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Nat Stewart  

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  • Jim Rogers And Agriculture, Some Potential Winning Plays [View article]
    Bert, how exactly do you think ETNs create their exposure? There is no such thing as "tracking an index" without a mechanism to replicate the economic exposure.
    May 28, 2015. 06:44 PM | 1 Like Like |Link to Comment
  • Jim Rogers And Agriculture, Some Potential Winning Plays [View article]
    I recall reading an article by Jim Rogers in the now defunct magazine, "Worth" with much the same hypothesis. The fellow has been saying the same thing for nearly 20 years.

    Monsanto seems to be a fairly decent way to invest in this concept, I would stay away from the agricultural ETFs.
    May 28, 2015. 03:26 PM | 1 Like Like |Link to Comment
  • Why VXX Loses Value Over Time: Another Look [View article]
    Anyone who wants to understand these products correctly at an intuitive level should start following, analysing, and trading the futures. Once you do this, all the "confusion" will be lifted. It is actually pretty simple.

    It is only "confusing" because stock traders who don't understand the underlying markets put a false framework of what is "intuitive" on what is really going on. They have it backwards, mostly.

    An intro article I did in 2013 on the topic can be found here:

    http://seekingalpha.co...
    May 28, 2015. 01:37 PM | Likes Like |Link to Comment
  • Michael Kors: A Bargain After Market's Panic Reaction [View article]
    It could be that consumers have finally woken up to the simple truth of the brand - the clothing is vulgar, poorly made, and vastly overpriced. The aspirational shopper at this very low taste level has maxed out her/his credit card.
    May 27, 2015. 04:32 PM | 3 Likes Like |Link to Comment
  • I'm Not Buying The Panic, This 9% MLP Yield Is Secure [View article]
    Thanks for linking to that. It looks like the PDF for the presentation is up on their site here (PDF)

    http://bit.ly/1HM4VN0
    May 27, 2015. 03:23 PM | 1 Like Like |Link to Comment
  • I'm Not Buying The Panic, This 9% MLP Yield Is Secure [View article]
    Low Natural gas plus what looks to be sub 40 pricing for Illinois coal are hurting this stock. I'm wondering if there will need to be a larger washout in terms of producers/supply before things turn around.
    May 27, 2015. 01:10 PM | 1 Like Like |Link to Comment
  • I'm Not Buying The Panic, This 9% MLP Yield Is Secure [View article]
    I think you are confusing the dividend coverage ratio with the dividend payout ratio. The distribution is very secure at this time, particularly relative to other MLPs.
    May 27, 2015. 10:47 AM | 10 Likes Like |Link to Comment
  • I'm Not Buying The Panic, This 9% MLP Yield Is Secure [View article]
    It is usually the other way around, the ARLP would buy out AHGP in order to retire the Incentive Distribution Rights (IDRs). In the last 2 calls I believe analysts have asked Craft about it, and he has said they have looked into it but it is not currently on the table - might consider it in the future if it will maximize value for both security holders. Gives AHGP a bit of optionality.
    May 27, 2015. 10:14 AM | 1 Like Like |Link to Comment
  • Apple To $140: Making Higher Highs And Higher Lows; Funds Desperately Want Back In [View article]
    Buybacks are a mechanism for shrinking market cap which can make future upside more possible for the remaining shares. Icahn is correct the firm is massively overcapitalized which is one reason why shares are chronically undervalued.
    May 25, 2015. 04:17 PM | 14 Likes Like |Link to Comment
  • Fonar: A Micro-Cap With 40% Upside [View article]
    As of summer 2014 the NOL stood at 137M and was able to offset future taxable income through 2034. So the tax asset still has quite a bit of value.
    May 25, 2015. 03:35 PM | Likes Like |Link to Comment
  • Fonar: A Micro-Cap With 40% Upside [View article]
    Well, FONR has almost made a complete round trip relative to the move that started in early February. Unfortunately, not surprising. My belief is that until this company moves forward with a healthy number of the initiatives of the kind that I proposed above, investors will continue to not take this company seriously as a long-term proposition.
    May 22, 2015. 08:10 PM | Likes Like |Link to Comment
  • Share Repurchases: What You Should Know [View article]
    Good article with some good food for thought.

    Winmark (WINA) just retired 17% of its shares in a single day, as I explain in this article:

    http://bit.ly/1cR5Z4N

    The company has a long history of special dividends and/or share buybacks, depending upon the current valuation of the stock.
    May 21, 2015. 09:20 PM | Likes Like |Link to Comment
  • Why U.S. Lime & Minerals Should Consider A $20 Per Share Special Dividend [View article]
    Bats,

    My wife tells me this new photo is not great, however that other one was old and I looked younger than I am, so i figured for the time being this one was OK.

    USLM is a great business. Some people ask me about the current economic situation, next quarter, etc.. quite frankly I don't care that much. The balance sheet is pristine. I do believe at some point the country will get serious about infrastructure and building, and when that happens USLM will be positioned very well. If there was not a majority shareholder I'd be interested in forming a group to (attempt to) take it private.

    As it is, I do wonder if that is in the cards (a take private transaction). It would be kind of sad, as there are so few assets like this in the public markets, yet 100% logical for the majority shareholder. I (like you, perhaps) would prefer to see them make an acquisition and stay public, so that we could continue to participate.
    May 21, 2015. 09:10 PM | 1 Like Like |Link to Comment
  • Gilead Sciences: Finally Gaining Momentum [View article]
    I like to utilize very long dated, in the money options to replicate a leveraged position that is non-recourse with a fixed, low interest rate. Much better than using margin, IMO. One can put up a fraction of the money while gaining most all of the upside. I think it is one of the most underutilized tactical strategies out there.
    May 20, 2015. 06:07 PM | 4 Likes Like |Link to Comment
  • Female Health Company Transitioning To New Strategy, But Receiving Legacy Business Valuation [View article]
    From last 10Q:

    "Accounts receivable increased $9.5 million from $2.9 million at September 30, 2014 to $12.5 million at March 31, 2015. This increase is a result of orders received under the awarded Brazil 2014 tender. Semina normally pays upon payment from the Brazilian Government; however due to economic issues in Brazil the government has been slower in paying vendors."

    Anyone consider this outstanding AR issue to be a risk? ...Just looking for potential reasons why this thing has been dropping like a stone after what on initial inspection appeared to be a good quarter.
    May 20, 2015. 11:46 AM | 2 Likes Like |Link to Comment
COMMENTS STATS
596 Comments
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