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  • Nuveen Municipal Market Opportunity Fund: Safe ~6% Yield, Mostly Tax Free  [View article]
    Wake up folks! Less than 14% of the bonds are rated higher than BBB. Far too risky just to dodge Federal Income Tax.
    Oct 16, 2015. 08:35 PM | Likes Like |Link to Comment
  • Puerto Rico's Crisis: Desperate Times Call For Desperate Measures  [View article]
    Hocus Pocus IMO. Kicking the can down the road. Illinois, Kentucky and maybe California in a similar shape to PR by 2018? Best to review the Muni CEF's Discloures to avoid those holding 10% in the aggregate from imploding ILL, KY & CA.

    Going to CASH may be the best option until the Socialism is removed?
    Oct 16, 2015. 08:29 PM | Likes Like |Link to Comment
  • The End Of The Oil Major?  [View article]

    Here is an example of the bloodletting going on in the increasingly distressed domestic, conventional reserves.

    2005: Sold Sabine Uplift Reserves to a Publicly Traded Upstreamer for $75 million. That same package was sold for $2.5 million in September, 2015.
    2008: Sold Sabine Uplift Reserves to a Publicly Traded Upstreamer for $230 million. That same package is under PSA for $8.8 million in October, 2015.

    Too many of the Domestic Upstreamers are liquidating rapidly declining conventional reserve assets. Further, substantial, asset value declines are predicted for Q4 "Impairment".

    So far, there are NO Publicly Traded Buyers, only Sellers. The Private Equity space are doing the buying. No Buyer can afford to Drill their newly acquired assets, thus far.

    The coined phrase: Sellers are between a rock and a hard space and they are looking for ANY Buyer to take their place. Oh yeah, Sellers Share Holders are the biggest losers.
    Oct 16, 2015. 05:33 AM | 3 Likes Like |Link to Comment
  • Linn Energy Debt Is Oversold: Long Senior Unsecured Because It Is Likely Below Recovery Value  [View article]
    Z & Raw,

    What has happened to the collateralized value of Cased Wells yet to be completed "Frac Log"? Do the Lenders support Borrowers expending capital to Frac, only to produce into the glut? The Shareholders are the last to know.

    Time to cut the losses, sell those greatly value diminished shares and wait for Natty and WTI to find bottom? Holding on to the Upstream to come back may have much more pain ahead.
    Oct 15, 2015. 09:16 PM | Likes Like |Link to Comment
  • Linn Energy Debt Is Oversold: Long Senior Unsecured Because It Is Likely Below Recovery Value  [View article]

    More Impairments about to be disclosed in Q4?
    Oct 15, 2015. 06:23 PM | Likes Like |Link to Comment
  • The End Of The Oil Major?  [View article]
    It is appears 4Q may have severe financial impairments announced. The time for buying the Upstream will be after the devastating impairment bombs drop. Selling on the rises may be the best choice in the Upstream.

    The Midstreamers look to be at least a Hold.
    Oct 15, 2015. 03:58 PM | 1 Like Like |Link to Comment
  • Tax-Free Income From Municipal Bond CEFs  [View article]
    If Yellen leaves rates alone then I expect CEF Distribution Yields to continue in decline, in the aggregate. Issuance and Quality of Muni Bonds exhibit declining Yields while the Fed is frozen. This means you are likely buying a declining Yield in many CEFs looking forward.

    If one is willing to accept higher risk then those CEFs holding lower quality bonds (BBB and lower), coupled with higher leverage, may maintain their Yields longer. This ignores UNII and Premium/Discount. Be careful here if Yellen surprises and begins raising rates.

    Thanks LB for another great read!
    Oct 15, 2015. 09:53 AM | 2 Likes Like |Link to Comment
  • Should We Fear Debt?  [View article]
    Why are the Lenders holding the Loan Covenants as threats to their Borrowers? The assets are likely worth pennies on the dollars lent, for the moment. Lenders need to back off and work with their Borrowers until real leadership arrives in Washington.
    Oct 14, 2015. 06:39 AM | Likes Like |Link to Comment
  • Phillips 66, Spectra Energy to pump another $1.5B into DCP Midstream  [View news story]
    I hold both. Likely better in 2017?
    Oct 13, 2015. 05:14 PM | Likes Like |Link to Comment
  • General obligation debt part of Puerto Rico's restructuring plan  [View news story]

    AFB is my top Muni CEF holding, so I like it. For whatever that is worth, just an opinion.
    Oct 11, 2015. 07:25 AM | Likes Like |Link to Comment
  • Encana Corp.: What Assets Are Next In Line To Be Sold?  [View article]

    Are you concerned the Buyers of such assets are likened to those Buyers of packaged subprime mortgages? Recall too many of those mortgages had little chance of true viability to Buyers (mortgagees defaulted and walked). Yes, sold assets have some magnitude of worth, a basis in supposedly trusted engineering reports (what an elevated risky crapshoot today). These transactions give the Seller a bit of relief from Seller's Lenders, but what deeper hole have Buyers placed themselves in?

    I am searching for the justification for recent Buyers of distressed Haynesville Shale assets to be drilling/feeding an already glutted Natty and LNG market?

    Monetizing long lived reserve assets used to be a good thing until the monitization concept lost it's pricing basis, now akin to quicksand.
    Oct 10, 2015. 07:38 AM | Likes Like |Link to Comment
  • A Bull Market For Brazen Forecasts  [View article]

    Thank you for taking the time to respond!
    Oct 8, 2015. 10:39 AM | Likes Like |Link to Comment
  • Bloomberg: Williams to plan gas pipeline sale to appease FTC concerns  [View news story]

    SE and P66 own the General Partner of DPM. Look at DPM's recent price movement. New assets are expected in the Limited Partner, DPM? The Oracle of Omaha ain't no dummy putting his billions into P66!

    It is becoming a known fact, Pipeliner's (mostly MLPs) must have operations in the Marcellus/Utica. Why? The Marcellus/Utica's Reserve Potential is so substantial and Long Lived. The Marcellus/Utica threatens the economic viability of all conventional gas reservoirs (offshore included) and other, now wannabe, Shale Gas Plays, like the Barnett and Haynesville Shales.
    Oct 8, 2015. 08:18 AM | 5 Likes Like |Link to Comment
  • Pioneer Municipal High Income Looks Attractive Here  [View article]

    CEF updates slowly. Go to their second screen "Basic Information", right side bottom "Links" and click on SEC Reports to see the most current portfolio allocation.

    Favs come and go. Current is DTF and AFB unless they trip my sell criteria.
    Oct 7, 2015. 04:04 PM | 1 Like Like |Link to Comment
  • U.S. Natural Gas: Rumors Of Production Rolling Over Are Strongly Exaggerated  [View article]

    Refresh my poor memory please. When do the models you like show consumption equaling production "inflection"?
    Oct 7, 2015. 11:41 AM | Likes Like |Link to Comment