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Marc Gordon

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  • I'm Buying W.P. Carey For The Long Haul [View article]
    Brad, by way of positive feedback, I bought a full allocation of WPC for $48 about a month after being alerted to it by your October 2012 article "'Investing For The Long Run' With This Durable Sale/Leaseback REIT". Your articles are always very appreciated!
    Apr 16 10:46 PM | Likes Like |Link to Comment
  • Oh, Ho, Ho, It's New York REIT, You Know [View article]
    Hi Brad, I am confused. You write "This is one of the few times that I have recommended a BUY price on the first day of trading" but also state "I'll be watching from the sidelines today." If NYRT is worth your recommending that others buy it, then why aren't you following your own advice and buying?
    Apr 16 10:21 PM | 2 Likes Like |Link to Comment
  • Will Chambers Street Benefit From This Historic BMW Announcement? [View article]
    Sorry for this duplicate, I thought the first one did not go through.
    Apr 3 01:08 PM | Likes Like |Link to Comment
  • Will Chambers Street Benefit From This Historic BMW Announcement? [View article]
    Brad, with all due respect, you have been pounding the table to buy CSG since you wrote on May 3, 2013 "My recommendation: I would grab shares [of CSG] in the low 9's ($9.00 - $9.25). That would be a bargain." Except for a brief spike towards the end of the year when it briefly got back to around break even, and then subsequently declined again, CSG has had a terrible total return. Mr. Market has clearly been disagreeing with you. Is there a point at which you admit that Mr. Market may be right and you may be wrong?
    Apr 2 01:45 PM | Likes Like |Link to Comment
  • Will Chambers Street Benefit From This Historic BMW Announcement? [View article]
    Brad, with all due respect, you have been pounding the table to buy CSG since May 3, 2013, when you wrote "I would grab shares [of CSG] in the low 9's ($9.00 - $9.25). That would be a bargain." Except for a brief spurt towards the end of the year when CSG briefly got back to about break even, and subsequently declined again, CSG has had a terrible total return! Mr. Market has been telling you for almost a year that you are wrong, does there ever come a point at which you bow to his judgement?
    Apr 2 01:35 PM | 2 Likes Like |Link to Comment
  • Seadrill: A 10% High-Yield Alternative To REITs And MLPs [View article]
    Achilles Research, why do you think SDRL has dropped from $48 to today's $36 during the last half year? What supports your belief that this is the end of the slide, rather than it will continue? I am toying with buying SDRL, but I am very concerned about cutting my fingers off while catching the falling knife!
    Mar 3 01:08 PM | 1 Like Like |Link to Comment
  • Is American Realty Capital A Monster Or A Machine? [View article]
    Smurf, I think Brad nicely sketched out what you are missing. I bought ARCP around $9 two years ago, sold half when it hit $13.50 early last year (just to lock in some of the gain, which I did not expect to hit 50% so fast) during the big run-up, and plan to keep the remaining half for a long time.

    Do you have a specific question regarding the fundamentals that can be answered? I think they look good.
    Mar 3 12:45 PM | 1 Like Like |Link to Comment
  • How Can Winning Monopoly Make Me A Better REIT Investor? [View article]
    Thanks for the responses. The more articles I read on this the more I agree with Pen that it is very murky whether or not IBM is a DLR competitor or collaborator.
    Jan 18 02:13 PM | 1 Like Like |Link to Comment
  • How Can Winning Monopoly Make Me A Better REIT Investor? [View article]
    Pen, given two sentences in particular, it looks to me that IBM is constructing the building and then leasing space (question is with or without servers) to cloud customers, and is therefore in competition with DLR:

