Why Corning Is A Sell Above $15 And A Buy At $13 Or Less [View article]
I've been long Corning since ~11.50 in November and have added more.
I have no idea why people would pan a company that has doubled its dividend in a three year time frame, still trades under book value plus cash per share, has redeemed high interest bonds early and buys back its stock.
Corning: A Wonderful Company But A Lousy Stock [View article]
I purchased my shares a few months ago around $11 - I think that this is a great company but I agree with you that its long term track record has been disappointing, however at the right price I think that GLW can be a safe play going forward for a few reasons including its increasing dividend (and low payout ratio), approximately 2:1 ratio of cash to debt, and its recent redemption of high interest debentures.
This stock seems to me at current prices like a hybrid between a Graham and a Fisher stock, especially if their R&D expenditures and lab equipment acquisition from Abbot bear fruit.
Opportunities On The Waves: Potential In American Flag Shipping [View article]
Thanks for catching that Gilbear9 - I don't know how that slipped in. I guess I was thinking about the expansion possibilities regarding Horizon and their terminal holdings! Mahalo!
Horace Mann Educators: Insuring Teachers At A Discount To Book [View article]
Thanks for the link Intangible - It's amazing that more people have not stumbled upon this company. The only thing that I'm really worrying about is the decay of fixed income obligations in float - but thats going to be a problem endemic to many insurance companies in the coming few years.
I think your work on AHC is also spot on and a great place to store money earmarked for cash and cash equivalents because of low rates on risk free options. I recently came upon your article for Capital Southwest - quite an attractive opportunity! I think you might also find the Swire Pacific Group, listed in Hong Kong to be quite interesting - I don't know if SA really emphasizes ADR coverage very much but it definitely has a few Value guys looking and has accessible listings through A and B shares.
Opportunities On The Waves: Potential In American Flag Shipping [View article]
MK- I would go with ISH preferred because I believe that they are using the cash from the preferred offering to finance the purchase of American Flag assets which should be able to generate more stable revenues by virtue of the protected nature of the market. This is just a personal preference and is also biased from experience in being burned by Greek shipping half a decade ago.
I also believe that even if the Navios bonds are secured, it is impractical and potentially extremely costly for most investors to recover the assets - especially when it comes to newbuild ships (which I assume are the collateral) because of the fact that so many are hitting the market - potentially depressing the price. If you could link me to a filing about the specific bond issue and the prospectus I could give you a more thorough opinion that isn't rooted in guesswork regarding the assets however.
Carbon, Nanotechnology And Possible Value In GrafTech International [View article]
That really fills in some serious missing pieces Matthew - very interesting to hear, thanks for the information now I really wish I had gotten this article out when GTI was closer to 6.50!
Carbon, Nanotechnology And Possible Value In GrafTech International [View article]
Mr. Kramer - From looking at the balance sheet I'd favor GTI based upon the discount currently relative to book value plus cash. It appears that CVV shareholders are currently paying a premium to the cash and investments held by the company.
I will say though that I do not closely follow this sector - and have only looked at GrafTech because of the possibility of value to be had. I also have no idea if CVV competes with GTI but it does look like an acquisition target if their technology is useful because of its small size.
Value In Pharmaceutical Research: A Niche Software Producer [View article]
Bearded - I couldn't really tell you, as I'm not sure about the Celsion situation aside from the fact that it blew up. I was using that as an example just to highlight the "all or nothing" situation with single-drug/single molecules. However I will say that I think since heat treatment was part of Celsion's product I don't know if there was software sophisticated enough to simulate that -- yet. Another thing I heard about Celsion's drug was that it was a compound developed a long time ago and was recently applied in a new arena.
Don't take any of this as fact as it is mere conjecture, I try to stay far away from mono-drug pharm companies as I've seen way too many debacles in my time.
