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Douglas E. Johnston

 
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  • No relief seen for Cliffs Natural, Cowen analyst says [View news story]
    u forgot to say: 62% FE down 94 strip flat, crabbed
    Jun 6 12:45 PM | Likes Like |Link to Comment
  • Oil And Gas Trust Value Rankings (2014-Q1 Results) [View article]
    why are u posting your bio here?
    Jun 6 12:38 PM | Likes Like |Link to Comment
  • Cliffs Natural Resources: Is A Dividend Cut In The Cards? [View article]
    The futures strip for the balance of the year is sub $95. I suspect that bodes well for his ill-informed "fear mongering"
    Jun 5 09:48 AM | Likes Like |Link to Comment
  • Is Cliffs Dying A Slow Death? [View article]
    prettty nasty opening line for your first comment @Patient...so somehow you think the collective market does not understand the "complicated situation" but you do....
    Jun 4 03:45 PM | Likes Like |Link to Comment
  • KKR: The Best Way To Play The Future Of Private Equity [View article]
    it's all in the 10-k
    Jun 4 03:16 PM | 1 Like Like |Link to Comment
  • Watch Out For The Buyback Taper [View article]
    today's productivity # was encouraging on the wage inflation front
    Jun 4 03:10 PM | Likes Like |Link to Comment
  • KKR: The Best Way To Play The Future Of Private Equity [View article]
    except they suck the life out of asset returns with the huge fees
    Jun 4 11:49 AM | 1 Like Like |Link to Comment
  • Watch Out For The Buyback Taper [View article]
    Great article - thank you. Did u look at what % of the share buybacks were to avoid the anti-dilutive effect of exec. stock options etc. In the case of CAT, i found it to be significant - check my #s but through 1Q13 they spent 3.74bn on buybacks but close to $1bn was for stock options...and most of those were issued in the depths of the crisis at low sp And as u said, their cashflow in Q1 was 550mn vs 1.7bn in buybacks paid with increased debt and working cap changes. Hard to believe that shareholders should be happy with company buying back shares at the high PE....
    Jun 4 11:46 AM | 3 Likes Like |Link to Comment
  • Casablanca Can't Fix Cliffs Unless Iron-Ore Prices Stabilize [View article]
    a) u must survive and b) u must not get bot out by the Koch bros. at low-ball price
    Jun 2 04:01 PM | Likes Like |Link to Comment
  • Casablanca Can't Fix Cliffs Unless Iron-Ore Prices Stabilize [View article]
    wrong - BK puts the assets in the hands of PE at cheap level lowering the cost of production more making it harder - survivor's dilemma ....take a look at the tanker sector e.g.
    Jun 2 04:01 PM | Likes Like |Link to Comment
  • Retirees Please Don't Index, You Deserve Better Than Average [View article]
    @curreyr - i think we can safely say the law of large numbers is in effect.
    Jun 2 03:56 PM | Likes Like |Link to Comment
  • The Party Is Over In The Treasury Market [View article]
    on the other hand the private savings rate in Japan is (or was) huge and they tended to hold JGBs + their postal co. Here in the US, private holdings of Treasuries are pittance and we've showed a tendency to prefer Chinese plastic & mideast oil over savings and interest. So it is a different dynamic
    Jun 2 03:54 PM | Likes Like |Link to Comment
  • Retirees Please Don't Index, You Deserve Better Than Average [View article]
    and we'll all do better than the average? a statistical tongue-twister!
    May 30 01:31 PM | Likes Like |Link to Comment
  • Casablanca Can't Fix Cliffs Unless Iron-Ore Prices Stabilize [View article]
    maybe play it thru calls once casablanca takes their lumps
    May 30 11:52 AM | Likes Like |Link to Comment
  • Unlocking Value In The Refining Sector [View article]
    so is that to say that CLMT should be $18 with a near 15% yield? Even I, who think mid low 20s is more fair would see that as extreme. I do think it is overvalued - every one makes a big deal about the acquisitions/capex without looking at the other side of the sheet more debt/equity. Their leverage is extreme and it is clear they are trying to grow out of their problems. In addition, they are issuing shares through an "ATM" and the GP continues to draw $20mn mostly thru IDRs. This does not "smell" like a management team that is investor focus. O.W. they would convert those IDRs and not try to "fool" investors with their share issuance (e.g., you won't know how much they issue until the 10-q). Call me a cynic, but all of the "pump" articles seemed to be timed around this issuance (one famous CLMT bull no longer writes SA articles after the "pumping scam" http://bit.ly/1dM9zwC was discovered)

    beware Q1 dcf coverage - it won't last
    May 30 11:46 AM | Likes Like |Link to Comment
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