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  • Kinross Gold: The Disappearing Reserves [View article]
    Multiplying the reserves (48 million or so) by the price of gold ($1,200) equals approximately 57 billion. Now, clearly the market is not pricing KGC anywhere near that. As someone less familiar with gold (or any commodity corporation, I presume), why not? Taking a pointer from value investing, I can buy KGC and get a boatload of gold on sale. Clearly, I'm missing something, but can you please explain the what? Thanks.
    Apr 16 10:54 PM | 1 Like Like |Link to Comment
  • The Tortoise Series: Part 15 - 4 Ways Lorillard Pays You Cash Now [View article]
    Thanks very much for clarifying. I haven't seen this being used very often, but it certainly makes a lot of sense.

    And, of course, thanks for all your writings!
    Apr 6 11:43 PM | Likes Like |Link to Comment
  • The Tortoise Series: Part 15 - 4 Ways Lorillard Pays You Cash Now [View article]
    I probably should've asked this 14 articles ago, but what's the difference between the cash dividend payout ratio and the payout ratio?
    Apr 6 01:21 AM | Likes Like |Link to Comment
  • Progressive Waste Solutions: 6 Different Insiders Have Purchased Shares During The Last 30 Days [View article]
    Thanks for your article. I'm looking to add a waste management company to my portfolio, looking a little deeper than the big guns (rsg and wmt), and I just came across this. It looks pretty solid. Two questions, please:

    1. PEs are a little higher than I would like, but the whole industry seems to be up over 20. Is this normal, i.e. should I not expect to get anything cheaper?

    2. (a little more open ended) aside from the insider buying, which I appreciate as being indicative if all else is equal, what's your opinion on the fundamentals of this company?

    Thanks for your insights!
    Apr 3 12:29 AM | Likes Like |Link to Comment
  • Tortoise: Part 6 - BNS 4.0% Dividend Yield Rises To 7.78% Using This Strategy [View article]
    First of all, thanks for these (and your other) articles - I'm enjoying and learning.

    Second of all, this may not be the perfectly correct forum, but I might as well ask: I have an account with a brokerage and I'm thinking about switching to another brokerage. If I transfer the account (or the positions) from one to the other, there are no taxable gains, correct (except on the liquidated partial shares)? And my cost basis will remain the same? If for some reason the new proposed brokerage will not transfer the account, and I have to sell to repurchase, if I repurchase the same amount of the same companies, is there taxable gains?

    Thanks in advance!
    Mar 22 11:53 PM | Likes Like |Link to Comment
  • It's All About The Fundamentals [View instapost]
    Thanks for clarifying. That's what I was hoping you'd say.
    Jan 20 11:25 PM | Likes Like |Link to Comment
  • It's All About The Fundamentals [View instapost]
    Thanks again, Chowder!

    Please clarify something for me, though. I have always thought PE is a multiple, meaning, it will be greater than 1 (for example, IBM's current PE is approximately 12, as in 12 times greater than earnings). You, along with a few of the commentors, have written it as a percentage, i.e. less than 1 (for example, IBM's current PE is approximately 1/8 of earnings). Am I missing something, or is this an alternate way of stating it?

    Thanks in advance!
    Jan 12 12:14 PM | Likes Like |Link to Comment
  • Annaly Capital: Down And Out Or Just Getting Started? [View article]
    Is it a bad idea to buy some mREITs with the expectation and acceptance that yield will decrease. For example, I can buy NLY for the 5% yield, providing a nice buffer for that event.

    Or, is this a terrible idea. Perhaps, you will say, mREITs are too risky to invest in for a measly 5% yield! Alternatively, maybe once the floor kicks out on them, there will be no stopping it until bust.

    Any and all thoughts are appreciated, thanks.
    Jun 26 02:23 PM | Likes Like |Link to Comment
  • Condition Of The Market - April 2013 [View instapost]
    Thanks very much for your time and help. On the charts I pulled up, there was no average volume info, and I couldn't figure out how to get it. But going back to your link above and comparing, I got it now. Thanks!
    Apr 29 08:22 AM | Likes Like |Link to Comment
  • Condition Of The Market - April 2013 [View instapost]
    Thanks for sharing!

    I don't see average volume on stockcharts.com. Am I missing it, or where's the best place to find that info? Do you just look at the volume bars and guestimate? Thanks again.
    Apr 26 09:01 AM | Likes Like |Link to Comment
  • Condition Of The Market - April 2013 [View instapost]
    3 days including the first down day, or 3 days after, for a total of 4?

    Thanks.
    Apr 25 11:55 PM | Likes Like |Link to Comment
  • Monitoring A Large Portfolio [View instapost]
    "Wall Street has done a wonderful job of conditioning our minds to always be cognizant of share price."

    Sometimes people are in a position where they can realistically need the money in a few years, but they do not need it now. Then, price does matter now, in that such an investor ("speculator") will not want to lose on his principal. Would you recommend to just park the money in an FDIC-insured account and let inflation eat away?

    "That "margin of safety" simply isn't true if you are buying companies as opposed to buying stocks."

    I feel like margin of safety can apply to DG, as well. You like KO because it has a certain reputation, which builds your expectation. In addition, it has financial strength, product moat, global reach, etc etc etc. If KO with the *same exact* metrics was priced at $1,000.00 per share, you likely would not buy it, you would not reinvest the dividends into such a position, and you might even think about lightening the position. Thus, your margin of safety has been lost. I think of it as you just have a different guide for defining safe. (Perhaps 6 of 1?)

    RAS- I have never come across anything. If and when I do, and I remember this comment stream, I'll post it ;)
    Apr 18 04:49 PM | 2 Likes Like |Link to Comment
  • Don't Believe The Stories That The Markets Are Down Today [View article]
    DVK-

    We should give king the benefit of the doubt. He was probably referring to black sheep!
    Apr 18 11:05 AM | Likes Like |Link to Comment
  • Monitoring A Large Portfolio [View instapost]
    See http://bit.ly/17HQwNI (on the first page)(if for some reason the link doesn't work, google "graham chapter 39: newer methods for valuing growth stocks") and
    http://bit.ly/11fpeL5 (control f "concentration," in that paragraph), Graham seems to have been heavily invested in GEICO.

    Nevertheless, I was way off - I was vaguely remembering http://bit.ly/17HQwNL which is a Buffett Partnership Limited letter, pages 10-12. I have heard that this was referring to GEICO, but I don't know where I heard that, and I'm too tired to continue looking for it.
    Apr 18 12:28 AM | Likes Like |Link to Comment
  • Monitoring A Large Portfolio [View instapost]
    Certainly could be, thanks for pointing that out. After reviewing my notes, I saw that in Intelligent Investor, Graham recommends between 10-30 holdings. That's not to say he didn't operate his own funds differently. But I did not find anything about GEICO, so I'll now say it over in Buffett's name :)
    Apr 17 05:22 PM | Likes Like |Link to Comment
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294 Comments
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