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Capt. Spaulding  

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  • High-Quality Value Investing With Benjamin Graham [View article]
    Wise words. The challenging part is to put them into action on a consistent basis.

    Capt. Spaulding
    Feb 28, 2015. 02:26 PM | 2 Likes Like |Link to Comment
  • This Chart Is Worth 1,000 Words [View article]
    Good article. Thank you for posting it.

    My experience on the sell side for more than 30 years is that most, but not all, of the forecasters who rise to be the public faces of their firms are trimmers who tailor their pronouncements to what their superiors want to hear. They do that to maximize their bonuses. Period. A good rule of thumb, in my view: the longer someone has been a prominent forecaster for one firm, the more grains of salt investors should use when evaluating what he or she says.

    To repeat: there are some straightforward pundits who deserve to be listened to, but they are few and far between. As a rule, intellectual honesty isn't highly prized on the sell side.
    Feb 28, 2015. 10:11 AM | 1 Like Like |Link to Comment
  • High-Quality Value Investing With Benjamin Graham [View article]
    Outstanding article. Thank you very much for sharing it.

    My slightly off-topic two cents: For a number of years I had the good fortune to work on a weekly basis with a gentleman who studied under Graham and who himself became a "household name" among investors. Watching him go about his business was a great learning opportunity. One of the most important lessons was "be disciplined." Another: cut your losses, because the market almost always knows more than you do.
    Feb 28, 2015. 09:45 AM | 3 Likes Like |Link to Comment
  • Currency Wars Offer Unique ETF Opportunities [View article]
    Excellent advice throughout this article. Thank you for sharing it on SA.

    Two cents from this (frozen) neck of the woods: long-term investors shouldn't be reluctant to do some buying in the oil patch on the next stock-market-wide setback.
    Feb 16, 2015. 09:02 AM | Likes Like |Link to Comment
  • A Cautionary Tale For Dividend Growth Investors [View article]
    Eric and others in the discussion:

    Isn't the fundamental point of this discussion related to the old stock market adage that there is really is no such thing as a buy-and-forget stock?
    Feb 13, 2015. 09:30 AM | Likes Like |Link to Comment
  • There's A Reason Utilities Are On The Monopoly Board, I Just Bought One [View article]
    Glad to see that water utilities are getting more attention on SA lately. This piece is one of the best.

    The better water utilities have been excellent investments over the long term: "boring" stocks that trend higher and raise their dividends gradually but steadily. I generally don't advocate the buy-and-forget approach to investing, but I'd make an exception for the higher-quality companies in this industry. If you like stocks that let you sleep well at night, they are well worth further research by investors who presently are not familiar with them.

    disclosure: long AWK since late 2009. Since then, the stock is up by about 175% vs. 90% for SPY.
    Feb 9, 2015. 01:15 PM | 3 Likes Like |Link to Comment
  • Star Gas Partners: A Deeply Undervalued Beneficiary Of Low Oil Prices Offering 40% To 90% Upside [View article]
    Thank you for the reply. Much appreciated.
    Feb 8, 2015. 07:03 PM | Likes Like |Link to Comment
  • Did A Market Alarm Go Off On Friday? [View article]
    Ambrose Bierce defined the word "cynic" in "The Devil's Dictionary" as follows:

    CYNIC, n. A blackguard whose faulty vision sees things as they are, not as they ought to be. Hence the custom among the Scythians of plucking out a cynic's eyes to improve his vision.
    Feb 8, 2015. 02:39 PM | 5 Likes Like |Link to Comment
  • Star Gas Partners: A Deeply Undervalued Beneficiary Of Low Oil Prices Offering 40% To 90% Upside [View article]
    Yes, indeed, the company benefited from lower oil prices. But what happens when oil prices (inevitably) turn up?

    Just asking....
    Feb 7, 2015. 04:44 PM | 2 Likes Like |Link to Comment
  • Yes, Low Rates Justify Higher REIT Prices - But Watch Out When The Trend Changes [View article]
    Another interesting, soundly reasoned article. Thank you.

    Your analysis reinforces the age-old admonition: buy low. Being patient and opportunistic pays off for long-term investors. Buying the shares of high-quality companies at low prices lets you ride out the cyclical ups and downs of an industry group, market sector, the market as a whole, or the economy. And, in the case of REITs, you get to enjoy the dividends.

    The next downturn in O (and other sound REITs) will be another chance to buy.
    Feb 5, 2015. 10:59 AM | Likes Like |Link to Comment
  • Starwood Waypoint Residential Has All Of The Ingredients For Something Special [View article]
    I respect the writer's industry experience and in-depth knowledge, and I read his articles regularly. However, I disagree that SWAY has great potential. In fact, I sold the shares I received when it was spun-off from STWD because, to me, it didn't pass the "smell test." Why? As DonPaul-O said above, the spin-off seemed to be a response to industrywide turmoil -- in other words, a way to get this stuff off STWD's books.

    re the "rule of three" that the writer discusses: it can cut both ways. First movers often reap great rewards for taking high risks; second movers, less but still-considerable rewards for taking lesser risks; third movers, well, not much of either.

    I may be wrong in the long run re SWAY. But there are other fish in the sea.
    Feb 3, 2015. 11:05 AM | 2 Likes Like |Link to Comment
  • Exxon Mobil: There Will Be Blood [View article]
    Agreed. a couple of small "businessman's risk" speculative positions, perhaps, just to keep things interesting.
    Feb 1, 2015. 04:03 PM | 1 Like Like |Link to Comment
  • U.S. Tobacco Industry Suffers Slow Death: Altria Trading At Premium Despite Major Headwinds [View article]
    It is a shame to see such a shallow article on SA (no mention of SAB Miller; no judgment exercised about the nature of the demand for the product). It appears to me to be one part wishful thinking, one part fighting the tape, and a healthy dollop of incomplete analysis. Needless to say, that's a bad combination.

    My two cents: the author should remember that the tobacco industry's obit and MO's obit have been written many, many times before. Meanwhile, investors have continued to make money in the stocks. As Groucho once said, "Who you gonna trust -- me, or your own eyes?"
    Feb 1, 2015. 03:22 PM | Likes Like |Link to Comment
  • Nibbling In The Oil Patch With Halliburton [View article]
    "... how much further can it really go down? "

    Who knows? $20/bbl? Lower?

    Whatever low oil hits, the history of the industry from the mid-19th century until the present shows that it will rebound. There is no reason to think that this time will be any different.

    It's time to nibble in the oil patch, carefully and patiently.

    Jan 28, 2015. 10:10 AM | 2 Likes Like |Link to Comment
  • Realty Income: Is This REIT (And Perhaps All Others) Overvalued? [View article]
    Good for thought. And nicely written. Thank you for sharing.

    The writer is on to something, in my view, when he mentions demographics. Baby-boomers' search for income almost certainly is one of the factors that has helped to push the valuations of REITs higher in recent years. That factor alone won't make the REIT sector immune from a sharp drop, if one were to develop. But it might cushion the group's fall to some extent as individual investors stepped up and bought shares at more-attractive yields. I know that's what I'm waiting to do with O, and other quality REITs.

    disclosure: long O, LXP, others
    Jan 27, 2015. 04:57 PM | 3 Likes Like |Link to Comment