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  • Ukraine continues offensive against rebels [View news story]
    I didn't notice that every single effort to adjust borders is treated as a sign of another Hitler. Frankly, this is the first I am aware of (but of course I may have missed some other instances). Let's see what we have here - an empire that lost a war (WW1 vs. cold war). A leader trying to feed off of the 'historical injustice" and dreaming of creating a large national space populated by Germans/Russians. Crowds cheering at home after successful aggression/annexation. Using deceit and breaking previous treaties to gain advantage over a seemingly weak coalition. Control of media and relentless propaganda. Using protection of their nationals as a pretext for invasion. Creating chaos in a neighboring country by small armed groups and defected soldiers. It is important to understand these parallels and not dismiss them as something shallow.
    May 4 11:21 PM | 4 Likes Like |Link to Comment
  • Ukraine continues offensive against rebels [View news story]
    That would be a reasonable resolution of the situation. Unfortunately, Russia and Russians in Ukraine will do anything to avoid such a vote because they form a minority in Ukraine even in the provinces that are currently experiencing separatist violence. The present chaos is designed to prevent any democratic solution. The masked men with machine guns had many opportunities for a peaceful solution and national elections, but instead they are inviting Russian forces to invade their own country without any regard to non-Russians living in the area. Very sad situation and the parallels with the pre-WW2 situation are not at all 'well-worn'. The parallels are chilling. "Those who cannot remember the past are condemned to repeat it."
    May 4 10:58 PM | 6 Likes Like |Link to Comment
  • Four killed in gun battle in Eastern Ukraine despite peace accord [View news story]
    A good point, Moon. Anybody who is trying to justify the Russian invasion by protecting ethnic Russians, but is ignoring the fate of the non-Russian population after the area is swallowed by the 'empire', is either a hypocrite or unable to think beyond newspaper headlines.
    Apr 20 08:19 PM | 1 Like Like |Link to Comment
  • Four killed in gun battle in Eastern Ukraine despite peace accord [View news story]
    Seriously? I guess so. But thanks for pointing out that Russia still lives in the era of imperial conquest. Let us know when they get to the 21st century. It may take a while, though. Their dear leader is using this dream of a great Russian empire to cater to many Russians. No doubt he sees himself as a new Peter the Great - and this should scare many. If you really think his ambitions end with Crimea and some parts of Ukraine, you are very very wrong.
    Apr 20 06:39 PM | 1 Like Like |Link to Comment
  • Four killed in gun battle in Eastern Ukraine despite peace accord [View news story]
    There is nothing inappropriate about that comparison. Russia invaded a sovereign country and annexed its part, violating international laws and their own guarantees. They used the local ethnic population as a pretext and sent in their armed troops to capture local strategic objects. That's exactly what Germans did to my country in 1938. Putin lied about the presence of Russian military forces - anybody trusting him and defending his actions this time should have his head checked. He got his 'invitation' from local cronies as a justification to invade an independent country - like Soviets did to my country in 1968. The present actions are transparent and sickening to anybody living east of Russia, but, unfortunately, many uninformed people in the west are falling for it and taking it as an opportunity for a cheap jab at their own government. So, Andrey, stop the BS about western media and think about what Putin would do if a part of Russia tried to separate and armed men occupied government offices. (Hint: they would be dead already, as we know from history).
    Apr 20 06:19 PM | 2 Likes Like |Link to Comment
  • Seeking Alpha Crowd Wisdom Predicts Future Stock Returns [View article]
    I am not sure what you are trying to say. The market was at the beginning of its huge move up, yet comments here were extremely negative and pessimistic. This is just a complementary observation to the finding of the recent research that SA crowd gets it mostly right. I am saying a more detailed study would be very useful that would look at various instances of when SA masses get it right and when they do not. There is wisdom in the crowd but there is also herd behavior. I did not write anything about my interpretation and you have no way of telling what my interpretation was (and it is also irrelevant).
