Seeking Alpha

Factoids

 
View as an RSS Feed
View Factoids' Articles BY TICKER:
  • Retirement Portfolio For Dummies - The Health Care REIT Components
    Tue, Dec. 9 HCN, HR, HTA 44 Comments

    Summary

    • The total returns in the health care REIT sector have trailed both average REIT returns and the S&P 500 over the last 5 years.
    • The normalized FFO and dividend growth in this sector is uneven -- ranging for poor to good.
    • Current valuations based on Price/FFO ratios are slightly high compared to historical post-credit crisis valuations.
    • While yields strongly tend to be well over our portfolio target of 4%, dividend growth tends to be low.
    • This sector offers a combination of yield, safety and growth that income investors in retirement should find attractive.
  • Retirement Portfolio For Dummies - The Health Care Components
    Editors' Pick • Sun, Nov. 30 ABBV, ABC, ABT 42 Comments

    Summary

    • The total returns in the health care sector have beaten the S&P 500 over the last 5 years - with several stocks having exceptional returns.
    • The EPS and dividend growth in this sector is uneven - ranging for poor to great.
    • Current valuations based on P/E ratios are high compared to historical post-credit crisis valuations.
    • Current valuations based on yields are high (meaning the yields are low) compared to recent historical valuations - but not pre-credit crisis valuations.
    • While yields strongly tend to be low, dividend growth can be very high - and dividend cuts are rare.
  • Retirement Portfolio For Dummies - The Transportation Components
    Mon, Nov. 24 CNI, CP, FWRD 18 Comments

    Summary

    • The total returns in the transportation sector have been great -- with several stocks having exceptional returns.
    • The EPS and dividend growth in this sector is great.
    • Based on current projections, those trends should continue.
    • Current valuations are roughly in line with historical valuations.
    • This sector offers a combination of attributes that investors nearing retirement or in the early years of retirement should find attractive.
  • Triangle Capital Has A Growing Non-Accrual Problem
       • Fri, Nov. 7 TCAP 50 Comments

    Summary

    • TCAP's non-accruals are significantly rising.
    • TCAP's weighted average yield on its portfolio is falling.
    • TCAP's dividend growth is about to go on a pause.
    • TCAP's shareholders are in for a rough ride in the short term.
  • Dividend CAGR Projections For The Consumer Staples Sector
    Wed, Oct. 22 ADM, CAG, CL 9 Comments

    Summary

    • There are better guides to forward dividend growth than inertia.
    • The CCC list provided by David Fish and the projections from Yahoo Finance are good sources.
    • I have found other sources to shape my dividend growth expectations - and that data is provided in this article.
  • Assessing Risk In Equities In The Consumer Staple Sector
    Mon, Oct. 20 ADM, CAG, CL 15 Comments

    Summary

    • A good risk assessment explains some of the variances in yields.
    • A good risk assessment explains much of the variances in P/E ratios.
    • In this article, I show how I set my risk assessments.
  • My Vision Of What The 'Perfect Retirement Portfolios For Dummies' Might Look Like
    Sun, Oct. 12 AAPL, ABC, ARCC 68 Comments

    Summary

    • Equity income investing in retirement is something most can do if they use the right components.
    • Equity income investing in retirement is something most can do if they use the right sector weightings.
    • This article has a focus on weightings, while upcoming articles will assist in finding the right components and justify the selections used as component examples in this article.
  • Learning To Dislike MLPs
    Sun, Sep. 14 AMLP, AMJ, MLPL 50 Comments

    Summary

    • Market valuations for MLPs are (frequently) interest rate sensitive.
    • Earning projections are very volatile for most (but not all) MLPs.
    • Quarterly earning releases often contain obfuscated information.
  • Is It A Good Time To Buy MLPs?
    Sat, Jul. 5 EPD, KMP 133 Comments

    Summary

    • Current yields are a big red flag.
    • Current Price/DCF ratios are a big red flag.
    • Other metrics indicate MLPs are not overvalued.
  • Are Analyst Earning Projections Really Their Projections?
    Tue, Jun. 24 HCP, NHI, SBRA 2 Comments

    Summary

    • Do analysts merely echo company provided earnings projections?.
    • Evidence is provided in this article from the Health Care REIT sector.
    • Use your power of observation to make your own decision.
  • MLPs And The Conspiracy Of Silence
    Sun, Jun. 22 EPD, KMP, ACMP 54 Comments

    Summary

    • You are not thinking about risk enough.
    • You are not thinking about risk in the right way.
    • You are not even using the right tools to assess risk.
    • You do not even know how much risk matters.
  • Assessing Health Care REIT Valuations Part 2
    Editors' Pick • Thu, May. 29 HCN, HCP, VTR 22 Comments

    Summary

    • What are equity Required Rates of Return?
    • Why are Required Rates of Return needed to understand valuations?
  • Assessing Health Care REIT Valuations - Part 1
    Thu, May. 29 HCN, HCP, VTR 12 Comments

