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  • Previously Mediocre AerCap Holdings Just Became An Outstanding Investment [View article]
    So this should be good for my long AIG position? Opinions welcome...wes
    Jan 13 06:02 PM | 1 Like Like |Link to Comment
  • An Open Letter From Bulldog Investors, LLC To Kevin Landis Of Firsthand Technology Value Fund [View article]
    I want a chance to vote against the current management...period.
    Jan 11 01:24 PM | 1 Like Like |Link to Comment
  • Farmland Values Steady Despite Decreased Crop Prices [View article]
    Confirmation on corn from West Coast exporter client: "Yes the Chinese have rejected several cargoes and it has impacted exports out of the US. As a result we have seen much lower prices and the price continues to devalue."

    Appreciate the article......wes
    Jan 2 12:18 PM | Likes Like |Link to Comment
  • The Global Economy In 2014 - 5 Key Trends [View article]
    Appreciate the article......wes
    Jan 2 11:47 AM | 1 Like Like |Link to Comment
  • My Best Idea For 2014: Newcastle Investment, An 'Aging' REIT [View article]
    Really appreciate the analysis. I think the NCT story is well conceived with a high probability of a positive outcome. Fortress is about making money, and self interest is a corner stone. A couple cursory points that are important to me:

    Plus: No skilled nursing facilities.
    Plus: Private pay clients
    Plus: The Boomer demographic reality.
    Risk: Interest Rates

    I'm long the stock and own call options.....considering increasing position.....wes
    Dec 22 08:17 PM | 1 Like Like |Link to Comment
  • ModernGraham Valuation Of Public Storage [View article]
    I know that I'm old and tired, and certainly am not very good at using the many computer programs available on the screens in front of me [the younger people in the office help me as needed]. Yet, I still get paid to supervise the valuation of $10 Billion in property a year.

    If I'm looking to invest in a Storage Reit, I'm going to focus on a lot of things other than what is addressed above. Perhaps it is just over my head as I don't understand what insight is hiden in the article.
    Dec 20 06:45 PM | 1 Like Like |Link to Comment
  • Investing With The Alpha Bulldog - An Interview With Hedge Fund Activist Phillip Goldstein Of Bulldog Investors [View article]
    In the past several months I've added positions in ETJ, ZTR and SVVC to my family portfolios. Each of these positions is a bet on "CHANGE" rather than perpetuation. Regarding SVVC, I don’t believe in paying someone 2% of market value to manage real estate, let alone “cash”.

    Appreciate your interview. MHO...wes
    Jun 12 06:26 PM | 3 Likes Like |Link to Comment
  • QE 'Taper' To T-Bond 'Carry Trade' [View article]
    Enjoyed the article......wes
    Jun 11 03:02 PM | Likes Like |Link to Comment
  • Silver Bay Realty Trust: A Disaster Waiting To Happen [View article]
    Troutmalt, those of us who have been there and done that, view the operational aspects of SBY differently that analysts in offices. Further, the hands-on "Flip this House" croud can frequently undervalue their work which is tough to compete with.

    SBY has a purchasing advanage with Cash, but this does not extend to operations. Bought my first rental house in 1968 and first apartment in 1970. With REITs, at least the phone doesn't ring in the middle of the night.
    May 23 06:56 PM | Likes Like |Link to Comment
  • Silver Bay Realty Trust: A Disaster Waiting To Happen [View article]
    Well stated Small Fry!
    May 23 02:04 PM | Likes Like |Link to Comment
  • Silver Bay Realty Trust: A Disaster Waiting To Happen [View article]
    Thomas: “I don’t think this is really a cash play as much as an asset recovery play in US housing though.”
    Josh: “ I don't see why anyone would buy a REIT that isn't looking for yield.”

    I agree with both statements: The REIT structure has an implied Income Oriented Investor appeal. Good quality apartment REITS are paying around a 4% dividend rate. The inherent cost structure associated with SFRs is such that SBY will NOT be able to exceed that for MANY years. If there is an advantage to renting SFRs compared to apartments, it will be in asset appreciation, not free cash flow. This means that the existing ownership mix will be disappointed.

    Josh, I believe that if you adjust for the higher property tax rates in Texas, your comparisons with tighten. The most significant problem in the SBY cost structure is that the management compensation is tied to the stock based market cap, which is not currently in line with either gross rents or FFO. If I were interested, I’d invest in the management company….$$$ IMHO...wes
    May 22 01:39 PM | Likes Like |Link to Comment
  • American Capital (ACAS -4.9%) bulls may be getting a buying opportunity post-earnings. A $47M sequential decline in revenue is largely the result of non-recurring factors, according to management (CC transcript). Of a $49M increase in non-accruals, CFO John Erickson reminds the company is often in a "very" junior position and weaker performance can force a loan into non-accrual status, but that doesn't mean the return disappears. (presentation slides). [View news story]
    For me, today was a buying opportunity to add to very profitable existing position. Execution is based on long term profitability, not just instant gratification. I'm too old for 5 yard sprints....LBM
    May 1 07:40 PM | Likes Like |Link to Comment
  • Valero Energy (VLO) +1.6% AH after its board approves the spinoff of its retail business, CST Brands. VLO said last summer it would explore options for the gasoline and convenience stores it owns in the U.S. and Canada, including a spinoff that gives its shareholders ownership of the retail unit. [View news story]
    A side question....what happens to the options some of us hold?

    I know: "tis better to be assumed a fool, that to open ones mouth and remove a doubt."
    Apr 4 06:57 PM | Likes Like |Link to Comment
  • Rent A House But Don't Own This Rental Stock Just Yet [View article]
    Please correct me if I'm wrong, but isn't the management fee being charged 2% of the company market cap? If so, that works out to almost 20% of stabilized rents. That is not a typical expense factor. I also checked the Property taxes in the markets and they will average over 1% of market value, or 10% of stabilized rents. That is 30% right off the top. Good thing there is no leverage.
    Mar 5 10:17 AM | 1 Like Like |Link to Comment
  • REITs: Why The Dividends Are A Mirage [View article]
    If I want a REIT to be a growth stock I just enroll in a DRIP plan. Works just fine.

    I invest in a lot of high dividend stocks not for the dividends, but because dividend investors invest rather than "trade". Less volatility in the portfolio. I'm still working, so dividends or appreciation is the same, I don't care.

    Two key points: First, the great thing about alzheimers is you're always meeting new family members, and second, "Too soon old, too late smart". I had to number my kids.
    Mar 4 08:34 PM | 1 Like Like |Link to Comment