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Stephen Simpson, CFA  

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  • Santander Looks Pricey Relative To Its Capital And Growth Prospects [View article]
    Debutant - I apologize for how snarky that response was. I don't believe that past problems are "proof" of future issues, but I could have expressed it a lot better.
    Jun 26, 2014. 01:56 PM | 1 Like Like |Link to Comment
  • Santander Looks Pricey Relative To Its Capital And Growth Prospects [View article]
    And if time ran backwards, that would be important.
    Jun 26, 2014. 01:07 PM | 1 Like Like |Link to Comment
  • Energy Transfer Partners And Equity Offer Complicated Value [View article]
    I like the announcements, though I think the market's reaction may be a little overdone. With the caveat that I haven't done a detailed breakdown yet of the DCF from these projects, I'd say it's fairly valued to slightly undervalued.
    Jun 26, 2014. 09:42 AM | 1 Like Like |Link to Comment
  • Can Magellan Find A Route To An Even Higher Multiple? [View article]
    Funny you should ask that. I'm working up to a piece on a fund in that family. As for an entry price on MMP. Mid-to-low $70s would start really getting my attention
    Jun 26, 2014. 06:47 AM | 1 Like Like |Link to Comment
  • CNOOC Has Growth Issues, But A Low Valuation Too [View article]
    You're welcome. Thanks for the kind words.
    Jun 26, 2014. 06:45 AM | Likes Like |Link to Comment
  • Yara International Offers A Tricky Balance Of Quality And Value [View article]
    Agreed. I'd consider the potash stocks when potash is really getting hammered, but I like Yara as more of an all-weather pick.
    Jun 25, 2014. 04:47 PM | Likes Like |Link to Comment
  • Yara International Offers A Tricky Balance Of Quality And Value [View article]
    Guraaf -
    Ukraine is a small part of the fertilizer market (about 2%), but there's definitely a risk that this turbulence w/ Russia impacts their ability to produce. Net-net, it would be good for Yara.

    As for Assa, SKF, and Sandvik. They're all on the to-do list. I'd like to say I'll get to them w/i two weeks, but I know better...
    Jun 25, 2014. 04:46 PM | Likes Like |Link to Comment
  • Can Magellan Find A Route To An Even Higher Multiple? [View article]
    Yes, it was supposed to be Enbridge Energy Partners (EEP). Thank you for pointing that out.
    Jun 25, 2014. 12:39 PM | Likes Like |Link to Comment
  • Yara International Offers A Tricky Balance Of Quality And Value [View article]
    Thanks Mike. I really appreciate that
    Jun 25, 2014. 12:00 PM | Likes Like |Link to Comment
  • Devon Has Come A Long Way, But Doesn't Seem Done Yet [View article]
    Good question. I suppose it depends on the specifics. If the acquirer had its own midstream operations, it could want those and use them for drop-down transactions. If not, I could see an acquirer selling/spinning them off.
    Jun 25, 2014. 09:27 AM | 1 Like Like |Link to Comment
  • Devon Has Come A Long Way, But Doesn't Seem Done Yet [View article]
    It's a fair point, but I think sub-10% ROR per well is probably too conservative.
    Jun 25, 2014. 09:09 AM | 1 Like Like |Link to Comment
  • Williams Companies Offers Growth, Upside, And Risk [View article]
    Barry - depends whether you're more interested in yield or growth, and whether you can take advantage of the tax advantages of an MLP structure vs the C-corp structure.

    If you want to maximize tax-deferred income, continuing to hold ACMP may make more sense.
    Jun 25, 2014. 09:08 AM | Likes Like |Link to Comment
  • Williams Companies Offers Growth, Upside, And Risk [View article]
    Not really, other than the typical "many reasons to sell, only one reason to buy" boilerplate stuff.
    Jun 24, 2014. 06:05 PM | 2 Likes Like |Link to Comment
  • Portfolio Recovery Associates: The Numbers Simply Don't Add Up [View article]
    And no mention of the impending acquisition of Aktiv...
    Jun 24, 2014. 07:09 AM | 5 Likes Like |Link to Comment
  • HSBC Has A Valuable Core Franchise, But A Lot Of Work To Do [View article]
    Why would it? There have been predictions of doom and gloom in HK almost every year since the handover.
    Jun 23, 2014. 07:08 PM | Likes Like |Link to Comment
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