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John Alford  

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  • Supertel Hospitality Inc. May Be A Speculative Trade, Not An Investment Right Now
    Yesterday, 2:03 AM SPPR Comment!

    Summary

    • New CEO a positive development.
    • Challenges still remain including liquidity risks and improving but below industry comps.
    • Deferred cumulative preferred stock dividends limit common stocks appeal as a true investment.
    • Short-term and longer-horizon speculative opportunities exist however.
  • Scenarios On Why I Just Went Long On American Realty Capital Properties
    Nov. 21, 2014 ARCP 40 Comments

    Summary

    • Rudyard Kipling's advice about keeping your head, loosely paraphrased, seems to apply here.
    • Is this one of those times when its possible to buy good companies at good to great prices? I think so.
    • Forecasting scenarios that could play out gave me the confidence to establish a small position in ARCP this week.
  • A Tale Of 2 Self-Advised Hotel REITs
    Oct. 30, 2014 HT, SPPR 1 Comment

    Summary

    • Hotel-focused REITs have rebounded as business and leisure travel continues to strengthen.
    • Single industry-focused REITs can be a good investment but carry unique risks.
    • Portfolio quality and brand placement are key items to research before investing.
    • As with any REIT (and company for that matter), management performance is critical.
  • Periodic Portfolio Review And Adjustments: Limiting Losses And Buying 'On Sale'
    Oct. 15, 2014 BGFV, DVR, F 4 Comments

    Summary

    • Volatility has returned with a vengeance creating both risk and opportunity.
    • Despite best intentions, I have fallen victim to emotions and "Falling in love with a stock". Having sell discipline is critical as always.
    • Some dividend champions are "on sale" due to larger market sentiment and over-reactions.
  • Another Over-Reaction-Was That 15% Or 1.5%?
    Aug. 14, 2014 GRPN 7 Comments

    Summary

    • Groupon stock fell 15% last week when revenue missed by 1.5%.
    • Improvements across most operating sectors bode well.
    • Could there be a renewed "romance" between Groupon and Google?
  • This Self-Directed Hospitality REIT Isn't So 'Super'
    May. 14, 2014 SPPR 36 Comments

    Summary

    • Supertel Hospitality is a self-directed economy and mid-scale hotel REIT.
    • Large negatives abound despite drastic measures in 2013.
    • Don't be fooled by cheap price and "phantom" yield stock screens may bring up.
  • Continued Solid Performance From The Monthly Dividend Company
    May. 7, 2014 O 24 Comments

    Summary

    • I was able to attend Realty Income Corporation's Annual Shareholders Meeting today.
    • John Case and senior management continues to improve tenant quality.
    • Dividend continues to grow and is "comfortably covered" by AFFO.
  • This Quarter's Third Avenue Funds Report And Prospectus Review
    May. 7, 2014 BRK.A, BRK.B, INT 2 Comments

    Summary

    • Third Avenue continues disciplined investing across their five funds.
    • Martin Whitman's Quarterly Letter discusses public and private credit-worthiness with candor and humor.
    • "Active Share" succinctly defined and applied to Third Avenue Value Fund and family of funds by extension.
    • This quarter I focus on the Small-Cap Value Fund and some fund holdings.
  • Lands' End: A Contrary View
    Apr. 22, 2014 LE 5 Comments

    Summary

    • Lands' End recently spun off from Sears Holdings.
    • Lands' End paid a $500m dividend to SHLD prior to the spin-off. This, among other factors, will handicap the company going forward.
    • CEO Eddie Lampert still controls Lands' End and has a less than promising retail track record.
    • Many nautical terms and metaphors such as "anchors" apply to this spin-off.
  • Groupon Valuation Estimates Using Graham Formula
    Mar. 25, 2014 GRPN 19 Comments

    Summary

    • Graham's growth stock formula must be modified to value Groupon.
    • Rosy forecasts show potential for profit in Groupon stock late in 2015 or 2016.
    • Large variance in estimates and opinions make this a risky proposition.
  • Hersha: Still A Sweet Opportunity For Yield And Growth
    Mar. 14, 2014 HT 6 Comments

    Summary

    • Hersha Hospitality Trust making moves to focus properties to meet company goals.
    • Recently announced dividend continues to provide solid yield.
    • Common stock and preferred stocks all attractive to the yield seeking investor with capital gain potential.
  • Cal Dive International: Turnaround Or Resource Conversion Likely
       • Feb. 18, 2014 DVR 22 Comments
  • A Look At Third Avenue Funds Annual Report, October 2013
    Jan. 31, 2014 CHEUY, HLDCY, HT 6 Comments
  • Polaris: Can This Star Keep Rising?
    Jan. 27, 2014 PII 10 Comments
  • Which Do You Prefer?
    Jan. 21, 2014 O 26 Comments
  • Good Times For A Change: Spot Tanker Rates
    Jan. 13, 2014 NAT 35 Comments
  • Thinking About Groupon Between Quarterly Reports
    Jan. 6, 2014 GRPN 2 Comments
  • Harley-Davidson Valued For Near Perfect Execution In 2014
    Dec. 31, 2013 HOG 5 Comments
  • Hersha Hospitality Trust: Move Quickly To Capture 7.4% Annual Yield
    Dec. 24, 2013 HT 5 Comments
  • Big 5 Sporting Goods: Cautious Long Conducts Investment Analysis By Walking Around
    Dec. 23, 2013 BGFV 10 Comments
  • Groupon: Ahead Of Itself, An Investment Trap, Or Both?
    Dec. 20, 2013 GRPN 20 Comments