one taste

Is Norilsk Really Selling Its SWC Stake?

Mark,

Thanks for your ongoing research and opinion. Don't worry about spreading rumors, as this is everywhere now...
platinum.matthey.com
tradingmarkets.com
steelguru.com
ipmi.org
billingsgazette.net
...and in my judgement is probably true.

The 25% selloff for SWC *was* breathtaking -- I had the unfortunate timing of opening a position the day before -- but was not too much more than some other mining shares, for example FCX. Norlisk will likely be able to find a cash rich mining buyer and knows it cannot resort to dumping its shares on the open market, so other than the desperate times this situation points to it may end up not having much negative effect on the share price.

Looking at this situation and the other articles at the moscow times site, it is more clear to me just how widespread and serious the credit crunch is: Gazprom is having cash flow difficulties and large metals companies are not paying their electric bills.

Btw, I liked the comment in the moscow times story that their investment in SWC hadn't worked out as they had hoped, in part due to the "environmental sensitivity" and high labor costs in the US. And part of their plan going forward is the "optimize" salaries at Norlisk. Well, God bless America and the rest of the free world, and I'll take my 25% loss, thank you.

Allied Irish Banks: With 9% Dividend, This Bank Could Thrive

Another reason I had confidence in Wachovia was that the Dodge & Cox folks, local to the high housing prices and the large loan book there, had WB as its largest bank holding. They were aligned with the view that current data showed trouble loans were at a level that was manageable. Until they weren't, of course. Hey, I'm talking myself out of AIB!

Anyway best of luck with your investments,

One taste

Allied Irish Banks: With 9% Dividend, This Bank Could Thrive

Thanks David for a very nice write up.

I'm considering AIB here and you gave me a great head start on my research. I have to admit alot of the positives of AIB remind me of Wachovia when I bought it "really cheap!" at $42, with great management, conservative loan practices, solid dividend easily covered by earnings, etc., etc. I sold when it bounced back up to $33 -- even though the questions then were "how much lower could it go?" Today at $16.

The overheated home market, exposure to construction loans and the leveraged nature of banks make me very cautious approaching AIB, even at the "cheap" $24.

Allied Irish Bank: Diversified Earnings, Compelling Valuation

patrick13990,
thanks for the local's view -- it's hard to beat your "view" of AIB!
I'm considering AIB although with great caution as you point out I should be. do you have any updates to your thoughts of mar 03?
thanks,
one taste

Yes, Virginia, There are High Dividend ETNs

On having a bit of an MLP in more than one tax sheltered accounts...

I'm surprised to learn from d_teller that the less than $1k unrelated business taxable income is summed across your different tax sheltered accounts. Are you sure? They have different account numbers and some are with different brokerages -- are they added up by my ssn? I thought each account had its own $1k limit for UBTI. Now I have to go back and redo my math, I'm not in the clear by as much as I thought I was. Eeeek! this would be a disaster! Good thing these are recent additions and I probably still have a total less than $1k.

Yes, the below statement from KMP suggests that all or nearly all of their distributions will be UBTI.

Employee benefit plans and most other organizations exempt from federal income tax, including individual retirement accounts and other retirement plans, are subject to federal income tax on unrelated business taxable income. Virtually all of our income allocated to a common unitholder which is a tax-exempt organization will be unrelated business taxable income...

3 CEFs for Emerging Market Debt Exposure

Also, MS has a EDD favored client share class that doesn't pay the management fee. So I like what they are doing, but don't appreciate the price tag.

3 CEFs for Emerging Market Debt Exposure

I was in EDD and then recently out as the NAV/market price has closed. However, as of 4/30/08, etf connect reports management expenses at 2.21 and other expenses bringing your total expenses to 3.24. www.etfconnect.com/sel...