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  • My Bet On Seeking Alpha's Future [View article]
    David, we wish you the very best in all that you do, and thank you for dreaming up this endeavor. As Steve Jobs said, it's the dreamers that change the world, and you've done that within the investment content business. Congrats Eli! We're looking forward to working under your guidance.

    All the best,

    Brian Nelson, CFA
    President, Equity Research
    Jul 2, 2015. 01:00 PM | 2 Likes Like |Link to Comment
  • Kinder Morgan's Fair Value: $29 Per Share [View article]
    User 12839421:

    Those were all the holdings -- all the winners and all the losers.

    We know it's difficult to believe our "batting average" of success, but that's it. We're not perfect, but it really is that good.

    We're always looking for the best way to provide the most transparent and informative information to readers, and we'll take your thoughts into consideration.

    We, unfortunately, won't be able to respond to any more of your comments given your inflammatory language. We wish you the very best.

    The Valuentum Team
    http://www.valuentum.com
    Jul 1, 2015. 10:23 PM | 1 Like Like |Link to Comment
  • Kinder Morgan's Fair Value: $29 Per Share [View article]
    User 12839421,

    We wanted to thank you for your comments and your continued interest in our work. There were more questions about our track record, and we applaud your healthy degree of skepticism with respect to our services.

    Pasted below is a full evaluation of the Valuentum Best Ideas Newsletter portfolio through the course of its history. It is a pdf document, which requires Adobe reader.

    http://bit.ly/1f2sJR3

    Please let us know if we may provide anything else.

    Our best wishes,

    The Valuentum Team
    http://www.valuentum.com
    Jul 1, 2015. 05:15 PM | Likes Like |Link to Comment
  • Kinder Morgan's Fair Value: $29 Per Share [View article]
    All,

    We wanted to thank you for your comments and your continued interest in our work. There were more questions about our track record, and we applaud your healthy degree of skepticism with respect to our services.

    Pasted below is a full evaluation of the Valuentum Best Ideas Newsletter portfolio through the course of its history. It is a pdf document, which requires Adobe reader.

    http://bit.ly/1f2sJR3

    Please let us know if we may provide anything else.

    Our best wishes,

    The Valuentum Team
    http://www.valuentum.com
    Jul 1, 2015. 05:13 PM | Likes Like |Link to Comment
  • Kinder Morgan's Fair Value: $29 Per Share [View article]
    Joe_G,

    Thank you for the question about Valuentum's performance track record.

    Valuentum's Dividend Cushion has called in advance a couple dozen dividend cuts since its inception, from Seadrill (SDRL) to the mortgage REITs, and all were equally, if not, more controversial than Kinder Morgan.

    The substance of the comments when we made those calls were no different. We've been here before.

    As for performance, there are several measures of performance we'd like you to evaluate. All of these studies are empirical in nature and reflect real-time assessments.

    A Rating Case Study: http://bit.ly/1wTRfZl

    Independent Rating Assessment, Tip Ranks: http://bit.ly/1JuOp1W

    Best Ideas Newsletter Portfolio: http://bit.ly/1hL3xfV

    Seeking Alpha Study: http://bit.ly/1rHH4jZ

    Our white papers supporting the Valuentum Buying Index and Dividend Cushion ratio can be found at the following links:

    http://bit.ly/KVf6Q1

    http://bit.ly/1JuOnHj

    Thank you for the question! Please let us know if there may be anything else.

    The Valuentum Team
    info@valuentum.com
    Jul 1, 2015. 09:25 AM | 5 Likes Like |Link to Comment
  • Kinder Morgan's Fair Value: $29 Per Share [View article]
    All,

    There was a question about Valuentum's performance track record.

    Valuentum's Dividend Cushion has called in advance a couple dozen dividend cuts since its inception, from Seadrill (SDRL) to the mortgage REITs, and all were equally, if not, more controversial than Kinder Morgan.

    The substance of the comments when we made those calls were no different. We've been here before.

    As for performance, there are several measures of performance we'd like you to evaluate. All of these studies are empirical in nature and reflect real-time assessments.

    A Rating Case Study: http://bit.ly/1wTRfZl

    Independent Rating Assessment, Tip Ranks: http://bit.ly/1JuOp1W

    Best Ideas Newsletter Portfolio: http://bit.ly/1hL3xfV

    Seeking Alpha Study: http://bit.ly/1rHH4jZ

    Our white papers supporting the Valuentum Buying Index and Dividend Cushion ratio can be found at the following links:

    http://bit.ly/KVf6Q1

    http://bit.ly/1JuOnHj

    Thank you for the question! Please let us know if there may be anything else.

