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David at Imperial Beach

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  • Can Europe Avoid Its Own 'Lost Decade'? [View article]
    Yes, thanks. I didn't realize that Europe wasn't doing anything to clear its NPLs.

    It's pretty obvious that the thing to do is for the ECB to take the NPLs off the hands of the banks that are groaning under the load, or alternatively, to organize so-called "bad banks" where these loans could be offloaded to die in quarantine. Buying bunds and ABS that are still "performing" will not accomplish this objective and is about the last thing Draghi should do.

    Buying bunds also won't accomplish a credit transfer from the core back to the periphery either. The whole reason there are NPLs in the first place is that the periphery doesn't have sufficient structural opportunity to earn money by selling products into the core. Europe doesn't just have a banking problem. It's an economic imbalance that pervades the entire economy.
    Aug 30 07:38 PM | Likes Like |Link to Comment
  • Fiat Chrysler Automobiles targets October IPO date [View news story]
    Chrysler is fluffing sales with strong incentives leading up to the NY IPO. If you want to buy a car or a pickup, now is the time. You also get to take advantage of easy financing courtesy of your friendly neighborhood central bank that is talking about raising interest rates next year.

    Sergio Marchionne has made a strong showing with comebacks for both Fiat and Chrysler. I expect the IPO to be well-received.
    Aug 30 06:39 PM | 1 Like Like |Link to Comment
  • Tesla And The Dilution Misconception [View article]
    I don't know why you bothered to write this article. All three of AtonRa's scenarios were totally unrealistic, as I pointed out. Not one scenario makes reasonable assumptions for growth and expenses. Tesla will not be showing appreciable earnings during the period that was analyzed (up to 2024), using the projections of the company itself and making bullish assumptions about their growth rate. However, it is likely to show considerably more growth during that same period. Dilution is the least of the AtonRa article's problems.
    Aug 30 06:27 PM | 6 Likes Like |Link to Comment
  • The Debate About Whether To Hire An Active Fund Manager To Beat The Market Or Use A Passive Index Fund Is Over [View article]
    So with indexing it's "no stock left behind"?

    In truth, that's not a bad idea. Much better than applying that slogan to education. You see, bad companies don't stay bad. Good companies don't continue to outperform, on average. Many "outperformers" tend to get that way by first falling from grace and then working hard to recover. Companies consistently doing well tend to be overbid until they can no longer live up to expectations. But "at risk" kids tend to stay at risk because there have to be real changes in his/her situation to mitigate the risk, and usually society doesn't care enough to make the difference. Parents generally don't care as much about their kids as CEOs care about their companies. Sad but true. There's also the fact that CEOs are better trained than parents. There's no school for parenting.
    Aug 30 12:54 PM | 3 Likes Like |Link to Comment
  • Sears Should Reorganize Its Operations Along Merchandise Lines Into Separate Subsidiaries [View article]
    I wouldn't presume to tell Eddie Lampert how to run Sears Holdings. Retail is a tough business these days, between Walmart and Amazon as competitors and the American consumer pretty much tapped out. He's got brands that have built up a lot of goodwill over the years. Craftsman and Kenmore are especially well respected.

    My opinion is that the real estate is worth much more as occupied retail space than it is vacant space waiting to be redeveloped. If it is vacated it may sit idle for years. Better to try to make it productive today. But Lampert may have entirely different ideas. One thing's for sure. He's not listening to anything but his own drum, so we might as well forgo the useless speculation.
    Aug 29 08:05 PM | 2 Likes Like |Link to Comment
  • Report: Apple wearable unlikely to ship before early 2015 [View news story]
    That's what I said about the Beats acquisition.

