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  • MegaBrew deal still moving forward  [View news story]
    Relative to Anheuser Busch pre Inbev takeover.
    Oct 6, 2015. 11:07 AM | 1 Like Like |Link to Comment
  • MegaBrew deal still moving forward  [View news story]
    No, SABMiller is a relatively well run company.
    Oct 5, 2015. 03:18 PM | Likes Like |Link to Comment
  • Shareholders Should Be Wary Of Cablevision Spin  [View article]
    Didn't read something as interesting for a while.Why did AT&T sell their broadband subsidiary to comcast in 2003 then ? If cable is so much better to deliver internet service, this can only be explained by the total lack of AT&T management of the industry transformation. And now they are pouring massive capex to craft their networks with fiber

    Thanks Dana.
    May 10, 2015. 07:06 PM | Likes Like |Link to Comment
  • Investors Need Patience With Engie (Formerly GDF Suez)  [View article]
    What a horrendous name change!!

    Anyway, thanks Catharina
    May 7, 2015. 10:56 PM | Likes Like |Link to Comment
  • Peyto Exploration Is Making Big Profits Producing Canadian Gas  [View article]
    Hi michael! I thought we'd hear you more about Shell/BG combination...
    Apr 21, 2015. 03:27 PM | Likes Like |Link to Comment
  • EU debt levels surge to records  [View news story]
    Well, this isn't worst than the us with an above 100% GDP public debt & a 4.8% deficit(vs 2.4 for the eurozone)

    The interest rates are so low because unlike the us there is overall not a large fiscal deficit in the eu while qe is going full throttle
    Apr 21, 2015. 03:25 PM | Likes Like |Link to Comment
  • Kraft, Heinz announce merger  [View news story]
    Wonder what will happen with the warrants & preferred of Buffett.

    Well,well 3G is good at taking over companies with a much lower leverage & higher credit rating than their company. Would've liked to see Heinz properly deleverage before proceeding to an acquisition. It looks like there is a premium for the managerial skills of 3G Capital.

    I assume HNZ is worth less than KRFT, so an all share deal wasn't possible without a special dividend paid straight out of Buffett & 3G's pockets
    Mar 25, 2015. 01:25 PM | Likes Like |Link to Comment
  • It's Time To Start Shorting The U.S. Dollar  [View article]
    I don't know if the exorbitant privilege you put in your piece was intended to quote Valery Giscard D'estaing but an economist which I don't remember the name said that it was more of a dichotomy since the US "has" to remain in deficit to feed the world's central banks in greenbacks.
    Mar 24, 2015. 04:04 PM | Likes Like |Link to Comment
  • 'The U.S. Is Broke'  [View article]
    The US isn't broke for now,but comparing it with Greece is ludicrous at best, The US actually can raise taxes and doesn't trick its finances. It's the most powerful economy & its budget is 1.5 times the GDP of France. So the comparison is doubtful.

    What is worrying is the future. According to CBO the deficit & debt should increase significantly over the next decade, the problem in itself is the chronic pattern that emerges & believe me as a French, whose country wasn't capable of producing a balanced budget since 1974, debt service is the second highest spending item, it's a real CANCER when you think about all we could have done if we had the wit to balance our budget during good times, rates are bound to increase at one point in the future anyway, that's why I'm dubious about the criticism Germany gets for its surplus budget,it's one of the ONLY country on earth that actually pay off its national debt & doesn't borrow.

    What bugs me about the US is this intricate will to "outgrow" spending...really since the economy is made of ups & downs, growth at all cost isn't a sound policy

    Finally as for the printing press, is there an alternative to the $ ? not the yuan(Chinese economy isn't opened enough) the € could've fit the bill but this goddamn sorcerer @#!! Draghi couldn't get his hands off the cookie jar
    Mar 18, 2015. 04:54 PM | Likes Like |Link to Comment
  • The Earnings Recession Of 2015: Stock Market In Danger?  [View article]
    "Talk about "financial engineering" and you can see how European banks have driven down their currency from $1.40 to $1.10 in less than 10 months."

    Don't be ridiculous,you think all the QEs & ZIRP Policy by the Fed wasn't meant to devalue the $ against the €uro ? You guys pioneered the technique,so please.
    Mar 11, 2015. 07:10 PM | Likes Like |Link to Comment
  • QE Never Left Us: The U.S. Economy And Stocks Will Grow Faster And Higher  [View article]
    Is the usd recent strength correlated to the strength of the us economy or to the action of the ECB ? or both ?

    As for credit growth, why hasn't it yet translated into inflation ?

    Thanks James.
    Feb 14, 2015. 11:23 AM | Likes Like |Link to Comment
  • GDF Suez Shares Should Get Re-Rated  [View article]
    I feel a little better about my GSZ Investment and it's thanks to you Catharina :-)

    Though if I had to critic something this would be the management's financial policy aka not cutting dividend sooner & not buying back stock when it was outrageously cheap
    Feb 4, 2015. 01:55 PM | Likes Like |Link to Comment
  • Are Exxon, Chevron And Shell Low Cost Oil Producers?  [View article]
    What do you think of COP Richard ?

    Jan 30, 2015. 07:21 AM | 1 Like Like |Link to Comment
  • Saudi Arabia: Cutting Off The Hand To Save A Finger  [View article]
    Michael, the why & how of share buybacks has been patiently explained to you,I've already read your articles & the comments.

    Tell me by how much COP+PSX crashed against XOM recently ? There isn't a huge difference but keep in mind that with hedges & derivatives the impact on the financial results won't yet show itself in the meantime.
    Jan 18, 2015. 01:27 AM | Likes Like |Link to Comment
  • Saudi Arabia: Cutting Off The Hand To Save A Finger  [View article]
    Hello Michael!

    I was eagerly waiting for one of these piece campaigning against exxon mobil's underleveraged balance sheet, value destroying management choices and how Exxon ought to have loaded on debt to fund shareholder payout, how come your activism ceased so abruptly ?

    I hope the current events on the oil markets serve as a lesson to you as well as others. It's very easy to jiggle up stock prices with spin off,splits & debt, however some companies,XOM included chose the strength of Integration which provides what investors seek: Resilience. Solid companies like COP will weather the storm without much trouble I believe, by cutting most probably capex, however once oil price reaches normalcy again(could be in 1 or 2 years) "Investors" will cry "OMG There's no production growth!!COP Sucks" so cutting capex budget in itself isn't a business plan since those expenditures are supposed to increase production growth in the first place,thus profits.

    I remember reading a comment suggesting XOM to borrow US$100 Billions to pay dividend. Unbelievable.
    Jan 17, 2015. 08:23 AM | Likes Like |Link to Comment