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Passerby37

Passerby37
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  • Sears: The Lampert Report [View article]
    "Unfortunately, Sears entered e-commerce comparatively late in the game, and it will be difficult to woo customers away from Amazon..."

    Sears may actually be partnering with Amazon to help fill orders. I had a family member buy a vacuum online from Amazon last year. She lives in the LA area. It arrived a few days after purchase, not from an Amazon warehouse, but from the local Sears outlet. Hmmm.
    Dec 22, 2014. 02:43 PM | Likes Like |Link to Comment
  • Sears' Lender Of Last Resort May Spell Trouble [View article]
    I've watched Tues Morning operate this way for years:
    -Borrow short term for Christmas Inventory.
    -Pay back (like clockwork) in Q1.

    And the terms of SHLD loan do specify "an extention to Feb 15, 2015 at the discretion of the company upon payment of an extension fee..."
    Sep 17, 2014. 08:27 PM | Likes Like |Link to Comment
  • Sears' Lender Of Last Resort May Spell Trouble [View article]
    Call it 'Conflict of Interest' and cue the lawyers.
    It seems to me though, a 400M cash injection into Sears Christmas season could indicate some new marketing strategy. I don't know... toasters with Wi-fi?
    Sep 17, 2014. 12:00 PM | Likes Like |Link to Comment
  • Here's The Alarming Table Kinder Morgan Doesn't Want You To See [View article]
    You don't tug on Superman's cape.
    You don't spit into the wind.
    You don't mess around with the ol' lone ranger.
    And you don't short-sell Richie Kind'

    A one, a two, and three...
    Everybody sing!
    Aug 12, 2014. 12:58 PM | 14 Likes Like |Link to Comment
  • Introducing Outstanding Performance Awards [View article]
    "Doing so involves a lot of work, and probably much more reading than our typical audiences will tolerate."

    The thing I like most about SA is the a-typical audience here.
    We want to do the work, read into the wee hours in search of the relevant facts - the nuggets that move prices, compare and contrast a well presented thesis to similar ideas in the space and pick apart weak and poorly reasoned arguments in the commentary section, and above all: expanding our circle.
    Jul 25, 2014. 02:52 PM | 1 Like Like |Link to Comment
  • Penny stock trade booms [View news story]
    Everyday I watch the bums line up to pick thru the NYSE and Nasdaq bins. Why the OTC refuse is ignored, I do not understand.

    Price is what you pay. Value is what you get.
    May 23, 2014. 11:40 AM | 4 Likes Like |Link to Comment
  • Buy BlackBerry, Sell Apple [View article]
    I think you mean: Achilles Research is Crazy. Not Kofi Bofah.
    Kofi's the guy advocating Selling BBRY and Buying APPL.
    May 7, 2014. 04:04 PM | 1 Like Like |Link to Comment
  • 'Did You Expect GOOG To Trade At A PE Of 10?' And Other 'Smart Beta' And Factor Investing Questions [View article]
    "In evaluating people, you look for three qualities: integrity, intelligence, and energy. If you don't have the first, the other two will kill you."
    --W.Buffett

    Enron's Jeff Skilling was a very smart guy out of Harvard.
    Enron shareholders went to $0.00.
    Apr 23, 2014. 04:24 PM | 1 Like Like |Link to Comment
  • BDCs And The Russell Indices: Part 4 [View article]
    Awesome, Thanx
    Apr 22, 2014. 04:15 PM | 1 Like Like |Link to Comment
  • BDCs And The Russell Indices: Part 4 [View article]
    "I am sitting in the camp that additional price declines on this noise wont outpace dividends, and would only be another opportunity to average down."

    @BDC Buzz
    I've read that BDC portfolio spreads have compressed in the last year or so as a result of more money chasing fewer deals. PSEC's portfolio, for example, earns a full percentage point less today than it did a year ago. So, do you think the divvys then, across the board, are at risk going forward?

    I mean, maybe we've reached a business development cycle apex(the best deals have already been done and what's left will not only be less profitable but at greater risk of going bad), and the indicies are simply acting as our canary in the coal mine warning us that it isn't safe down here any longer.
    Apr 22, 2014. 03:39 PM | Likes Like |Link to Comment
  • Hollow Men, Hollow Markets, Hollow World [View article]
    'Hope' is not a valid investing strategy.

    'Be greedy when others are fearful'
    Time tested. Never obsolete.
    Apr 2, 2014. 04:18 PM | 1 Like Like |Link to Comment
  • Hollow Men, Hollow Markets, Hollow World [View article]
    regarding Wall Street:
    Gaze long into an abyss and the abyss will gaze back into you.
    -- Nietzsche
    Apr 2, 2014. 03:42 PM | 2 Likes Like |Link to Comment
  • Assessing The Growth Scare At Kinder Morgan [View article]
    "Arguably, what has led to a re-rating of both KMP/KMR and KMI is the more credible thesis of a secular slowdown in Kinder Morgan's growth trajectory resulting from its sheer size and perceived equity cost-of-capital burdens.

    Notably, the growth slowdown thesis, while credible, does not appear to be backed by solid evidence or a compelling line of reasoning."

    No facts. No reasons.
    So this thesis is more credible because...?

    Long KMI
    Mar 27, 2014. 03:29 PM | Likes Like |Link to Comment
  • 3 Key Takeaways From Seth Klarman's 2013 Letter [View article]
    Correction:
    In 2001 Buffett explained to Carol Loomis in Fortune magazine that determining whether the market is expensive or cheap doesn't have to be complicated at all.

    "On a macro basis, quantification doesn't have to be complicated at all. Below is a chart, starting almost 80 years ago and really quite fundamental in what it says. The chart shows the market value of all publicly traded securities as a percentage of the country's business--that is, as a percentage of GNP. The ratio has certain limitations in telling you what you need to know. Still, it is probably the best single measure of where valuations stand at any given moment. And as you can see, nearly two years ago the ratio rose to an unprecedented level. That should have been a very strong warning signal."

    "If the percentage relationship falls to the 70% or 80% area, buying stocks is likely to work very well for you. If the ratio approaches 200% -- as it did in 1999 and a part of 2000 -- you are playing with fire."

    Buffett divides the total market capitalization of the U.S. stock market by gross national product. For a refresher, GNP measures the value of goods and services that a country's citizens produce regardless of where they live. This includes the value of goods and services that American companies produce abroad.

    http://cnnmon.ie/JBfo0J
    :~)
    Mar 24, 2014. 01:11 PM | 1 Like Like |Link to Comment
  • Don't Judge Berkshire Hathaway By Its Book Value Cover [View article]
    Ridiculous?

    Book Value is the cake: $134,973/sh
    Stock Quotations are simply frosting on said cake: $185,602/sh (Mar13)

    The important facts -
    Frosted Compounded return to investors: 20.62%
    Cake with frosting tastes better.
    Mar 13, 2014. 03:04 PM | Likes Like |Link to Comment
COMMENTS STATS
37 Comments
61 Likes