    "IBM Corp said it will invest more than $1.2 billion to BUILD up to 15 new data centers across five continents to expand its cloud services and reach new clients and markets." "IBM said the investment will bring up its data center count to 40 this year and double cloud capacity for SoftLayer, which LEASES online storage space to companies and was acquired by IBM last year for $2 billion."
    Jan 17 12:48 PM | Likes Like |Link to Comment
  • How Can Winning Monopoly Make Me A Better REIT Investor? [View article]
    Pen, I think a lot of investors say it is only a loss if you sell because it is way for them to justify to themselves that they did not make a mistake in buying a stock, and to avoid the pain of admitting they have a loss. It's important to remember than long-term investing is not synonymous with simply owning stocks for a long time. A long-term plan doesn't mean investors should endlessly hold unrealized losses. Losses are losses, realized or otherwise. The notion of being in something for the long-term doesn't justify owning damaged goods, the stocks of companies, including REITs, that are in bad shape, in the misguided hope that they'll eventually recover. Sometimes companies experience a secular decline from which they never recover, in which case investors can't wait for a turnaround. Sometimes companies cut dividends, degrading both capital and income. Just ask the people who bought the old GM decades ago, and many other companies, for their dividends and rode them all the way down. There is tremendous opportunity cost in holding on to a stock that is declining, when one could have redeployed the cash to an investment that grows capital instead of losing it, which can also increase income as dividends keep pace.
    Jan 9 07:35 PM | 6 Likes Like |Link to Comment
  • How Can Winning Monopoly Make Me A Better REIT Investor? [View article]
    Brad, you regularly note that Rule No. 1 is "Protect capital at all costs" yet you write "I even recommended buying them prior to May 22nd when the sell-off commenced. The difference now is that there is a significantly wider margin of safety." What this indicates is that these recommendations have lost a lot of capital, and now you are saying that because of that loss of capital, they are better buys. But nowhere do you suggest how to protect against further capital loss. If DLR drops another 25% in the next year, will you then just again write that "there is [now] a significantly wider margin of safety"? Do you have no rules regarding protecting capital for REITs that you think are good recommendations, when they do not perform as you expect? Perhaps "stop loss" points to protect capital from huge losses, or any other strategies? Or do you just ride them down, and to heck with protecting capital?
    Jan 9 02:47 PM | 4 Likes Like |Link to Comment
  • For These 2 REITs, The Best Offense May Be A Good Defense [View article]
    PM, thanks for the write-up on O that fairly presents both the opportunity and the risks. It is nice to see both sides.

    By the way, it was obvious to me that you were presenting two very different opportunities for consideration, not comparing them. I personally am not interested in mREITs, but I still appreciated your thoughts on O.
    Jan 7 01:27 PM | 2 Likes Like |Link to Comment
  • 2013 Was A Robust Year For Public REIT Liquidity [View article]
    smlaker, it is not a bubble when of those that are materially changed from the IPO price, about a quarter of them have significant capital losses.
    Jan 1 04:45 PM | Likes Like |Link to Comment
  • Sell, Don't Buy, Floating-Rate Note Funds [View article]
    Larry, thanks for this excellent article. Too many people miss the point that if you are taking substantial equity type risk, as you do with floating rate funds, you might as well get the potential of an equity type return, and buy equities. If you want a "safer" investment, then stay away from floating rate bonds and buy CDs or, for those in a high tax bracket, high quality individual municipal bonds (preferably with low duration) that have a date certain maturity that should be held to maturity, which have lower return but low risk. Floating rate funds give the worst of both worlds: bond like returns with equity like risk. Too many investment advisors gloss over this in order to satisfy their clients desire for higher yields. I appreciate your addressing this so clearly.
    Jan 1 02:06 PM | Likes Like |Link to Comment
  • Why I'm Not Selling My Worst Performing REIT Of 2013 [View article]
    Excellent comment smartypants, I think Brad is great and even subscribe to his newsletter (only one of two that I buy), but I agree that his writing would benefit by discussing possible downside risks and mitigation to preserve capital. That is not to knock you Brad, but all of us can improve if we seriously consider constructive criticism.
    Jan 1 03:06 AM | 1 Like Like |Link to Comment
COMMENTS STATS
408 Comments
319 Likes