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Michael Fitzsimmons

 
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  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    You may be right. That said, the number of petrodollars the US has sent to Saudi over the past decades (and is still sending....) are likely to last a very long time - at least for the extended ruling family.
    Aug 19, 2013. 04:04 PM | Likes Like |Link to Comment
  • Exxon Mobil: Time To Break It Up And Slim It Down [View article]
    Oppenheimer reports XOM is reducing share buybacks and will likely grow the dividend at a faster rate:

    http://yhoo.it/19tcBzW

    Finally! I view this news, and the news that XOM looks to reduce its working interest in Iraq, as evidence the company is starting to listen to disgruntled shareholders like me.
    Aug 19, 2013. 09:05 AM | 1 Like Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    It's not just Obama. The Bush family has a long and very tight relationship with the House of Saud that has been well documented. The reason I say the environment has nothing to do with the decision on -XL, if Obama is concerned about the environment, why isn't he supporting natural gas transportation?
    Aug 19, 2013. 08:24 AM | 2 Likes Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    Well, you haven't missed too much as many oil sands producers' stocks haven't moved much in the last few years. However, I think that is changing. Production and profit wise, I think SU will have a great 2nd half of the year.
    Aug 19, 2013. 08:13 AM | 1 Like Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    Yes it does Yank - especially going back to the previous administration. Many would disagree with me I am sure, but I think the environmental excuse behind -XL's non-approval was used as a smoke screen to support lobbyists from the railroads and Saudi. At the same time, refiners weren't too unhappy over the last year or so as the prices of WCS dropped and their profits rose. Now it seems as though new pipeline and rail capacity has solved the exit capacity constraints. Not sure if you saw my article on it, but -XL may not even matters at the moment. Sure it would reduce transport costs, but that is somewhat mitigated by the advantage of point-to-point delivery by rail.
    Aug 19, 2013. 08:11 AM | 2 Likes Like |Link to Comment
  • A Diversified Fund Of MLPs Yielding 5.2%, No K-1s And Significant Upside Potential [View article]
    I see said the blind man. The way they report income taxes as a % of the balance fooled me....thanks for setting me straight Ron! The comments exchanged here really highlight how a fund like this can prevent an investor from realizing the full tax advantages of owning an MLP directly. That said, the performance of TYG has been pretty good (at least since 2008/9) and its advantages of diversity and no K-1 tax headaches may make it suitable for some investors.
    Aug 18, 2013. 09:28 PM | 3 Likes Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    Thanks Michael and yes, I would think the next few years will be similar to the last couple years - more big deals.
    Aug 18, 2013. 08:15 PM | 1 Like Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    Yes Uncle, but if we keep our eye on the big picture here, what a Keystone-XL pipeline would mean is that Saudi heavy imports could drop significantly going forward. So, one has to ask the question, does the lack of an Keystone-XL approval actually have something to do with the special Saudi/US relationship?

    As for a Canadian pipeline to the west coast, I have heard talk that the jobs and royalty payments offered to the tribes, many of which are economically challenged, are beginning to change some minds. Have you not read that in the Canadian press? That said, I did see a number of proposals for pipelines running East as well. I find it hard to believe Canadian oil sands crude will not eventually have an outlet to the west and Asia. I suppose it could happen though. Of course I predicted -XL would be approved at the beginning of summer this year - so what the heck do I know!
    Aug 18, 2013. 08:13 PM | 5 Likes Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    You bet - thanks for reading Rinascimento.
    Aug 18, 2013. 08:00 PM | 1 Like Like |Link to Comment
  • A Diversified Fund Of MLPs Yielding 5.2%, No K-1s And Significant Upside Potential [View article]
    Thank you Ron. The difference in our expense numbers was because I did not include income taxes. I should have - so, thanks for pointing that out - it is obviously a big item (expense)! That said, TYG's tax rate is substantially lower than the 37% implied by a quote in your latest article. Not criticizing mind you, just pointing out the difference. Feel free to comment on that. Thanks- I appreciate your contribution.
    Aug 18, 2013. 07:30 PM | Likes Like |Link to Comment
  • MLP ETF Expenses Hit The Fan [View article]
    Thank you Ron. The difference in our expense numbers was because I did not include income taxes. I should have - so, thanks for pointing that out as it is a big item. That said, TYG's tax rate is substantially lower than the 37% implied by the quote I referenced earlier. Thanks for your response.
    Aug 18, 2013. 07:27 PM | Likes Like |Link to Comment
  • Energy Acquisitions: Canadian Oil And Gas Sector On Fire [View article]
    Hi Uncle - your argument about US imports is even more compelling if you look at this EIA website and discover that the US imports far more from Saudi Arabia:

    http://1.usa.gov/wcMN0r

    In fact, imports from Saudi Arabia were 2x those from Venezuela in May of this year. In the long run, the lack of Keystone-XL may be a blessing for Canadian producers if they go ahead and lay some pipe to the West Coast for oil & gas exports to Asia.
    Aug 18, 2013. 07:14 PM | 6 Likes Like |Link to Comment
  • A Diversified Fund Of MLPs Yielding 5.2%, No K-1s And Significant Upside Potential [View article]
    Good point. It really makes me wonder about taking on leverage for this type of investment. I wonder what the delta in performance would be if they reduced leverage to under 10%. I bet it wouldn't be that big a difference. That said, it's almost like the fund's managers are putting the risk on the shareholders so that they can outperform their competition. Which works ok (I guess...) until something like 2008 happens or rates spike up.
    Aug 18, 2013. 04:39 PM | Likes Like |Link to Comment
  • A Diversified Fund Of MLPs Yielding 5.2%, No K-1s And Significant Upside Potential [View article]
    Hi galicia - No particular reason, I didn't do a full analysis of TTP. On the downside, it is smaller and more highly levered. On the upside, it is trading at a -7.8% discount to NAV. However, it would appear TTP is one of those who cap their MLP composition to 25%. Also, its IPO was fairly recent, so there is no long-term performance established.
    Aug 18, 2013. 03:53 PM | 1 Like Like |Link to Comment
  • A Diversified Fund Of MLPs Yielding 5.2%, No K-1s And Significant Upside Potential [View article]
    According to the webpage I reference earlier about leverage, it would appear the majority of TYG's leverage ($210 of $359 million) is composed of privately placed notes. I don't know if those would be considered "Auction Rate Securities" or not...do you know?
    Aug 18, 2013. 03:47 PM | Likes Like |Link to Comment
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