    Mar 25 10:39 PM | Likes Like |Link to Comment
  • Seeking Alpha Crowd Wisdom Predicts Future Stock Returns [View article]
    This sounds really great, congratulations to SA. I always find plenty of valuable research in the articles and helpful additions in discussions below. However, I would like to see more detailed research into the instances when the crowd-sourcing works and when it is not reliable. I remember very clearly the extremely negative comments to anything positive when the stock market started to rise in 2009. In that case the SA crowd was very wrong. The research mentioned in the article shows that there is wisdom in the crowd about the alpha but I would say it may not be the best guide for timing the market cycle.
    Mar 19 10:21 PM | 2 Likes Like |Link to Comment
  • One Liberty Properties: This Undervalued REIT Is A "Hidden Gem" Yielding Over 7% [View article]
    Interesting information. I like the insider ownership, but can you support your claim of undervaluation by the NAV and (A)FFO per share or FFO growth numbers? It is hard to value a stock based only on its price and dividend. Thanks!
    Feb 5 10:33 PM | 1 Like Like |Link to Comment
  • The High-Yield BDC Portfolio: Q3 2013 [View article]
    Your reply is appreciated! The high NAV/share on SA must be a glitch. With such a discount PFLT looks like a reasonable value even with the relatively lower yield.
    Sep 10 11:49 PM | Likes Like |Link to Comment
  • The High-Yield BDC Portfolio: Q3 2013 [View article]
    BDC, thanks for the whole series of very useful articles!
    May I ask about the source of your NAV information? I am looking at PFLT, which you list with the NAV multiple of 0.94, but SeekingAlpha database has it with ~1.35. I bought it at the end of June as a relatively safe and cheap stock with NAV multiple around 1 but then the price dropped and the multiple climbed dramatically (according to SA).
    Sep 10 10:30 PM | Likes Like |Link to Comment
  • Bond-Fund Trap Can Hurt Unwitting Investors [View article]
    I think you missed the capital gains distribution of BOND ETF on 12/12, which was $0.8826 per share. If this distribution is added back to the ETF's price, the decline since the beginning of December is only 0.13%. That is not a big deal.
    Dec 25 05:49 PM | 1 Like Like |Link to Comment
  • New Highs Ahead for the S&P 500 [View article]
    Sure, a survivor gets higher margins... but for how long? Once the economy or technology improves, the competition will be back, unless you assume credit will stay tight forever. But that would contradict your own optimistic predictions. You can't have it both ways.
    Sep 13 01:17 PM | 1 Like Like |Link to Comment
  • New Highs Ahead for the S&P 500 [View article]
    Do you really think mean reversion equals going back to old ways of doing business? Automation and improved business processes have always been around and so has been mean reversion. How about competition?? Especially now when individuals and whole countries are cutting spending. Competition is why margins shrink over time and I don't see why it wouldn't happen again.
    Sep 12 10:40 PM | 2 Likes Like |Link to Comment
  • Solar Sector Hot for a Reason [View article]
    You are forgetting nuclear power. The Czech Republic mentioned above actually exports electricity, there is no shortage of it. The only driver is the bizarre magnitude of subsidies. The policy has very little to do with energy independence. It is just a result of combining green enthusiasm with lobbing and outright corruption.
    Sep 8 12:21 AM | Likes Like |Link to Comment
  • Solar Sector Hot for a Reason [View article]
    You are right, unfortunately. The same madness has been unfolding in Europe for the last couple of years and is peaking right now. Take the Czech Republic as warning. This Central European country with just average sunlight is going to have the largest number of solar panels per person. Why? Because of insane subsidies that will increase the total price of electricity by 25% from next year. That's at the time of weak economy and thin margins. Solar panel fields are gradually covering good arable land, cause instability of the power network, and the price increases may drive companies out of business and anger common people. Now, finally, even the government panicked and they are trying to cut the subsidies as much as they can. This will end the boom of new large-scale solar power plants. The small solar on roofs can work pretty well but I doubt the big business can survive without free money, which is disappearing fast.
    Sep 4 05:16 PM | Likes Like |Link to Comment