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SA Editor Stephen Alpher  

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  • Mortgage REIT outlook updated by Credit Suisse [View news story]
    NRZ is an MSR play, and NCT senior housing, CDOs, and now the owner of a portfolio of golf courses!
    Apr 7, 2014. 07:59 PM | Likes Like |Link to Comment
  • Valuable Insights: What, Where, And Why [View instapost]
    "Roll the dice and play a little monopoly... what box would Sir Lawrence land on in Erie, PA?"

    "Jesus Christ, he's buying Anacott Steel!"
    Apr 3, 2014. 01:08 PM | 4 Likes Like |Link to Comment
  • CommonWealth owners vote to throw out board [View news story]
    C&R have tough work ahead. Do you "sell the news" today?
    Mar 19, 2014. 07:43 AM | 2 Likes Like |Link to Comment
  • Homebuilders cheer big new home sales number [View news story]
    The slide in mortgage applications in mostly about refinancing. Purchase app index is flattish.
    Feb 26, 2014. 12:36 PM | 1 Like Like |Link to Comment
  • BDCs under pressure as leaders removed from S&P indices [View news story]
    Useful info. Thanks.
    Feb 25, 2014. 12:10 PM | Likes Like |Link to Comment
  • Big rally caps biggest week for Japan stocks in 3 months [View news story]
    Markets fluctuate?
    Feb 21, 2014. 09:29 AM | Likes Like |Link to Comment
  • Nationstar Mortgage Holdings, Inc. Offers Significant Upside [View article]
    What hedge fund is Hedgeye coordinating with?
    Feb 12, 2014. 11:32 AM | Likes Like |Link to Comment
  • Mortgage REITs continue 2014 tear [View news story]
    Ok. Thank you.
    Feb 3, 2014. 12:03 PM | Likes Like |Link to Comment
  • Don't Throw The Wells Fargo Baby Out With The Bathwater [View article]
    It's hard to imagine how, but that Miller comment has to be taken out of context. He's generally been somewhat bullish on the sector, particularly Wells Fargo (on which he has a buy rating).

    As to the Bloomberg article in general ... it's the joke. The earnings power of Wells and the other big lenders is for real. When the banks have to boost reserves (and take large non-cash charges) during the next downturn, ought we to discount that as accounting wizardry as well?
    Jan 15, 2014. 11:10 AM | 2 Likes Like |Link to Comment
  • Memo To Elisabeth DeMarse: Learn From Seeking Alpha [View instapost]
    Mitch Williams: I wouldn't want Lenny doing my taxes, but he had the best baseball mind I ever saw
    Jan 8, 2014. 03:15 PM | 1 Like Like |Link to Comment
  • Sum Of Parts Analysis Indicates Amrep Is Substantially Undervalued [View article]
    I'm not saying they would be, but I haven't seen the covenants. I'm going off memory here, but I believe Amrep had an issue rolling over some debt in the last year or two and Karabots ended up having to cover the paper. If it ever comes down to it, I assume lenders are going to want the good stuff, not the scrubland, if any covenants are broken.

    Also for valuation purposes, I think the article leaves out a number of Colorado homesites Amrep owns. It's minor compared to the NM acreage, but does provide a little more backstop to the value.
    Jan 3, 2014. 09:40 AM | 1 Like Like |Link to Comment
  • Sum Of Parts Analysis Indicates Amrep Is Substantially Undervalued [View article]
    Nice work. Amrep has been on my radar for over a year (and Karabots owns a nice chunk of primo suburban land very close to me).

    What I can't get past is Karabots' gifting of his stock (presumably large chunks of which then come up for sale in a very thin market), and management not being just uncommunicative (itself, not an issue), but apparently shareholder unfriendly. I'm surprised Lewis (Osmium) hasn't teamed with somebody to try and shake things up.

    Edited to say: At less than $7 per share, there's probably a substantial margin of safety here, but I'm not privvy to their loan agreements. I don't know if shareholders are at risk of the best assets being stripped away.
    Jan 2, 2014. 09:54 AM | Likes Like |Link to Comment
  • Treasury prices slide following housing starts [View news story]
    TBT is a double-levered short ETF
    Dec 18, 2013. 09:41 AM | 1 Like Like |Link to Comment
  • Best Ideas For 2014: Short IPO (And/Or Its Components) [View article]
    "They are partying because they used to own something… and now you do."

    Dec 13, 2013. 09:35 AM | 10 Likes Like |Link to Comment
  • OSHC Owners Forum [View instapost]
    The main branch of OSHC is just a few blocks from where my family spends its summer vacations, and only steps from the awesome Bennie's Bakery.

    Can employees at the main office be assured of staying in the same spot after a sale? Might be tough to give up that perk!
    Nov 21, 2013. 01:10 PM | 2 Likes Like |Link to Comment