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Niklashausen

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  • Hollow Men, Hollow Markets, Hollow World [View article]
    This is the way the world ends
    This is the way the world ends
    This is the way the world ends
    Not with a bang but a whimper.
    (Eliot, The Hollow Men)
    Thanks for the thoughtful read, plus some shards of literate discourse.
    Apr 2 11:41 AM | 6 Likes Like |Link to Comment
  • Weight Management... With Minimum Volatility Portfolios? [View article]
    Great article. Thanks for the tools and articles concerning covariance matrices. I regard minimum volatility as an attractive option in today's uncertain markets.
    Mar 24 04:35 PM | Likes Like |Link to Comment
  • A Sector ETF That Doubled Its Dividend In 6 Years [View article]
    Hi samkon,
    Yes, since 29 January 2004 XLP is up 154%, while VDC is up 133%, including all expenses and dividends (source: StockCharts).
    Feb 20 09:04 PM | Likes Like |Link to Comment
  • When To Hold And When To Fold: Atlantic Power Corp. And Just Energy Group [View article]
    Exactly.
    Jan 30 08:31 PM | Likes Like |Link to Comment
  • When To Hold And When To Fold: Atlantic Power Corp. And Just Energy Group [View article]
    And here's another:

    The new credit facilities will require APLP and its subsidiary guarantors to maintain a leverage ratio of total debt to adjusted EBITDA, and an interest coverage ratio of adjusted EBITDA to cash interest expense. In addition, the new credit facilities will include customary restrictions and limitations on APLP's and its subsidiary guarantors' ability to (i) incur additional indebtedness, (ii) grant liens on any of their assets, (iii) change their conduct of business or enter into mergers, consolidations, reorganizations, or certain other corporate transactions, (iv) dispose of assets, (v) modify material contractual obligations, (vi) enter into affiliate transactions, (vii) incur capital expenditures, and (viii) make dividend payments or other distributions, in each case subject to customary carve-outs and exceptions and various negotiated thresholds.
    Jan 30 12:08 PM | 1 Like Like |Link to Comment
  • When To Hold And When To Fold: Atlantic Power Corp. And Just Energy Group [View article]
    For those who haven't already seen it, here is one key paragraph:

    As previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, the Company indicated that by the third quarter of 2014, it may trigger certain restrictions on its ability to make dividend payments as a result of failing the fixed charge coverage ratio included in the restricted payments covenant of the indenture governing the 9.0% Notes, which must be at least 1.75 to 1.00, measured on a rolling four quarter basis, including after giving effect to certain pro forma adjustments. The Company currently believes that primarily due to the aggregate impact of the make-whole payment and charges for unamortized debt discount and fee expenses associated with the early prepayment or redemption of securities described above (all of which will be reflected as charges to the Company's 2014 first quarter results), the Company will fail to meet the fixed charge coverage ratio as early as late February. As a consequence, further dividend payments, which are paid at the discretion of the Company's board of directors, in the aggregate cannot exceed the covenant's "basket" provision of the greater of $50 million and 2% of consolidated net assets (approximately $68 million at September 30, 2013) until such time that the fixed charge coverage ratio were to be satisfied.
    Jan 30 12:06 PM | 1 Like Like |Link to Comment
  • Federal Reserve Impact On Asset Classes [View article]
    Thanks for the update on the chart captions. As you indicate, it does indeed look like asset class relationships are getting more convex all the time, and the non-linearity of the multiples suggests the possibility of some swift and sharp repricing in the future.
    Dec 17 03:01 PM | Likes Like |Link to Comment
  • Federal Reserve Impact On Asset Classes [View article]
    Interesting analysis, thanks!
    Dec 17 02:19 PM | 1 Like Like |Link to Comment
  • The Johnny Appleseed Approach To Investing [View article]
    Yes, you're right Trueblue. But in the meantime I have given up commenting on either the grammar or the vocabulary that appears in SA articles. People seem to be happier that way. Best wishes for a prosperous retirement!
    Oct 2 04:06 PM | Likes Like |Link to Comment
  • Fixed Income Momentum - September 2013 [View article]
    I've done some limited studies on switching between the S&P500 and investment grade bonds using data going back to 1996, and surprisingly enough, going to cash when both asset classes have negative momentum actually underperforms a purely relative strategy of buying the least negative asset. The reason seems to be that a big bounceback occurs in the less negative asset sufficiently often to justify always being invested in something other than cash. But my studies are not robust enough to be conclusive.
    Sep 2 03:59 PM | 3 Likes Like |Link to Comment
  • Dynamic Asset Allocation For Practitioners Part 3: Momentum Weighting [View article]
    Exceptional work! Thanks!
    Aug 13 09:33 AM | Likes Like |Link to Comment
  • Is Frontier Communications' Dividend Safe? [View article]
    I was doing some late summer portfolio weeding and had an inclination to sell FTR even before I read your article. I will spend the next few quarters collecting dividends from a stock I have more confidence in. Thanks again for the work you put into your analysis.
    Aug 12 05:57 PM | 1 Like Like |Link to Comment
  • Is Frontier Communications' Dividend Safe? [View article]
    Thanks for the article. I read it and sold my FTR. It was that compelling. Great stats, as the comment above suggests.
    Aug 12 02:47 PM | 1 Like Like |Link to Comment
  • Karl Popper And Dividend Growth Investing [View article]
    Please explain why.
    Aug 6 05:13 PM | Likes Like |Link to Comment
  • Karl Popper And Dividend Growth Investing [View article]
    Good quotes, Convoluted. They capture the spirit of Popper's ideas very well.
    Aug 5 01:20 PM | Likes Like |Link to Comment
COMMENTS STATS
210 Comments
104 Likes