Seeking Alpha
View as an RSS Feed

Ian Bezek  

View Ian Bezek's Comments BY TICKER:
Latest  |  Highest rated
  • Investing On A Low Rate Environment: How To Approach It? [View article]
    Interesting. I'll have to take another look at it with the new dividend situation. Would be hard to justify another LatAm bank though as CIB is my largest holding.

    SAN doesn't have much presence in Colombia right? IIRC they sold their Colombian ops awhile ago?
    May 12, 2015. 11:50 AM | Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    Thanks William for the comment. I also invested in Atlas back in the day. If I recall correctly the stock went from 10 to 2 to 15 in a very short period of time, crazy days those were. Agree I never would have guessed how far they'd rise from the lows.
    May 12, 2015. 11:45 AM | Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    Energy prices are a bigger issue long run if they don't find a level that can support the domestic frackers and Alberta plays. Volume would drop sharply if many of the producers can't afford CAPEX for new wells let alone go bk.

    As a 2015 issue, energy prices aren't a huge issue, they have hedges. As the hedges roll off in 2016 and 2017, energy prices are a bigger concern with the CO2 division.

    On interest rates, again this isn't a huge issue in 2015. But assuredly if interest rates go higher, it will be a long-run headwind for KMI. They've built a business that requires access to super cheap capital to produce the results investors expect.
    May 12, 2015. 11:42 AM | Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    To reiterate: I've never held any position in any Kinder entity.
    May 12, 2015. 11:39 AM | Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    Thanks Mike, I appreciate your comments.
    May 12, 2015. 11:37 AM | Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    This isn't an MLP anymore. But even if it were, most MLPs don't trade at 50x+ PEs. Or 20+x EV/EBITDA if you prefer that metric.
    May 12, 2015. 11:37 AM | Likes Like |Link to Comment
  • Forget The Shopping List: Buy What's On Sale (Part 1) [View article]
    Thanks for the comment. I'll clarify that I was generally speaking about the Dividend Aristocrats, which leaves you fewer than 60 options, rather than the whole CCC list.
    May 12, 2015. 09:59 AM | Likes Like |Link to Comment
  • Is Lexington Realty's 7.5% Yield Too Good To Be True? [View article]
    Do you have concerns specific to some of LXP's tenants?
    May 12, 2015. 09:55 AM | 2 Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    Thanks for that thoughtful comment. Go KMI indeed.

    In regards to your question, I currently don't have any axes, but if any readers want to buy me one, I'd like a broadaxe.
    May 11, 2015. 10:04 PM | 6 Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    I'm short LGCY. I don't think a ton of DG investors own LGCY. I see no reason to need to write an article on it. I occasionally hedge ARP as well, since I own its corporate bond.

    This article is an advisory note for any readers at home that have seen the dozens of positive articles on KMI and could benefit from a counterpoint.
    May 11, 2015. 09:54 PM | 11 Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    Various investing websites list KMI's ROE at the rate I cited. $35bn in shareholder equity, $1.5bn ish in net income. So around 5% should be correct.

    You could get a higher ROE by writing down the intangible assets off their balance sheet if you want, perhaps that's how you're arriving at a higher figure?
    May 11, 2015. 09:49 PM | 2 Likes Like |Link to Comment
  • Realty Income, Keynes And 5% [View article]
    I'd be careful about using the phrase "The Story Of O" http://bit.ly/1HaXlbM ;)

    I did see the linked article and it makes an interesting counterpoint. I'm still thinking it over, great discussion in the comments here and there.
    May 11, 2015. 09:32 PM | 2 Likes Like |Link to Comment
  • Investing On A Low Rate Environment: How To Approach It? [View article]
    Nice article thanks for sharing. Agree with you that our ideal portfolios and what we can buy at reasonable prices today are unfortunately totally different. This is the idea I was trying to get at with my own recent article.

    Regarding SAN, does it still pay a scrip dividend, or is it real cash nowadays?
    May 11, 2015. 09:25 PM | Likes Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    You can buy midstream MLPs yielding 6%+ now and with less debt/EBITDA to boot. KMI's valuation is absurd even compared to the pipeline industry let alone other outside companies. Other companies with promotional management teams should try printing rose-colored dividend forecasts 5-years out.
    May 11, 2015. 08:41 PM | 1 Like Like |Link to Comment
  • Is There A Dividend Bubble: Kinder Morgan Edition [View article]
    According to whom? Earnings are estimated to drop this year, and then rise only slightly next year. 46x 2016 earnings. http://yhoo.it/1vmcsL6
    May 11, 2015. 08:39 PM | Likes Like |Link to Comment
COMMENTS STATS
1,748 Comments
1,880 Likes