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Ilioula

Ilioula
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  • New York Mortgage Trust with 13M share secondary [View news story]
    Stock issued at a premium is what u want to see. Great management.
    Apr 1 10:49 PM | 2 Likes Like |Link to Comment
  • New York Mortgage initiated a Buy at UBS [View news story]
    I've owned NYMT since 11/2011. It paid compounded dividends for all this time at a price lower than my initial investments. When the stock price moves above nav all newly issued stock is accretive-the higher the price the more accretive. Reits and BDCs both issue additional shares above nav, when they can. So, I'm not really concerned, I'm happy.

    This is a very good investment.
    Mar 23 07:57 AM | Likes Like |Link to Comment
  • Hercules punished for conservatism amid frothy market [View news story]
    I read the transcript and fully agree with management. Banks have lots of capital and not much sense.
    Feb 28 01:44 PM | Likes Like |Link to Comment
  • Seadrill could be headed for a dividend cut, Wells Fargo says [View news story]
    The dividend is very nice, however it is not why I own the company. The replacement cost (of oil) will recover and unless water becomes the fuel of choice, oil will rise. The reasons for owning the stock have not changed.
    Feb 12 01:26 PM | 2 Likes Like |Link to Comment
  • Deepwater drillers could plunge 35% on average, Barclays says [View news story]
    Knowing bankers as I do, my first thought was "market manipulation." Most readers of this column know the virtues and vices of SDRL and have made their call. But...there was something funky/uninformed/lazy about this Barclay call. TP bulls eye.
    Jan 28 06:45 PM | 1 Like Like |Link to Comment
  • Is It Time To Buy The Dip In IBM? [View article]
    IBM is a software/hardware services co., and a huge high tech patient library asset (which unused is a wasting asset). This asset must be monetized and voila' IBM has a whole new source of capital.
    Aug 15 07:29 PM | Likes Like |Link to Comment
  • Hercules Technology Growth Capital Inc declares $0.28 dividend [View news story]
    I own four BDCs and all have performed very well. It is not easy to squeeze dividend growth out of what is essentially a bond investment. I also like BDCs because they are such a backwater in the investment world-I don't know for ho long though.
    My background is banking (lending and investments) and BDCs are the types of credits with which I have had long experience.
    These investment in fact enjoy huge advantages to banks' lending restrictions; they are flexable tools by which lenders can tailor their risk exposure.
    Aug 2 08:10 AM | Likes Like |Link to Comment
  • IBM (IBM): Q2 EPS of $3.91 beats by $0.14. Revenue of $24.92B (-4.2% Y/Y) misses by $450M. $1B restructuring charge recorded. Expects 2013 EPS (exc. restructuring charge) of at least $16.90, above consensus of $16.64 and prior guidance of $16.70. Shares +3.6% AH. CC at 4:30PM ET (webcast). (PR[View news story]
    The tech space is in the midst of one of its famous bouts of creative destruction. Everyone's numbers are stinking the place up...'nough said.
    Big Blue is still going to prosper as they have global reach, financial depth and that formidable patient library. Speaking of which, as I have said more than once in these pages, IBM's high tech patient portfolio is it's hidden treasure. If only they have the clear eyed vision to turn creative, cutting edge patients into billions from collaborations from other tech companies. This is NOT how the company operates and it has suffered from this lack of synergy.
    Jul 18 08:08 AM | Likes Like |Link to Comment
  • UBS and Raymond James downgrade Accenture (ACN -13.2%) following an FQ3 revenue miss market by light consulting sales/orders, and soft guidance. UBS' Steve Milunovich, who now rates shares Neutral: "With Oracle and Accenture missing, enterprise demand appears to remain weak, which probably means a soft earnings season for large computer names." He thinks IBM (IBM -2.8%) could still deliver 2H services growth due to less consulting exposure and strong orders, but believes risk has grown. (FQ3 results/call: I, II, III) (CC transcript[View news story]
    AWS is eating everyone's lunch. I own IBM but after their Q1 miss I sold over half my holdings. I'm glad I did too. What I don't understand is why big blue doesn't monetize it's patient library; it's the biggest (by far) and best holding they have and it just sits there. Instead of optimizing the value in their assets the company does bolt-on acquisitions. I've read that the company finds it easier going this route. But pardon me, aren't they supposed to be the great innovators?