    "Sources in position to know tell me it won’t arrive at market for a few months." That's about as solid a rumor as you ever get with Apple, so don't plan on any Christmas sales in "new product categories" this year.
    Aug 29 04:07 PM | Likes Like |Link to Comment
  • Wal-Mart Takes A Page From Amazon's Playbook [View article]
    Walmart can only gain by broadening its selection to include premium products. Eventually, that's the way that all retailers go. They have to because they can't stay the lowest cost outlet forever. Eventually they have to pay their key people more and offer them better benefits because of their seniority and experience. If they terminate all the old timers with seniority, they get hit with a discrimination lawsuit, and probably a class action one at that.
    Aug 29 02:48 PM | Likes Like |Link to Comment
  • New Nuances - Fed Summer Reading [View article]
    I don't think Operation Twist ever ended. Certainly the movement from short duration bonds to long ones in the Fed portfolio never stopped.
    Aug 29 01:10 PM | Likes Like |Link to Comment
  • New Nuances - Fed Summer Reading [View article]
    What is clear is that the Fed has created an even more complex system than they had before, and they were demonstrably unable to successfully manage even the simpler system.

    If you're being opportunistic, you should really consider (NASDAQ:GPRO).
    Aug 29 01:08 PM | Likes Like |Link to Comment
  • Dear Americans & Canadians, It Will Be Ok [View article]
    BK dying? Don't hold the funeral just yet. The company has a young crop of very sharp managers. They've sold off assets to franchisees and are streamlining the company. The menu has all the essentials, and they're priced fairly for both the consumer and the franchisee. The food is tasty, the customer stream is fairly continuous at my local BK. I don't really see anything in their future that would kill them off, thank you very much.
    Aug 29 12:34 PM | Likes Like |Link to Comment
  • Dear Americans & Canadians, It Will Be Ok [View article]
    "Warren Buffett, the moral compass of corporate America..." No wonder we're so lost. Being able to choose bargain stocks does not make you morally perspicacious. Neither does creating a charitable trust fund or encouraging others to do so. Charitable trust funds are actually counterproductive toward promotion of good morals in society. They are merely easy targets for those who wish to infiltrate them and pervert society's morals. They do, however, function very well as tax dodges for the wealthy.
    Aug 29 12:24 PM | 3 Likes Like |Link to Comment
  • Fiat clears path for Chrysler merger [View news story]
    A truly international company: headquarters in Amsterdam, domiciled in the U.K. for tax purposes and a primary stock market listing in New York, with products produced chiefly in Italy and the USA. I'm a bit surprised they didn't choose a tax haven like Barbados or Ireland for their tax domicile.
    Aug 29 12:01 PM | Likes Like |Link to Comment
  • BofA requests "hustle" case verdict be thrown out [View news story]
    I don't think this is newsworthy. The judge has already made his opinion known in the matter:

    <<In a decision last month, Rakoff ordered Bank of America to pay $1.27 billion and Mairone to pay $1 million.

    The judge at that time called the Hustle program "from start to finish the vehicle for a brazen fraud" and said the evidence of the fraud was "ample.">>

    Why lawyers waste their client's money asking for things they know they won't get is beyond me. Don't the clients supervise them to prevent wasteful padding of legal bills?
    Aug 29 11:58 AM | Likes Like |Link to Comment
  • Report: China considering gas tax [View news story]
    But the link points to a previous Seeking Alpha article with Kandi in the banner. For some reason Seeking Alpha decided to write the same thing up a dozen different times in reference to different EV companies. Tesla public relations had nothing to do with it.
    Aug 29 11:50 AM | 11 Likes Like |Link to Comment
  • Report: China considering gas tax [View news story]
    What are you talking about? We have federal and state excise taxes and sales taxes on gasoline in this country already. The federal government also supports alternative energy projects with any of a number of programs. Both Ford and Tesla took advantage of an alternative energy loan program for instance. Solarcity is taking advantage of an investment tax credit. There is a federal tax deduction for buying an electric car. There are similar state initiatives as well. What more do you want?
    Aug 29 11:47 AM | 4 Likes Like |Link to Comment