | 7 Likes Like |Link to Comment
  • Why Coke Buying up Bottlers Makes Perfect Sense [View article]
    Since this transaction is mostly cashless with KO's assumption of CCE debt, KO is willing to take on financial risk in exchange for reducing its operation risk (with vertical integration). It's easy to see KO's confidence in this strategy given its market position.
    Mar 4, 2010. 03:16 PM | 1 Like Like |Link to Comment
  • Coke / CCE Deal: A Unique Chapter Rather Than New Playbook for Coke’s Operating Model [View article]
    Exactly. Coke is bringing all of its North American operations in-house presumably because vertical integration will give them a cost advantage vis-a-vis Pepsi. CCE will now be free to focus on Europe with fewer trans-Atlantic distractions.
    Mar 4, 2010. 03:12 PM | Likes Like |Link to Comment
  • Simon Properties Offers to Buy GGP for $10B [View article]
    Good job Reggie. Do you think Simon will sweeten the bid? Getting their hands on what's left of GGP gives them some pretty serious pricing power.
    Feb 17, 2010. 12:58 AM | Likes Like |Link to Comment
  • Lots of will-he-or-won't-he talk on Bernanke's confirmation, but Matthew Yglesias thinks it doesn't make much practical difference either way.  [View news story]
    The stock market is so fragile that anything could trigger a correction. Failure to reconfirm Bernanke would be another such trigger. It would represent a repudiation of his printing press approach to managing the money supply.
    Jan 24, 2010. 11:07 PM | Likes Like |Link to Comment
  • Wal-Mart's (WMT) warehouse club unit Sam's Club will cut more than 11,000 jobs, about 10% of its workforce. While sizeable, Sam's says the move is strategic rather than cost-related, with 10K positions moving to a U.S. outsourcer.  [View news story]
    Wasn't WMT supposed to have a recession-proof business model? No recovery is in the offing if the low-income earners (with a higher marginal propensity to consume) aren't spending.
    Jan 24, 2010. 11:02 PM | 1 Like Like |Link to Comment
  • The Next Crisis: Spiraling Inflation (Part 1) [View article]
    I've been in the high inflation camp for over a year but the Fed's quant easing hasn't done much more than support asset prices. The Fed has created a great deal of money but it remains locked up in bank reserves because banks aren't lending. Inflation in the U.S. is really around 7% according to shadowstats.com, which Mr. Barisheff cites in his article.

    Mr. Barisheff correctly identifies Peak Oil as a future driver of higher costs for everything. The world will not run out of oil but extracting remaining sources will be more difficult and expensive. Much higher inflation is inevitable at some point but it is difficult to identify the trigger: forced bank lending, fiscal stimulus spending that forces a wage-price spiral, etc.

    Overall, this is an excellent article.
    Dec 2, 2009. 01:32 AM | Likes Like |Link to Comment
  • Rare Earth Metals: A China Price [View article]
    Would Chinese manufacturers be prohibited from re-selling the rare earths they buy? They would find the arbitrage tempting if the domestic market for whatever they're making has a bad year. Or would export of Chinese rare earths be strictly controlled to ensure that domestic manufacturers don't try to hedge their supplies?
    Nov 17, 2009. 05:59 AM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    JPM's dealmaking would be impossible without TARP backing. Consolidation and control are on the bailout's hidden agenda.

    GE's China deal is the handwriting on the wall for the U.S.'s last truly competitive industries: aviation and defense. GE may be trying to get secure access to markets for its big goods, not to mention the resources (rare earths?) needed to feed them.

    UBS' turnaround plan will have to include a sale of its PaineWebber unit, as its clientele are too downmarket for Swiss tastes.
    Nov 17, 2009. 05:15 AM | Likes Like |Link to Comment
  • Too Big to Fail Banks: A Simple Solution [View article]
    The TBTFs will survive as long as they contribute campaign cash. Perhaps credit unions and community banks should step up their own giving so they get a seat at the table should a big bank need to be wound down and sold off.
    Nov 10, 2009. 11:37 AM | 5 Likes Like |Link to Comment
  • The Unsustainable Lie of Inflation [View article]
    Gold was a good hedge against inflation when currencies were backed by a gold standard. After 1973, gold is more useful as a hedge against uncertainty of any kind. That's what the spot price has been measuring since 2007.
    Nov 10, 2009. 11:27 AM | 3 Likes Like |Link to Comment
  • Value Investors Are Worried About Inflation [View article]
    Value investors who buy at large enough discounts don't need to worry as much about inflation.
    Nov 10, 2009. 11:21 AM | 1 Like Like |Link to Comment
  • Don't Believe Long-Term Oil Forecasts [View article]
    If our knowledge of future oil supplies is so deficient, it makes sense to increase the availability of other energy sources whose flows are more certain. A crash program in renewable energy would have been a fine use of the first stimulus, but that chance was almost completely blown (aside from supporting more R&D).
    Nov 10, 2009. 11:17 AM | Likes Like |Link to Comment
  • Don't Believe Long-Term Oil Forecasts [View article]
    If our knowledge of future oil supplies is so deficient, it makes sense to increase the availability of other energy sources whose flows are more certain. A crash program in renewable energy would have been a fine use of the first stimulus, but that chance was almost completely blown (aside from supporting more R&D).
    Nov 10, 2009. 11:17 AM | Likes Like |Link to Comment
COMMENTS STATS
603 Comments
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