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Why Is Anyone Buying Long-Term Treasuries?
- Further to Treasury yield flattening over the past year, I see the greatest value for fixed-income at the short-end (4 to 5-year) of the Treasury yield curve.
- Beyond shorter-term Treasuries, I see little value in fixed-income as corporate bond spreads don't appear particularly compelling and I believe that long-term Treasuries are in bubble territory.
- The logic in buying long-term Treasuries because of sovereign bond relative value considerations and/or low inflationary expectations seems flawed to me.
Updating My Thesis: I Liked Sprint At $6.28, But Not At $4.34
- Sprint's margin and subscriber developments have been very disappointing.
- Going forward, an increasingly competitive pricing environment is particularly worrisome for Sprint, given the company's already weak margins.
- Shares have gotten cheaper, but I believe that negative developments justify the company's share price collapse.
Alaska Communications: Better After The AWN Sale?
- There are good and bad takeaways resulting from the sale of Alaska Communications' 33% stake in AWN.
- Negatively, the sale price appears low and relevant credit metrics don't actually improve that much.
- Positively, uncertainty is removed, growth prospects improve, and takeover potential may increase.
Alaska Communications: High Potential Rewards Justify The Risks
- Financial and competitive concerns have weighed on the shares of Alaska Communications Systems.
- As a result of these concerns, shares are down over 50% from their 52-week highs, providing an attractive 23% free-cash-flow yield.
- With generally stable financial trends and a reasonable free-cash-flow cushion, the company's high leverage could actually work in the favor of investors.
- M&A possibilities provide further upside potential for shareholders.
- J.C. Penney's Guidance: Where's The Skepticism?
- AMC Networks: Is This Really As Good As It Gets?
- One Piece Of Advice For 2014: Be Skeptical
- The Unintended Consequences Of Hedge Fund Fees
- 5 Common 'Junk' Bond Investing Mistakes
- Softbank Vs. Mr. Market On Sprint: Place Your Bets
- Lee Enterprises' Shares May Double Again
- A Plea To Amazon Bears, Apple Bulls, And Others
EBITDA: Often Criticized, But Still Useful
Oct. 20, 2012 • 7 Comments
- Sprint's Unreasonable Post-Deal Valuation
- Questioning The Case Against The Case Against Gold
- Sprint Still Looking Cheap After T-Mobile/PCS Linkup
- How Nokia/Microsoft Blundered Today's Lumia Launch
- Don't Rush To Sell Stocks At These Levels
- Sprint Remains Substantially Undervalued
- How Did Bill Gross Get It So Wrong?
- Analyzing Nokia's Cash Burn And Turnaround Prospects
- Sell AT&T And Buy Sprint
- Upside For Sprint's Shares Remains Substantial
- What Microsoft's Tablet Means For Dell And Hewlett-Packard
- Amazon's Leases Are Not Debt
- Modeling Sprint's iPhone Sales
- Is Sprint's iPhone Commitment Now A Slam Dunk?
- Behind Sprint's Recent Outperformance
- Options Trading: A Little Knowledge Is A Very Dangerous Thing
- Facebook's Implosion Is A Good Thing
- Dell's Buyback Disaster Shows Need For A Dividend
- 5 Reasons Apple Won't Conquer Enterprise