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  • Airline stocks fall; DOJ probing price collusion [View news story]

    "They just don't want to compete with carriers that are being subsidized by their governments."

    Of course the U.S. carriers never get subsidies from the U.S. govt. Gimme a break.

    It's amazing. I can fly from Frankfurt to Barcelona or Singapore to KL for about $50 RT. The same length flight here costs me $700-800 -- unless it's one of the very few routes (e.g. LAX-LAS) where there's actually competition. I call that gouging.

    I say let all foreign airlines operate in this country without restriction. Let the most efficient company win. That's what free markets are about.
    Jul 1, 2015. 07:18 PM | Likes Like |Link to Comment
  • Airline stocks fall; DOJ probing price collusion [View news story]

    Look at flights to/from the airlines' "fortress hubs." You will see extreme price gouging: $600-$800 for 300 mile flights. In the meantime, UAL, DAL, and AAL all fight to keep out competition from Etihad, Emirates, etc.

    The legacy U.S. airlines and their execrable unions are the worst sort of rent-seekers. We need to truly open the skies so they have to compete.
    Jul 1, 2015. 02:41 PM | 7 Likes Like |Link to Comment
  • Uber Has Lost The Taxi Battle In NYC [View article]

    They are easily trumped by the domestic legacy airlines (UAL, DAL, AAL), who seem to devote most of their executive energy to lobbying big brother govt. to keep the competition out.
    Jun 23, 2015. 02:07 PM | 1 Like Like |Link to Comment
  • Uber Has Lost The Taxi Battle In NYC [View article]

    ".I ABSOLUTELY detest Uber richly valuing itself at some $50 about rigging another game, where insiders, ibanks, private equity, and fund managers collude to bring themselves a payday...with, once again, ordinary and unwitting retail investors taking the risk."

    You don't seem to understand markets. Uber didn't value itself at $50 billion; investors did. Nobody is forced to buy it at those prices. People who do are probably foolish. But it's their choice.

    That being said, I have used Uber in Singapore, Portugal, China, and all over the U.S. It has been vastly superior to the local taxi service every single time.
    Jun 23, 2015. 02:05 PM | 6 Likes Like |Link to Comment
  • Uber Has Lost The Taxi Battle In NYC [View article]

    When you invest in rent-seekers (which is what medallion owners are), you are investing in cronyism, inefficiency, and government malfeasance. That is a cynical bet. And in the long-term, it will be a foolish one, since such arrangement rarely last forever.

    I'd rather bet on innovation and on companies that make money by giving consumers what they want.
    Jun 23, 2015. 09:27 AM | 22 Likes Like |Link to Comment
  • American Capital's Large Q2 Book Value Loss May More Than Double By June 30 [View article]
    Thank you Stockmeister,

    I was scratching my head reading this article wondering how he could get the whole thesis precisely backward. I don't think anyone except this author believes that a Grexit would mean higher yields.
    Jun 20, 2015. 01:17 AM | 3 Likes Like |Link to Comment
  • Capital Products Partners LP: More Than Just A Big Yield [View article]

    Any thoughts on the sudden announcement of the CEO leaving at the end of June?
    Jun 12, 2015. 04:08 PM | Likes Like |Link to Comment
  • Crude Oil: It's The Imports, Stupid [View article]

    Good article. If you have any doubts about this thesis, I recommend listening to the recording of the Plains All American (PAA) investor day:;I=

    No company in America is more in touch with what's going on with oil production and storage than PAA. They touch more barrels than anyone. And they see oil prices headed lower all the way through Fall. In fact, we can expect prices to fall precipitously during Fall refinery shutdowns. Recovery after that.
    Jun 11, 2015. 09:51 PM | 1 Like Like |Link to Comment
  • Plains All American - The Oil Spill Was Bad, But Not That Bad [View article]

    This article makes the erroneous assumption that PAA's decline is due to the spill. Over the time that PAA dropped 7%, EPD has dropped over 8% and the Alerian MLP index (as measured by the AMJ ETF) has dropped 7.1%.

    So factoring out the sector decline, the spill accounts for approximately 0 of PAA's recent decline.
    Jun 8, 2015. 05:07 PM | 5 Likes Like |Link to Comment
  • Friday Is Judgment Day In Crude Oil's Financial Cold War [View article]
    No. NO. NO. Those so-called "breakeven" prices for the OPEC countries are NOT real break-even prices. They are completely different from the breakeven prices cited for the U.S. plays. This is a huge misconception repeated ad nauseam in the financial media.

    These so-called break-even prices are the prices needed for OPEC countries to balance their govt. budgets. They have absolutely nothing to do with operating costs.

    The actual operating cost for Saudi Arabia and the gulf countries is in the single digits. The true break-even price is around $10-15/barrel.
    Jun 4, 2015. 07:47 AM | 46 Likes Like |Link to Comment
  • Fear Leveraged ETFs, Not Futures [View article]
    Notice that the article was written 4 years ago.
    May 21, 2015. 08:28 PM | Likes Like |Link to Comment
  • The Taylor Rule: A Benchmark For Monetary Policy [View article]

    "In addition, you are mistaken that the Fed "manages" the economy; "

    You're right; my mistake. The Fed does not have the power to manage the economy, even though it thinks it does. All it really has is the power to manage the price level. When it attempts to do more than that, it fails miserably -- to the detriment of all of us.
    May 5, 2015. 07:17 AM | Likes Like |Link to Comment
  • U.S. Q1 GDP: Poor, As Expected, With Silver Linings [View article]

    thanks for your well-informed response. Chalk this up to the perils of the passive voice: "it was expected" rather than "we expected..."
    May 1, 2015. 11:10 AM | Likes Like |Link to Comment
  • U.S. Q1 GDP: Poor, As Expected, With Silver Linings [View article]
    "First of all, of course, it was expected."

    That's patently false. The consensus expectation was 1.0%. The actual number was only 0.2%. It was not expected at all.
    Apr 30, 2015. 10:55 PM | Likes Like |Link to Comment
  • The Taylor Rule: A Benchmark For Monetary Policy [View article]
    It boils down to two options:

    1) The Fed follows a rule
    2) The Fed plays God and wings it

    Fed chairmen inevitably prefer option 2. Who doesn't want to play God? What fun it is to have the world's markets hang on your choice of adjectives every month.

    John Taylor has wisely deduced that monetary policy yields more stability when it is based on a rule (even a flawed rule) rather than conjured capriciously by a Fed that has more confidence than knowledge.

    This Fed has consistently and repeatedly failed to accurately forecast the economy. A random sampling of Seeking Alpha authors have a better track record than the Fed. Why should the Fed be trusted to manage an economy that it fails to understand?
    Apr 29, 2015. 12:52 AM | 6 Likes Like |Link to Comment