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Richard Shaw

 
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  • S&P P/E's Versus 10-Yr Treasury Rates From 1957 [View article]
    Yes. We included the operating P/E instead of trailing as reported for the red line plot.

    The corrected images should appear shortly There is no change in article conclusion.

    Forward operating multiples vary widely. We are using operating P/E put out by S&P. Others have higher or lower estimate 2013 operating multiples.

    Thank you.
    Jun 23 11:48 AM | Likes Like |Link to Comment
  • S&P P/E's Versus 10-Yr Treasury Rates From 1957 [View article]
    You are correct. We pulled the operating P/E instead of trailing as reported for the red line plot. Corrected images have been submitted. There is not change in the message, however.

    The forward operating multiples range substantially. We are using the one put out by S&P. Others have higher or lower estimate 2013 operating multiples.

    Thank you.
    Jun 23 11:36 AM | 2 Likes Like |Link to Comment
  • S&P P/E's Versus 10-Yr Treasury Rates From 1957 [View article]
    Wrong maybe. "dillusional" is a bit over the top for a comment.
    Jun 23 10:06 AM | 11 Likes Like |Link to Comment
  • Fed Targeting 4% To 5% Nominal 10-Year Treasury Yield And Baa Corporates Approaching 7% [View article]
    Here is my answer to that in a Tweet
    http://t.co/qvs2HQlypk
    Jun 22 01:17 PM | Likes Like |Link to Comment
  • Fed Targeting 4% To 5% Nominal 10-Year Treasury Yield And Baa Corporates Approaching 7% [View article]
    I may be flawed on what will happen, but I don't think I am flawed on what the Fed is targeting, which is the topic of the article. They, I believe, are betting on mean reversion. Also, I do think the US will avoid the Japan and Europe scenarios (but only time will tell).
    Jun 22 11:23 AM | Likes Like |Link to Comment
  • Fed Targeting 4% To 5% Nominal 10-Year Treasury Yield And Baa Corporates Approaching 7% [View article]
    That's a fair question, but I don't have a prediction to offer on that.
    Jun 22 11:18 AM | Likes Like |Link to Comment
  • Fed Targeting 4% To 5% Nominal 10-Year Treasury Yield And Baa Corporates Approaching 7% [View article]
    The problem for the govt is that at some point it is not for them to "let" this or that happen. Once bond buyers decide they must have a higher rate, they will not bid for auctions at low rates, and the rates will rise. Ultimately, the govt is a rate taker not a rate maker ,except for the rates the Fed charges bank.
    Jun 22 12:32 AM | 3 Likes Like |Link to Comment
  • Don't Accept Buyback Yield Argument Without Substantial Caveat [View article]
    FYI: Cambria Funds has launched an ETF (symbol SYLD) that is uses share buybacks, along with dividends and debt repayment to generate what they call "shareholder yield" ( http://bit.ly/13yNG9J ) and that they promote in a book titled "Shareholder Yield, a better approach to yield investing"
    Jun 16 05:54 PM | Likes Like |Link to Comment
  • Don't Accept Buyback Yield Argument Without Substantial Caveat [View article]
    Here is a knock on buybacks from Institutional Investor dated June 13
    http://tinyurl.com/k36...
    Jun 16 05:47 PM | 1 Like Like |Link to Comment
  • Don't Accept Buyback Yield Argument Without Substantial Caveat [View article]
    That's pretty much my view too, about what it yield. However, I do think that companies that can and do buyback shares have the potential in the right circumstances to increase earnings cheaply. It's the old Buy or Build question. When it is more expensive to build than to buy, purchasing other companies or purchasing own shares can be accretive to earnings, which eventually is likely to show up in dividends -- but I agree, that people are reaching for straw with buyback yield
    Jun 15 11:13 AM | 1 Like Like |Link to Comment
  • Financials And Infrastructure MLPs Least Favored By Analysts For Next 12 Months [View article]
    Not necessarily. It all depends on your time frame and tax situation. So far we are not reducing pipeline exposure, but we have a multi-year view on them.
    Jun 3 03:23 PM | Likes Like |Link to Comment
  • Financials And Infrastructure MLPs Least Favored By Analysts For Next 12 Months [View article]
    I don't think the negative projection is a reflexion of underlying fundamentals. Instead, I think it is a belief on the part of analysts that the prices have risen such that the MLPs are providing significantly less yield than in some prior periods, and as such are more subject to interest rate risk than some other categories of assets.
    Jun 3 01:01 PM | Likes Like |Link to Comment
  • Financials And Infrastructure MLPs Least Favored By Analysts For Next 12 Months [View article]
    No, the energy sector is expected to rise, and the small sliver of energy called MLPs is expected to decline -- energy is dominated by the integrated oil and gas companies -- the MLPs are a small part of the energy sector
    Jun 3 10:12 AM | Likes Like |Link to Comment
  • MLPs With Lower Leverage May Fare Better As Tapering Begins And Rates Rise [View article]
    the lowest ratio (0.35) is on top and the highest ratio is on the bottom
    since the article is about the potential advantage of a low ratio, the low ratio is on top
    Jun 1 01:30 PM | Likes Like |Link to Comment
  • 5 Highest Analyst Rated Infrastructure MLPs [View article]
    Because that was a crash year -- how did the security do during the crash
    May 24 09:27 PM | 2 Likes Like |Link to Comment
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