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Christopher Owens

 
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  • Noble Corp.: Complete Fleet Analysis After Paragon Offshore Spin-Off And Commentary [View article]
    You're using the quarterly numbers for your of PGN. PGN earned $76 million in the first quarter. Hence, you're implying that PGN trade at 12x EBITDA rather than 3x (annualizing 1Q)
    Aug 5 04:50 PM | Likes Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    I agree with your thinking. However, it's easier to "prove" Berkshire is cheap by using below market multiples and still showing it cheap.
    Aug 2 06:00 AM | Likes Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    You are 100 percent incorrect. Investment appreciation creates a non-cash deferred tax liability. This runs through other comprehensive income and creates dtl.
    Aug 1 10:00 AM | Likes Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    See deferred tax liability on balance sheet. Roughly half attributable to investment appreciation.
    Aug 1 09:58 AM | 1 Like Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    I'll sell you facebook and twitter if you will sell me a basket of railroads and utilities at 10x earnings.
    Jul 31 01:36 PM | 14 Likes Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    You are 100% right. The mean actually stays at 1.58x when keeping at 1.2x - so doesn't change much but your conceptually correct. Thanks
    Jul 31 10:16 AM | 1 Like Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    Higher than 1.6x?
    Jul 31 09:20 AM | Likes Like |Link to Comment
  • Berkshire Hathaway: The Last Bargain [View article]
    Year end price. I have not intention of going back and calculating P/B every day for last 20 yrs. If you want to calculate, feel free to send me results.
    Jul 31 09:19 AM | Likes Like |Link to Comment
  • BNSF And Union Pacific Have Intermodal Advantages [View article]
    Does anyone know why BNSFs fuel charges are much higher as % of revenue than UNP? For instance, UNP spend 921 million on fuel vs BNSF 1159. They had virtually the same revenue. I think BNSF stopped hedging fuel once they became part of Berkshire, but is there something inherently different about the fuel consumption between the two co's? It about a billion pre-tax difference on an annual basis. BNSF also has higher depreciation charges relative to UNP given the elevated capex to build takeaway capacity in eagle ford and bakken.
    Jul 28 12:24 PM | 1 Like Like |Link to Comment
  • Magnum Hunter's Eureka Pipeline: A Fantastic Asset Fairly Valued [View article]
    Yeah, but if you thought something was worth 3x its value, that should be your first priority for cash and you should be more than willing to pay 8% rather than give up a dollar for 33c.

    I am seeker: Read the 10k. Arc Light has PIK debt and is massively senior to MHR in their ownership of the pipeline. In fact, there are lots of interesting things in the 10-q.
    Jul 22 09:31 AM | Likes Like |Link to Comment
  • Magnum Hunter's Eureka Pipeline: A Fantastic Asset Fairly Valued [View article]
    I have a question. MHR mgmt. says pipeline is worth a billion dollars. Ok. So why are they not making cash interest payments on preferred stock at 8% and instead making payments in kind in the form of additional ownership of company. As it stands, Arc Light, the private equity partner in Eureka Hunter, $143 million investment entitles them to 43% ownership of the pipeline - implying a total valuation of $331 million. So if you thought it was worth $1 billion, not $331 million, why wouldn't you make the cash interest payments instead of letting your private equity partner take an ever-increasing share of the pipeline? I find this a little odd.
    Jul 21 12:29 PM | Likes Like |Link to Comment
  • GreenHunter Resources Could Rise 150% [View article]
    Good luck.
    Jul 15 05:30 PM | Likes Like |Link to Comment
  • GreenHunter Resources Could Rise 150% [View article]
    Look at the accumulated deficit line on the balance sheet and invest accordingly.
    Jul 15 04:04 PM | Likes Like |Link to Comment
  • Conduril: Halftime Update On My Highest-Conviction Pick For 2014 [View article]
    Any idea on how things are going in 2014? Also, the divergence between earnings and operating cash flow doesn't look to be explained by working capital. Any thoughts?

    Maybe the Africa exposure is reason for lower multiple, although I would probably fade that at 5x earnings.
    Jul 9 08:42 AM | Likes Like |Link to Comment
  • An Undiscovered Brand With Improving Margins And Strong Growth [View article]
    This sounds like an idea that gets brought up at the end of a cycle.
    Jul 9 08:22 AM | 1 Like Like |Link to Comment
COMMENTS STATS
124 Comments
115 Likes