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  • Energy Bonds Causing Havoc And Stress For All High-Yield Bond Fund Holders [View article]
    ellaruth and papaone,

    Thanks for reading and posting your comments. Most junk bond funds recouped a bit at the end of the week as oil increased as well. However, I don't think we are out the woods yet by any stretch of the imagination.
    Dec 20, 2014. 12:32 PM | Likes Like |Link to Comment
  • Energy Bonds Causing Havoc And Stress For All High-Yield Bond Fund Holders [View article]
    Mark A

    Thanks for reading and posting your comments
    Dec 20, 2014. 12:30 PM | Likes Like |Link to Comment
  • Energy Bonds Causing Havoc And Stress For All High-Yield Bond Fund Holders [View article]
    marketwatcher,

    Thanks for reading and posting your comments. I wrote another article that is waiting to be published titled "Junk Bond Funds in Rising Interest Rates: Fact or Fiction" . You may enjoy reading that piece.
    Dec 20, 2014. 12:30 PM | Likes Like |Link to Comment
  • Natural Gas: Predicting, Especially The Future [View article]
    Bermuda,

    My favorite in the royalty end is DMLP. It is a royalty firm with about 50/50 oil/gas, is not restricted to a single field and has huge untapped acreage. It also is a MLP that has not debt. However, the distribution is variable.
    Dec 15, 2014. 10:58 PM | 3 Likes Like |Link to Comment
  • Updates: Utility Firms Otter Tail, Avista, And Exelon [View article]
    Chowder,

    Thanks for your eagle eye and picking up the incorrect table column headings. I have reworked and submitted for a correction. I appreciate your reading and posting your comments.
    Dec 14, 2014. 09:28 PM | Likes Like |Link to Comment
  • Updates: Utility Firms Otter Tail, Avista, And Exelon [View article]
    DS,

    Thanks for reading and posting your comments.
    Dec 14, 2014. 09:27 PM | Likes Like |Link to Comment
  • Suncor Is A Buy, Especially With Energy East On The Horizon [View article]
    Alex,

    Thanks for reading and posting your comments. I don't follow CNQ or VET as closely, so I would prefer not to comment on these specific firms. However, the same type of comparisons for FCF could drop annual ocf to around $6 bil, plus $0.6 bil for the current dividend. It would take a cap ex reduction of about 36% to balance the books.

    From a Globe and Mail article on 11/27: "CNRL in early November based its $8.6-billion budget on WTI trading at $81 (U.S.) a barrel, and said it could quickly cut $2-billion of spending if necessary. CNRL president Steve Laut said its new oil sands project, dubbed Horizon, could bring in between $3.5-billion to $4-billion in free cash flow per year for “decades to come” with a barrel of oil worth $70 (U.S)."
    Dec 10, 2014. 01:52 PM | 3 Likes Like |Link to Comment
  • Suncor Is A Buy, Especially With Energy East On The Horizon [View article]
    wb,

    Thanks for reading and posting your comments. A back of the napkin calculation of ocf during the 3rd qtr with an average WTI price of $97 (monthly avg $103, $97, $93) and a realized price of $65 could generate ocf of around $1.5 bil a qtr. With no cuts in cap ex, fcf would be almost $0, not including a $1.2 bil annual divy. A reduction of cap ex by 20%, or taking $1.2 bil out of growth cap ex of around $4 bil, would seem to balance the books quite nicely. I believe management will maintain and protect the divy by cutting growth cap ex. This will be the story with E&Ps for 2015 - how much cap ex will be cut vs maintenance cap ex to maintain production. Shale E&Ps, with high depletion rates, are most at risk to see reductions in production as 2015 progresses.
    Dec 10, 2014. 01:35 PM | 3 Likes Like |Link to Comment
  • Fluor: Industrial Construction Company Getting Rave Reviews [View article]
    7530821,

    Thanks for reading and posting your comments. I'm pleased you found it useful.
    Nov 23, 2014. 01:48 PM | Likes Like |Link to Comment
  • Mario Gabelli - Not So Hot 2014 Picks, Or At Least Not Yet [View article]
    rhiemerl,

    I appreciate your comment as it is important for every investor to know what and why they are making a trade - both a buy and a sell. Every trade affects you overall portfolio and each investment interacts with all others to generate your overall investment return.
    Nov 23, 2014. 09:46 AM | Likes Like |Link to Comment
  • Mario Gabelli - Not So Hot 2014 Picks, Or At Least Not Yet [View article]
    rhiemerl,

    Thanks for reading and posting your comments
    Nov 23, 2014. 09:44 AM | Likes Like |Link to Comment
  • Mario Gabelli - Not So Hot 2014 Picks, Or At Least Not Yet [View article]
    sethmcs,

    I found this concerning a lack of written supervisory procedures in Sept 2013.

    "G. Research, Inc., formerly known as Gabelli & Company, Inc. (CRD #7353, Rye, New York), submitted a Letter of Acceptance, Waiver and Consent in which FINRA censured and fined the firm $1 million for failures related to supervision and marketing of private partnerships. See FINRA Case #2009017326901. FINRA's investigation stemmed from concerns about inadequate supervision of the formation, operation, marketing and sale of private investment partnerships by Gabelli registered representatives between at least 2001 through November 2008. Without admitting or denying the findings, Gabelli consented to the described sanctions and to the entry of findings that its written supervisory procedures ("WSPs") were not reasonably designed to achieve compliance with applicable securities laws and regulations, and NASD® and FINRA rules, with respect to private partnerships formed by firm registered representatives, and that the firm failed to adequately supervise the private partnerships. Further, although the private partnerships often offered hedge funds and funds of hedge funds directly and indirectly to customers, Gabelli failed to maintain WSPs reasonably designed to provide adequate supervision regarding due diligence related to these hedge funds and funds of hedge funds."

    In 2006, he reached "a settlement in the amount of $130 million with Mario Gabelli and 38 affiliated entities and individuals to resolve civil allegations of fraud in connection with the participation of these individuals and
    entities in wireless spectrum license auctions conducted by the FCC." This action was based on the forming of companies to bid on small business set asides for wireless spectrums.
    Nov 23, 2014. 09:43 AM | Likes Like |Link to Comment
  • Fluor: Industrial Construction Company Getting Rave Reviews [View article]
    Guraaf,

    Thanks for your comments. I wrote an article on SA about AMEC in Sept.
    http://seekingalpha.co...

    My concerns are more short-term at this point. With low oil prices, the work in the North Sea, which is usually a high cost area, may decline. In addition, the strong dollar will depress earnings when converted. Over the longer term, I like the heavy construction business with CBI (one of my favorites since 1997 when I made my first purchase) FLR and AMEC.
    Nov 23, 2014. 08:41 AM | Likes Like |Link to Comment
  • Suncor Is A Buy, Especially With Energy East On The Horizon [View article]
    Daniel,

    thanks for reading and posting your kind words. I am glad you found it useful. Also, I appreciate your take on SU as outlined in your article.
    Nov 22, 2014. 11:26 AM | 1 Like Like |Link to Comment
  • Suncor Is A Buy, Especially With Energy East On The Horizon [View article]
    Buddy,

    Thanks for reading
    Nov 22, 2014. 11:25 AM | 1 Like Like |Link to Comment
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