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Stephen Simpson, CFA

 
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  • Energy Transfer Partners And Equity Offer Complicated Value [View article]
    If you can utilize that tax-advantaged income streams, I'd say "yes". Keep in mind that about 60% of ETE's distributions are tax-deferred too (it just pays out less in terms of yield).
    Jun 20 04:01 PM | 1 Like Like |Link to Comment
  • Energy Transfer Partners And Equity Offer Complicated Value [View article]
    Thanks Bill, I really appreciate it.
    Jun 20 02:41 PM | Likes Like |Link to Comment
  • RF Micro Devices Near A Major Transformation [View article]
    http://1.usa.gov/1pQ1Thn

    "Background of the Mergers" starting on page 68
    Jun 20 10:15 AM | Likes Like |Link to Comment
  • RF Micro Devices Near A Major Transformation [View article]
    BUT ... if the deal would fall apart for some reason (very unlikely, I grant), TQNT would likely get another bid. The proxy said that there were other interested parties. RFMD would be hard-pressed to find another deal that would offer as much value.
    Jun 20 06:27 AM | Likes Like |Link to Comment
  • Share, Prices, And Costs Seem To Be Working In Nucor's Long-Term Favor [View article]
    Thanks Ray
    Jun 20 06:25 AM | Likes Like |Link to Comment
  • Energy Transfer Partners And Equity Offer Complicated Value [View article]
    Thanks for signing up!
    Jun 20 06:25 AM | 1 Like Like |Link to Comment
  • Popular's Credit Is Getting Better Faster Than Its Market's [View article]
    The de-risking of the TARP repayment would add a little more to my fair value, but likely not more than $2 or $3 (I say "likely" because my model is not in front of me now).
    Jun 20 06:24 AM | Likes Like |Link to Comment
  • Popular's Credit Is Getting Better Faster Than Its Market's [View article]
    Yes, I would agree that 20% probably understates it ... though that is mitigated by the "informal" economy to some extent
    Jun 20 06:22 AM | Likes Like |Link to Comment
  • Popular's Credit Is Getting Better Faster Than Its Market's [View article]
    Labor force participation (Forbes):
    http://onforb.es/1hoekKS

    Govt employment (21% of identified labor force):
    http://1.usa.gov/1uHJpxu
    Jun 19 08:32 PM | Likes Like |Link to Comment
  • Glencore PLC: A Mining Major With A Different Approach [View article]
    I don't think they'll do anything large. They've already "reallocated" a portion of it with that Caracal acquisition and they've made it clear they'd like to buy more.
    Jun 19 01:58 PM | Likes Like |Link to Comment
  • BASF Has Lagged On A Relative Basis, But Excels On Its Own Merits [View article]
    Mike,
    I personally think that the advice to not pay attention to taxes is bad advice. If you're going to have to pay 20%+ of your profits to Uncle Sugar, that has to factor into the decision. If BASF is 10% overvalued, but still structurally sound, I think it may make sense to sit tight unless/until you have a better idea.

    But, in the interests of full disclosure, I refer to my investment approach as "enlightened torpor", so I'm generally reluctant to leave a good position.
    Jun 19 12:28 PM | Likes Like |Link to Comment
  • BASF Has Lagged On A Relative Basis, But Excels On Its Own Merits [View article]
    Thanks, TNflash, I appreciate that. And I like that point on treating it like an index fund.
    Jun 18 10:05 PM | Likes Like |Link to Comment
  • Less Bad Is Good Enough For Cheung Kong [View article]
    Nicklaas,

    #1 - I believe you are mistaken. The Li family & trust owns about 43% of Cheung Kong. Maybe you were thinking of CKI, which Hutchison does own a majority of?

    #2 - strong insider ownership is likely a part of the discount, yes.

    #3 - a little bit, but not too much in my opinion

    #4 - I think some of them could be larger businesses in the future. A lot of those small companies are created so as to limit liability to the larger parent company
    Jun 18 06:37 PM | Likes Like |Link to Comment
  • Multi-Color Light On Growth, But Stronger On Margins [View article]
    Thanks Spikes
    Jun 18 10:03 AM | Likes Like |Link to Comment
  • Amicus Therapeutics Still A "Show Me" Story [View article]
    Sorry you feel that way. We'll have to agree to disagree, as I see no benefit in arguing with you about this.
    Jun 18 09:24 AM | Likes Like |Link to Comment
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