    Summary

    • This article starts with a description of FAD (Funds Available for Distribution) - and why it is the superior REIT earnings metric.
    • This article contains a brief intro to the significance of FAD retention.
    • This is why FAD is important: The dividend/FAD ratio and FAD growth both predict dividend growth. You need FAD numbers to refine your dividend CAGRs (Compound Annual Growth Rate).
  • Explaining Year-To-Date Health Care REIT Returns
    Wed, May. 21 HCN, HCP, VTR 9 Comments

    Summary

    • To make sense of Health Care REIT valuations and year to date performance, you have to see and sense their components - and there are seven potential components.
    • Few REITs are pure plays. Most contain multiple components.
    • But even with that complexity, there are some rules that are universal.
  • Lessons I Draw From The Midstream MLP YTD Numbers And LTM Distribution Growth
    Editors' Pick • Wed, May. 7 BPL, EPD, KMP 34 Comments

    Summary

    • One of the key thresholds that must be passed before an investor has the confidence to pull the trigger and purchase an equity is gaining an understanding of their valuations.
    • In this article, I reveal some of the stats that I track that assist me in doing that task.
    • For the energy master limited partnerships, one of the keys to finding the better stocks is finding high distribution growth stocks.
    • The key metric that correlates to distribution growth is the distribution to distributable cash flow ratio.
  • MLP GP Distribution Growth Tells Me They Are Undervalued
    Sun, Apr. 27 ETE, KMI, PAGP 44 Comments

    Summary

    • If you want a portfolio that produces an income flow that keeps up with inflation, then you need some high distribution growth components in that portfolio.
    • All income stocks tend to sell at a reasonable yield plus distribution (or dividend) CAGR (Compound Annual Growth Rate) with significant adjustments for risk.
    • MLP (Master Limited Partnership) GPs (general partners) do not sell at reasonable "yield + CAGR" numbers. Why?
    • MLP GPs are undervalued because they have growth that appears to be too good to be true - and that lack of confidence results in them being undervalued.
    • MLP GPs have growth one can believe in because it is growth that one can forecast. Growth is good. Growth at a discount is great. Predictable growth is fantastic.
  • Why You Should Dump Westamerica
    Sun, Apr. 27 WABC Comment!

    Summary

    • Most of the operating metrics for Westamerica are ugly.
    • Based on two key valuation metrics - the P/E ratio and the price to book ratio - the valuations are high.
    • It appears to be a good move to dump this stock and move elsewhere.
  • 6 Basic MLP Lessons From The Q1-14 Data
    Wed, Apr. 2 BWP, EPD, MWE 45 Comments

    Summary

    • Changes in DCF projections explain outside the mean unit price changes.
    • Don't buy an uncovered distribution - be even more reluctant when the forward projections look bad.
    • Average MLPs are underperforming the market - so have a high-growth MLP portfolio.
    • Growth projection can dissipate - so be diversified in high-growth options.
    • You can catch a falling knife - but I still believe that is still a high-risk strategy.
  • Should You Invest With A Property-Type Bias?
    Editors' Pick • Wed, Mar. 19 HCN, HCP, HR 26 Comments

    Summary

    • This article for the retail investing audience explains current Health Care REIT valuations.
    • Valuations are viewed through the prism of required rates of return.
    • This article ends with a quick discussion on whether now is the time to be buying Health Care REITs.
  • How Much Dividend Income Growth Do You Need?
    Sun, Feb. 16 ARCC, EPD, HTGC 221 Comments
  • MLP Brokerage Analysts Are Worthless
    Tue, Feb. 11 BWP 102 Comments
  • Get Skeptical About This MLP Claim
    Editors' Pick • Mon, Jan. 27 KMP, EPD, PAA 43 Comments
  • Simple Rules For MLP Investing
    Mon, Jan. 20 EPD, KMP 43 Comments
  • Simple Rules That Work In BDC Investing
    Wed, Jan. 8 PSEC, ARCC, BDCL 41 Comments
  • Get Skeptical About One BDC Claim
    Dec. 20, 2013 AINV, FSC, GBDC 27 Comments
  • Why BDC Portfolio Weighted Average Yields Are Falling
    Dec. 19, 2013 FSC, ARCC 11 Comments
  • Right Now Is The Wrong Time To Be Buying Healthcare REITs
    Editors' Pick • Dec. 3, 2013 HCN, HCP, VTR 141 Comments
  • Right Now Is The Wrong Time To Be Buying BDCs
    Nov. 29, 2013 ARCC, MAIN, FSC 57 Comments
  • Wait To Invest In WhiteHorse Finance
    Nov. 19, 2013 WHF 5 Comments
  • The Ugly Truth About BDC Earnings Projections
    Oct. 18, 2013 ACAS, ARCC, MAIN 26 Comments
  • Why PennantPark Floating Rate Capital Is A Tough Call
       • Oct. 13, 2013 PFLT 11 Comments
  • Redefining Value Investing For MLPs
    Sep. 23, 2013 EPD, KMP, MMP 25 Comments