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  • America First Multifamily Investors: 3 Different Insiders Have Purchased Shares This Month [View article]
    That sounds about right based on my recollections. All the income from the bonds is tax free but the income / loss as well as unrelated business income varies from year to year. A couple of years ago they made a nice profit on the sale of one the units in Florida and there was sizeable LTG.
    Feb 1, 2014. 11:14 AM | 2 Likes Like |Link to Comment
  • America First Multifamily Investors: 3 Different Insiders Have Purchased Shares This Month [View article]
    Just a note - ATAX is NOT a mReit in any sense of the word. It has 2 very different but very closely related areas.
    1. As noted, it holds, in essense, lots of mortgages (actually the bonds) on multi-family low income housing and these bonds are tax free.
    2. It owns (via VIEs) a number of properties that it is in the process of converting so as to be able to convert to units that can issue the tax free bonds that it will purchase. This area creates a messy accounting statement.

    As far as I know there is no other instrument that is even close to operating as they do, so one needs to carefully read the SEC docs. As they just did a seocndary this morning the price is down and it is a great buy here at under $6.00. - I am long.
    Jan 28, 2014. 10:58 AM | 2 Likes Like |Link to Comment
  • United-Guardian: A Recession-proof Income Stock [View article]
    Note that UG trades only on request. The avg volume is less than 2500 shares a day. The big swings are likely do to some misguided investor who enjoys being raped and pillaged by the market maker. It is a clasic example of why you need to place limit orders.
    Dec 15, 2013. 03:20 PM | 1 Like Like |Link to Comment
  • United-Guardian: A Recession-proof Income Stock [View article]
    I have followed UG for years and it is currently one of my larger holdings. UG has the investor in its sights as clearly demonstrated by the additional $0.50 dividend last year. By far the most important factor in future growth is the sale of Renacidin. UG was able to have a stellar year with out it and the next several years should show a major expansion in free cash. Also note that UG is closely held and trades only sporadically with large spreads. I keep a major core position though I have recently been a buyer under $25 and have sold UG over $27 earlier in the year. I easily see UG growing to $35 over the next several years and appreciate the very low beta. Use GTC limit orders and have patience.
    Dec 3, 2013. 04:44 PM | Likes Like |Link to Comment
  • Sigma Designs (SIGM -11.1%) tanks following its FQ2 report. Though results beat estimates, the chipmaker guided on its earnings call for FQ3 revenue of $60M-$64M, well below a $73.5M consensus. Sigma, which is heavily exposed to a weak TV market, says it expects HDTV chip sales to be "relatively flat" Q/Q in Q3, typically its strongest quarter. BWS Financial is downgrading to Hold, arguing Sigma's IPTV processor line (15% of FQ2 sales) is no longer a growth catalyst. [View news story]
    I have followed Sigma for years and there are so many tech companies with positive outlooks that are growing there is no reason to stick with Sigma. The growth drivers are non existent and management has consistently only worked to help themselves.
    Sep 6, 2012. 11:51 AM | Likes Like |Link to Comment
  • PMC Commercial Trust: Poised to Pop [View article]
    Patrick, I think you are overlooking the effect of the decline in the LIBOR and Prime rates - this will cut earnings significantly over the rest of the year
    Jun 3, 2008. 09:44 PM | Likes Like |Link to Comment
  • Derailed Growth at FreightCar America [View article]
    Good analysis - I missed the pension problems
    Mar 26, 2008. 07:10 PM | Likes Like |Link to Comment