    Jun 29 07:33 AM | Likes Like |Link to Comment
  • Seadrill (SDRL) increases its stake in struggling rival Sevan Drilling (SDRNF.OB) to 50.1% and will make a mandatory offer for the rest of the company. SDRL is reacting to Sevan's recently revealed financing plan to issue $500M in senior secured bonds and finalize a $1.45B corporate bank facility to refinance outstanding debt, which SDRL calls "value destructive for shareholders." [View news story]
    No one buys assets expecting to lose money do they.
    Jun 27 10:35 AM | Likes Like |Link to Comment
  • Prospect Capital (PSEC) puts more money into Florida real estate, closing a $76.5M debt and equity investment in The Resort - a multi-family residential community in Pembroke Pines. The investment brings the amount invested in APH Property Holdings to $151.6M. Total originations thus far this year are $1.4B vs. $3B for the 12 months ended March 31. (PR[View news story]
    My investment thesis is that a slow growth environment is great for BDCs; REITs and even some High Yield (larger than average coupon) investments. Insider buying is usually a great indicator of management confidence.
    Jun 27 10:22 AM | Likes Like |Link to Comment
  • Seadrill (SDRL -2.4%) orders an additional pair of high specification jack-up drilling rigs at ~$230M each, as it looks to capitalize on the need to renew the world’s aging jack-up fleet. The latest newbuilds bring to eight the number of jack-ups SDRL has on order from China’s Dalian Shipbuilding, with deliveries due over the next three years, and will increase its jack-up fleet to 29 units. [View news story]
    Sorry to say but...global warming will open the arctic ocean to drilling. SDRL is the best in the business at this, and they have the best and newest fleet. Mr. Fredrikeson has cast the die.
    Jun 20 05:35 PM | Likes Like |Link to Comment
  • Verizon (VZ) broadband subs are complaining about receiving low-quality Netflix (NFLX) streams, and the culprit appears to be Verizon's unwillingness to upgrade its network to handle more Netflix traffic from fellow carrier and Netflix bandwidth supplier Cogent (CCOI). The dispute drives home the thorny relationships Netflix, which now makes up ~1/3 of U.S. Web traffic during peak hours, has with many ISPs, in spite of its efforts to relieve congestion via its Open Connect CDN (some ISPs are on board, some aren't). In Verizon's case, the carrier's efforts to compete with Netflix via its Redbox Instant JV could also be a factor. [View news story]
    Let me repeat what I've said on other posts: the band width problem is largely overrated. It has been used as an excuse for all kinds of network issues, but it's a non-problem. MIT's Technology Review ran two recent articles regarding the band width issue. Their solution was the soul of simplicity; a set of simultaneous linear equations which are woven into the data stream. The equations takes advantage of the fact that any equation in one variable can be solved by isolating the unknown.
    Data is sent with three one variable problems, which may then be solved if the receiver has only two of the three variables. This simple technique eliminates the need to query the sender for missing data-this being the primary cause of slow data traffic.
    The minimum speed increase is 10x, more than enough to send unbuffered video.
    I think the telecoms have this trick up their sleeves and are waiting to offer it until after the next bandwidth auction.
    Jun 20 06:56 AM | Likes Like |Link to Comment
  • Triangle Capital (TCAP -1.1%) updates its investor presentation as its annual analyst and investor meeting gets underway. Why TCAP as opposed to other BDCs? Internally managed BDCs like TCAP, MAIN, and HTGC have lower relative G&A expenses and deliver better returns to owners. Why BDCs (BDCS) over regional banks? Fewer banks with far more conservative capital structures are leaving plenty of market share for BDCs to pick up. [View news story]
    The above analysis is static and as many comments on this site suggest, not much thought is given to: a. market cycles, and b. entry points. It is not the case that BDCs don't grow. In fact all you have to do is look at long term histories of price action (5 to 10 years) to see that entry points are critical to a rising price.
    Too, if we are in fact in a long term slow growth environment, then BDC's, with their superior flexibility and low overhead (unlike banks), will do very well. Meaning increasing dividends and share prices.
    Jun 20 06:30 AM | Likes Like |Link to Comment
  • AT&T (T) has reportedly been thwarted in a €70B bid to acquire Telefonica (TEF) by Spain's government, which has the power to stop the sale of any company that is deemed strategic. The U.S. carrier told state representatives that it would take on the Spanish operator's €52B of debt as part of any transaction. Telefonica said it hasn't "received any approach or...indication of interest," from AT&T. [View news story]
    Spain has...what, 60% unemployment among 18 to 25 yr olds. The country is sinking into quick sand and the government is worried about it's national pride? Typical latin hubris.
    Jun 17 05:08 AM | 2 Likes Like |Link to Comment
COMMENTS STATS
26 Comments
11 Likes