The Case For Container Leasing: 3 High Dividend Payers And 1 Earnings Retainer [View article]
I see - speaking about volatility, I will say that I believe there will not be a large amount in this business for several years because of the systemic anemia in the shipping industry, as soon as newbuilds stop hitting the market the industry will start to regain stability, yet the loans are still there. I also believe that as long as credit markets do not suffer a seizure as they did in 2008, the credit facilities used by these companies should be adequate.
It is also important to explore the de-facto subsidization of countries national shipping carriers, as they are reliant upon them to move goods. Even if they are suffering financial hardship, commerce will still need to occur - sparking demand for container lessors that provide an effective method to control costs.
I also believe that there could be significant M&A activity in this sector, which may open up reinvestment risk but will provide insulation.
The Case For Container Leasing: 3 High Dividend Payers And 1 Earnings Retainer [View article]
George - I am unaware of the tax ramifications with TGH's situation in Bermuda, however as they started in America I would assume that they have an inclination to being tax managed, however I do not have any particular expertise in the field and please do not take any of this as tax advice.
I must admit that the intricacies of tax issues are my Achilles heel - I just pay now and ask questions later!
Why Corning Is A Sell Above $15 And A Buy At $13 Or Less [View article]
I have no idea why people would pan a company that has doubled its dividend in a three year time frame, still trades under book value plus cash per share, has redeemed high interest bonds early and buys back its stock.
BMC Software - Investors Receive A Fair Value For A Deteriorating Business [View article]
Corning: A Wonderful Company But A Lousy Stock [View article]
Corning: A Wonderful Company But A Lousy Stock [View article]
This stock seems to me at current prices like a hybrid between a Graham and a Fisher stock, especially if their R&D expenditures and lab equipment acquisition from Abbot bear fruit.
Opportunities On The Waves: Potential In American Flag Shipping [View article]
Horace Mann Educators: Insuring Teachers At A Discount To Book [View article]
I think your work on AHC is also spot on and a great place to store money earmarked for cash and cash equivalents because of low rates on risk free options. I recently came upon your article for Capital Southwest - quite an attractive opportunity! I think you might also find the Swire Pacific Group, listed in Hong Kong to be quite interesting - I don't know if SA really emphasizes ADR coverage very much but it definitely has a few Value guys looking and has accessible listings through A and B shares.
Opportunities On The Waves: Potential In American Flag Shipping [View article]
I also believe that even if the Navios bonds are secured, it is impractical and potentially extremely costly for most investors to recover the assets - especially when it comes to newbuild ships (which I assume are the collateral) because of the fact that so many are hitting the market - potentially depressing the price. If you could link me to a filing about the specific bond issue and the prospectus I could give you a more thorough opinion that isn't rooted in guesswork regarding the assets however.
Carbon, Nanotechnology And Possible Value In GrafTech International [View article]
Nintendo And Konami: Value In Video Games? [View article]
Carbon, Nanotechnology And Possible Value In GrafTech International [View article]
I will say though that I do not closely follow this sector - and have only looked at GrafTech because of the possibility of value to be had. I also have no idea if CVV competes with GTI but it does look like an acquisition target if their technology is useful because of its small size.
Value In Pharmaceutical Research: A Niche Software Producer [View article]
Don't take any of this as fact as it is mere conjecture, I try to stay far away from mono-drug pharm companies as I've seen way too many debacles in my time.
The Case For Container Leasing: 3 High Dividend Payers And 1 Earnings Retainer [View article]
It is also important to explore the de-facto subsidization of countries national shipping carriers, as they are reliant upon them to move goods. Even if they are suffering financial hardship, commerce will still need to occur - sparking demand for container lessors that provide an effective method to control costs.
I also believe that there could be significant M&A activity in this sector, which may open up reinvestment risk but will provide insulation.
Hope this helps!
The Case For Container Leasing: 3 High Dividend Payers And 1 Earnings Retainer [View article]
I must admit that the intricacies of tax issues are my Achilles heel - I just pay now and ask questions later!
Owning A Toll Bridge: Benefits And Drawbacks Of Holding Shares In Exchanges [View article]
Nintendo And Konami: Value In Video Games? [View article]