Uncle Scrooge

Uncle Scrooge
Contributor since: 2007
Company: N/A
Sorry John, but for personal reasons I haven't been following the markets closely in the past 6 months. I just stick to my core holdings (banks, energy and consumer staples) and regularly contribute to a couple of index funds.
Agreeable remarks
Nice article - I am an Eni shareholder and agree with your investment case.
I've written about Gazprom in the past - http://seekingalpha.co... and http://seekingalpha.co... - I've made a nice profit from it but now it has fallen from grace. Lukoil is interesting as well, but I am not following it.
Hi guys - sorry I had to give up writing on Seeking Alpha but I have been quite busy in the past months and took a long break; honestly I don't know if and when I will be back on track. I have made a few changes to my personal portfolio, and Europe woes are still worrying investors this side of the ocean. I stopped following Enel so I cannot give you an advice in relation to the plant sale in Belgium, although I think it barely affects global operations. As for Eni, I added to my position a few months ago and am planning to buy some more in the coming week, yet I am worried it will then make up too big a chunk of my portfolio. My current portfolio is made up of the following stocks (% of total assets):
Eni (23.4%), Suedzucker Mannheim Ochsenfurt (12.8%), Rosneft (10.8%), Siemens (7.8%), Vinci (7.6%), Banco Santander (7%), Emerging Markets Bonds ETF (6%), CF Industries (5.6%), Fresenius Medical Care (5.4%), Veolia Environment (5%), Posco (4.3%), Other funds (4%).
Eni is having some trouble with the investment in Saipem , which it plans to dispose of, but in the words of the CEO it will have little effect on EPS. So in Europe I currently think that Eni, Santander and Veolia are still good investment opportunities. Suedzucker is a German company I recently discovered: it is the largest sugar producer in Europe and in my opinion is a good stock to buy and hold, but I suggest you do your own research if considering a purchase.
Have a nice week :-)
I've been busy for a while now - A month ago I increased my position in E and bought Fresenius Med Care (FMS) , Veolia (VE), Siemens (SI) and Vinci (VCISY.PK) - Seem reasonable value stocks in my opinion
Hi Veritas ) thanks everybody for sharing their opinions - I know Gazprom is not an easy company to put in your portfolios; it's probably on of the most speculative large caps (+$100B) out there, so I understand if one decides to pass - I'm invested long term, but if i make a quick 30% I may decide again to sell some of my shares and bank the profits.
Thank you for your remarks Amvet - unfortunately I am not an expert in geology or engineering so I must rely on google searches to answer your question. I found four interesting reads on the subject; I hope they serve you well:
* http://bit.ly/SVnt2P
* http://exm.nr/T9nn6b
* http://onforb.es/MQhEgN
* http://bit.ly/T9noH7
That's why the company has been punished and lost 30% of its value in these past two years - but this is going to be balanced by more supplies to asian countries and increasing prices at home and FSU countries where it has nearly a monopoly.
Where did you get them from? Europe is here to stay, I don't see any break up anytime soon - moreover the financial crisis seems to be easing
I didn't really look into that - for what I read it has suffered from declining revenues in the past quarters.
No, unfortunately I am not Buffett... I sold Bollorè months ago for a small profit and missed the huge price rise
I though it was a bargain at € 2.85 ; I think it is a better bargain now at € 2.50 - in fact I added to my position around € 2.30 three weeks ago. I'm in for the long run, so I reckon the bad results from Endesa and Enel in Europe are temporary and will be compensated by the growth in Latin America in the next years.
Great article - helps thinking outside of the box
Are these transcripts the output of an automatic speech recognition software? Just curious.
Thanks for the citation, I only acknowledged it now ) New huge gas find for Eni in Mozambique announced today
Yes, another 10 tcf of gas added for a grand total 70 tcf - i made a few calculations: all that gas is worth hundreds of billions of dollars. Of course you have extraction and marketing costs, but if only half of that is recoverable and they manage to get a 10% profit margin, it will be worth at least $20 Bil in future earnings.
Nice article - I wrote about Gazprom a few months ago, and i received quite the same remarks, that is, these companies trade at cheap valuation because of the political risk implied. I agree, but one must not forget that Russia may be turning into a better place for foreign investors, especially now that it is joining the WTO. I also agree there is lot of potential there for energy companies, that is why I strongly support Eni (E) - The Italian oil company has been collaborating with the Russians since 1969 and in my opinion is one of the best and safest proxies to indirectly invest into Russian oil and gas.
At first glance TOT is another great buy at these prices; I don't follow the company, maybe it is a better buy than E but I haven't read any articles that compare both companies to assess which is the best bargain. Personally I prefer E for three reasons: 1) I am a long time shareholder and client 2) I pay lower taxes on Italian dividends 3) Buying stocks on the Euronext costs me more than buying on my home market - this allows me to add to my position in E with lower transaction costs.
Nice report Mike - I am long SAN (I wrote an article a few months ago) - I am positive this is the European Well's Fargo, with a little more spice to it. I am waiting to receive my scrip dividend :-)
Thank you for your support Veritas ) Hey, even Buffett makes timing mistakes - he bought COP at its all time high and sold low - he recently bought GM at $24 and now it is trading at $19 - I added a little Enel last week and am comforted by the fat dividend. This financial crisis is indeed long and harsh; Enel is suffering because of its 90% ownership of Endesa, Spain's largest utility. I never said this was a guaranteed winner in 4 months.
Hi Veritas ) Agreed
To be honest i haven't received any government stimulus' cash into my pockets - i guess all this story of the government stimulus is just a trick of financial wizardry to calm the storm on the financial markets, not to help people spend more and sustain corporate earnings. The pro-euro coalition won in Greece. Fireworks are expected tomorrow morning when the markets open )
You are right - nonetheless they are still very cheap in terms of p/e
TEF is a risky proposition - lot of debt and a dividend cut ... I wrote about TEF and FTE here: http://seekingalpha.co...
Funny how these comments resemble those I read during the 2008-2009 market crash - everyone thought the world was about to end :) Yes, you may have held Lehman but you could have bought Wells Fargo and Ge for less than $8. Moreover, if you are so negative about Europe you may as well liquidate all your US positions 'cause it ain't like 1983 anymore where a market crash in France was meaningless in New York - now everything is correlated - European markets fail, the US markets follow suit - it's that simple now ;)
Hi Uncle Pie - thank you for the kind comment. I did not mention Swiss and Norwegian companies on purpose as this article points to companies from the Eurozone; I'll maybe write an article soon about companies in Europe that are not in the eurozone ;)
Ciao Massimo - non mi è molto chiaro il significato della domanda "E' facile comprare i Franchi" - se devi cambiare una cifra non molto alta, diciamo 10 mila dollari, è sufficiente andare in una banca svizzera e cambiare il cash in franchi - per cifre superiori credo sia necessario aprire un conto in una banca e depositare i dollari che ti verranno cambiati al cambio corrente in franchi. Se devi fare un money transfer direttamente dagli US devi prima avere un conto corrente aperto in una banca svizzera. Fammi capire bene cosa intendi fare. Nel caso scrivimi un messaggio privato. Ciao e auguri per il tuo ritorno.
The bank's CEO, Emilio Botin, has reassured shareholders they will mantain the dividend unchanged - If there will be a government intervention - I haven't read anything about it - there's little we can do; we are all spectators