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milkchaser

milkchaser
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  • GCVRZ Forum [View instapost]
    Excellent letter. I will use it. One tiny criticism: criticism does not have an e at the end.
    Aug 21 06:35 AM | 1 Like Like |Link to Comment
  • A Kinder Morgan Merger Is Not Feasible [View article]
    "Does this merger make it easier for Kinder to be acquired?"

    The whale swallows its 3 big children and you ask if there is an even bigger whale? :-)
    Aug 11 10:02 AM | 1 Like Like |Link to Comment
  • An End To Our Relationship With Yahoo, A New Era For Equity Research [View article]
    If I am interested in a stock, I will put it on more than one watch list. Over the years, Yahoo financial has become less and less important.
    Aug 1 09:58 AM | 5 Likes Like |Link to Comment
  • The Zillow Short Instruction Manual [View article]
    Z closed at $158. Still patting yourself?

    Z gets the eyeballs. Z/TRLA gets even more eyeballs. Realtors do not like Zillow because they are doing a lot of the realtors' job. When people figure out that they can get people to look at their house or can find houses on their own, they will wonder why they are paying realtors tens of thousands of dollars. It's much cheaper to find the house or buyer, strike an agreeable price and hire a lawyer to oversee the contract.

    But for now, wailing about Zillow is like an AltaVista fan complaining about google's increasing share of the search engine market.

    I was long Z at 137. Read this article and panicked. Sold at 125. Not the stupidest decision I've ever made. In fact, it was rational. Just wrong.
    Jul 26 09:26 AM | Likes Like |Link to Comment
  • Kinder Morgan: The Naysayers Are Barking At Shadows [View article]
    "I don't see the value being added."

    How much fully subscribed pipeline did the KM cos. add last year? There's the added value. And add in some shipping capacity now, as well. Have revenues risen this year due to past investment? Yes. Are revenues likely to rise in future based on current investment? Yes.

    In a Ponzi scheme, there is never any new revenue to cover payouts. Just the pseudo-revenue from new investors. But KM cos. have paying customers.
    Jul 22 06:52 PM | 1 Like Like |Link to Comment
  • Kinder Morgan: The Naysayers Are Barking At Shadows [View article]
    My take was that Clayton meant that if one has confidence in KMR, one has confidence in KMP. Their fortunes are bound together.
    Jul 22 06:43 PM | 11 Likes Like |Link to Comment
  • The Zillow Short Instruction Manual [View article]
    Zillow has several advantages, but the moat is not very wide. It is much more usable than the average MLS site. It's house price data can be stale, but its geographic house search capability is better. The website is responsive and not too cluttered and includes useful links. This shows good web design.

    It attracts eyeballs that realtors will pay for. It's a toss-up whether a competitor will eventually out-innovate them, but for now the high quality of their site is an advantage.
    Jul 22 06:31 PM | Likes Like |Link to Comment
  • Hidden Leverage At Kinder Morgan [View article]
    Without taking a stand on whether KMI in particular is excessively regulated, let me observe that there is a wide spectrum of possibilities between no regulation at all and excessive regulation. So to advocate for less regulation is not the same as opposing all regulation entirely.

    Excuse the pun: the device that takes the contents of a high pressure pipeline to a lower pressure pipeline is called a "regulator". Hence, all pipeline companies must be regulated.
    Jul 21 12:32 PM | 1 Like Like |Link to Comment
  • The Zillow Short Instruction Manual [View article]
    The Zestimate valued our home at $20k less than we eventually sold it for and now estimates our new home at over double what we paid for it (less than one month ago). I like their Zestimate on the new home better.
    Jul 21 12:26 PM | 1 Like Like |Link to Comment
  • Hidden Leverage At Kinder Morgan [View article]
    "At its core, KMI is a levered play on KMP."

    I read this in an article on SA a couple of years ago and took that message to heart. Hence, my investment is primarily in KMI, not KMR.

    And KMI warrants are a leveraged play on KMI.
    Jul 20 11:13 PM | 1 Like Like |Link to Comment
  • Earnings Update: Kinder Morgan Inc. [View article]
    "if KMI is < $40 in May of '17 has all the money spent for buying back warrants been wasted?"

    It has reduced the risk of future dilution. As with all hedges, they sometimes expire worthless and turn out not to have been needed. But a hedge always limits a possible downside.

    In this case, it also serves to show management confidence in the future price of KMI.
    Jul 18 12:52 PM | 3 Likes Like |Link to Comment
  • CMS Bancorp And... One Million Dollars [View article]
    CMSB now trading at $11.50 (July 18, 2014). No longer at much discount to $11.68 book value. Now just speculation on future buy out.
    Jul 18 09:54 AM | 1 Like Like |Link to Comment
  • Earnings Update: Kinder Morgan Inc. [View article]
    "Using a dividend discount model, Kinder Morgan's FV is north of $45 per share, implying a 20% upside from current prices."

    Let us hope so.
    Jul 17 09:31 AM | 3 Likes Like |Link to Comment
  • Beware The Hand Of Government [View article]
    George, you seem to have implied that I do not know what I am talking about or that I am misleading people. I am able to back up every single point I have made with multiple reputable sources. You just don't seem to like the inevitable conclusion. It does not reflect well on Mr. Obama.

    Quite simply, it is you who needs to learn about the law. Let us take our legal lesson today from former prosecuting attorney Rep. Trey Gowdy. He explained the problem of spoliation of evidence to the IRS Commissioner:

    http://bit.ly/1r3w6Yx

    <begin transcript>
    Gowdy: “When a party has a duty to preserve evidence or records, and they fail to do so, there is a negative inference that is drawn from their failure to preserve the evidence. It’s common sense, right? If you destroy something, the jury has a right to infer that whatever you destroyed would not have been good for you. Or else every litigant would destroy whatever evidence was detrimental to them. Agreed?”

    Koskinen: “I’m not sure I think if you destroy the evidence and people could prove it, it wouldn’t be a good thing for your defense.”

    Gowdy: “Well, no it’s worse than that the jury can draw and they’re instructed, they can draw a negative inference.”

    Koskinen: “All right.”

    Gowdy: If a taxpayer is being sued by the IRS administratively, civilly or prosecuted criminally, and they fail to keep documents, the jury can draw a negative inference from the fact that they didn’t keep receipts or emails or documents. So if it’s true and applies to a taxpayer, it ought to apply to the IRS as well. Agree?
    </end transcript>
    Jul 7 01:38 PM | 2 Likes Like |Link to Comment
  • Beware The Hand Of Government [View article]
    "Lying, perjury and destroying evidence are very serious crimes."

    Not if your name is Clinton. Clinton eventually confessed to these things in order to avoid prosecution, and after denying the crimes for over a year and after shaming the prosecutors for "wasting" over $70 million in pursuit of justice -- a waste that was all caused by his stubborn refusal to come clean in the first place.
    Jul 7 03:14 AM | 2 Likes Like |Link to Comment
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