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SA Editor Stephen Alpher  

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  • 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
  • GCVRZ Forum Archive  [View instapost]

    "FDA advisory panel supports approval of Sanofi MS drug Lemtrada

    Safety problems associated with Sanofi SA's experimental multiple sclerosis drug Lemtrada should not preclude approval of the drug, though it should be restricted to patients who have failed other therapies, an advisory panel to the U.S. Food and Drug Administration said on Wednesday.

    The panel voted 14 to 0, with one abstention, that the drug should be approved."
    Nov 13, 2013. 04:58 PM | 1 Like Like |Link to Comment
  • Just A Few ?s For… Kid Dynamite [View instapost]
    Missing the Las Vegas trip reports and discussions of EV ...
    Nov 5, 2013. 01:13 PM | Likes Like |Link to Comment
  • Capital One Warrants A Closer Look [View article]
    Nice work.

    I'd be curious as to how COF's TARP warrants stand up value-wise to the other TARP warrants out there. Have you done work on these and found Capital One's to be the most attractive?
    Nov 5, 2013. 08:49 AM | 2 Likes Like |Link to Comment
  • Sugar the new tobacco? Bottled water to soon surpass soft drinks [View news story]
    Type I and Type II diabetes are different animals and the issue with respect to sugar and obesity is its link to Type II. As far as I know there is no link between sugar consumption/weight and the onset of Type I.
    Oct 26, 2013. 10:01 AM | 7 Likes Like |Link to Comment
  • Gramercy: Is This Small Cap The Greatest Alpha Opportunity In REITs? [View article]
    "Get mortgages in the 5% range during a time of rising interest rates."

    Why do we so blithely assume interest rates must rise? The 10-year is off 50 basis points in less than 2 months and back to 2.5% this morning. The Fed has an incoming chief who appears to be in hurry to tighten policy. One could make a pretty easy case we'll be sitting with ZIRP three years from now.
    Oct 23, 2013. 08:43 AM | Likes Like |Link to Comment
  • WTI crude oil slips below $100 per barrel [View news story]
    We're talking about crude oil, not gasoline in that opening point. At the margin, refinery maintenance means less demand for crude.
    Oct 21, 2013. 09:24 AM | 3 Likes Like |Link to Comment
  • Just 10 Questions For Samir Patel On His Retirement From Seeking Alpha [View instapost]
    Great job all around. Best of luck Samir!
    Oct 9, 2013. 09:02 PM | Likes Like |Link to Comment