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am65

am65
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  • REM Dividend Cut's Implications For mREIT ETFs And ETNs [View article]
    Lance, thanks very much for your great articles.

    I have a quick question for you:

    Assuming the yield curve stabilizes (roughly) at its current levels, how long do you think it will take for m/reits NAVs to stabilize?

    Thanks,
    Sep 25, 2013. 12:17 PM | Likes Like |Link to Comment
  • REM Dividend Cut's Implications For mREIT ETFs And ETNs [View article]
    Leveraged etfs can diverge meaningfully form their underlying indices. You may not be buying what you think you are.

    With CYS - invested in all agencies, at 0.8x book and yielding over 15%, I don't think there is a need to go into leveraged etfs.
    Sep 25, 2013. 12:14 PM | Likes Like |Link to Comment
  • Genco Shipping & Trading Could Use Some Extra Cash [View article]
    Hi Lambros,

    Thanks much for your helpful articles on shipping cos. In prior articles you've commented favorably on Baltic. What do you think is the risk that Baltic is somehow pulled into any restructuring event at Genco?

    AM
    May 8, 2013. 05:39 PM | Likes Like |Link to Comment
  • Winnebago Industries: Why I'm Short [View article]
    Very nice, thorough work. Keep it up.
    Aug 10, 2011. 10:17 AM | 2 Likes Like |Link to Comment
  • CVR Partners: 9.6% Dividend Yield With Potential to Grow [View article]
    Great work. The most recent WASDE report is supportive of your thesis.
    Jun 10, 2011. 11:09 AM | 2 Likes Like |Link to Comment
  • Merger Arbitrage Mondays: May 02, 2011 [View article]
    great work.
    May 5, 2011. 04:26 PM | Likes Like |Link to Comment
  • Lakeland Industries: Competing With the Hand That Feeds [View article]
    great analysis
    Mar 6, 2011. 11:06 AM | Likes Like |Link to Comment
  • Merger Arbitrage Mondays: July 19, 2010 [View article]
    Kudos. This is a great resource.
    Jul 20, 2010. 05:11 PM | Likes Like |Link to Comment
  • Hotel REITs: The Most Contrarian Idea I Have [View article]
    There are some differences: Thornburg was effectively leveraged 50 to 1 and it primarily used repo financing, which means its debt matured every 3 to 6 months. Hotel REITs (and REITs generally) have much lower debt and the debt is much better matched to their assets ie it's mortgage debt. Hotel REITs can still be volatile though.
    Jun 5, 2010. 01:21 PM | 1 Like Like |Link to Comment
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9 Comments
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