    The Valuentum Team
    info@valuentum.com
    Jul 1, 2015. 09:24 AM | 2 Likes Like |Link to Comment
  • Kinder Morgan Inc - Look Past The Punditry And See The Big Picture [View article]
    Steve,

    We're sure Brian will be able to answer your question. He can be reached at brian@valuentum.com.

    Our best wishes,

    The Valuentum Team
    Jun 22, 2015. 07:32 PM | 2 Likes Like |Link to Comment
  • Kinder Morgan Inc - Look Past The Punditry And See The Big Picture [View article]
    User 12839421,

    Thank you for the correction. Mr. Nelson's article has been fixed (24 --> 19). There are a few things at work here that are worth clarifying.

    1) The debt, net of cash is what it is. There are few, if any, investment-grade corporations (not MLPs) with ~6x reported leverage, and none that pay out such a lofty dividend, to our knowledge.
    2) The ~$100 billion in equity "value" is supported by sell-side analyst dividend discount models, and a 4% discount rate should certainly be suspect. You've uncovered a very important dynamic that is "propping" up the stock. Thank you for emphasizing this point.
    3) In your example, EBITDA cannot be perped to arrive at either enterprise value or equity value, and certainly not at a 5% discount rate. Not only is the assumption in "perping" EBITDA that KMI will never have another capex outflow in any form, but implicitly it assumes no change in interest rates over the useful life of their pipelines. The company's equity cost of capital is significantly higher than 5%, and some will argue that its after-tax cost of debt should mirror that of junk status.

    Thank you again for finding the correction. The change does not materially impact our thesis.

    Kind regards,

    The Valuentum Team
    info@valuentum.com
    Jun 22, 2015. 05:40 PM | 2 Likes Like |Link to Comment
  • 5 More Reasons Why We Think Kinder Morgan's Shares Will Collapse [View article]
    All,

    Thank you again for your comments and interest. I'm always available at brian@valuentum.com.

    My best regards,

    Brian
    Jun 21, 2015. 01:01 AM | 1 Like Like |Link to Comment
  • Is Michael Kors Growth Being Overlooked By Investors? [View article]
    Thank you for your comments. We appreciate your thoughts, and hope that you will continue to share them.

    Our fair value estimate on Michael Kors is based on our estimate of its expected future free cash flows, which consider expected comp and unit expansion, as well as international considerations.

    As the article mentions, our fair value estimate on this basis is significantly above where Michael Kors is trading. On a forward looking basis the company is trading just north of 10 times earnings, and it boasts a net cash position.

    Investors may be focusing too closely on handicapping comp performance in any given quarter and are likely missing the entire valuation picture. Hope this helps clarify how intriguing the Michael Kors' story has become.

    We are available at info@valuentum.com for any further questions.

    Thank you,

    The Valuentum Team
    Jun 9, 2015. 10:36 AM | 1 Like Like |Link to Comment
  • Not Considering salesforce.com, Shares Not Cheap [View article]
    IronMan4,

    We think you have great questions! Feel free to reach out to us at info@valuentum.com, and we'll be happy to address them.

    Our best wishes,

    The Valuentum Team
    Jun 5, 2015. 09:33 AM | Likes Like |Link to Comment
  • Not Considering salesforce.com, Shares Not Cheap [View article]
    Thank you for the questions!

    We make available our fully-populated discounted cash-flow valuation models, where you can take a look at all of our assumptions, to members of our financial advisor plan.

    Here is more information:

    http://bit.ly/xf6xWg

    Thanks for reading!

    The Valuentum Team
    Jun 4, 2015. 12:50 PM | 1 Like Like |Link to Comment
  • Skyworks Still Has Upside Potential [View article]
    Hari,

    Thanks for reading and commenting!

    The Valuentum Team
    Jun 2, 2015. 03:16 PM | Likes Like |Link to Comment
  • Skyworks Still Has Upside Potential [View article]
    Ernie Mac,

    Thanks so much for reading!

    The Valuentum Team
    Jun 2, 2015. 03:15 PM | Likes Like |Link to Comment
  • Is McDonald's Losing Its Economic Castle? [View article]
    Here's a walk-through of the work that goes into our discounted cash-flow process, which we use to derive the fair value estimate for McDonald's and all other companies in our coverage:

    http://bit.ly/xf6xWg

    Kind regards,

    The Valuentum Team
    Jun 2, 2015. 03:14 PM | Likes Like |Link to Comment
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