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Qniform

Qniform
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  • Increasing Cash Flow In A World Without Risk Free Yield-Bought The ETF PFF [View article]
    Of course you all realize that all these secondary reporting parties disclaim responsibility for accuracy. The observation that the funds themselves should do better is thus even more apt.
    Jan 18, 2015. 12:14 PM | Likes Like |Link to Comment
  • Increasing Cash Flow In A World Without Risk Free Yield-Bought The ETF PFF [View article]
    Understanding the management personality of the issuer is important IMO. Change of control is one issue, but the actions of those wonderful folks at Emmis Communications shows that even cumulative dividends may not end up that way. Have you followed that case South Gent?
    Jan 18, 2015. 01:15 AM | Likes Like |Link to Comment
  • Emerge Energy: Looking A Little Vulnerable [View article]
    KR maybe you can tell us how to hedge sand? On the other hand, maybe you don't know what this company does?
    Jan 17, 2015. 07:59 PM | Likes Like |Link to Comment
  • The Energy Sector - Risk Or Opportunity? The S&P 500 2015: Part 2 [View article]
    Christine, you just very briefly and clearly stated the relevant point, as did Dave C. I also find your other comments informative and relevant. Thanks.
    Jan 17, 2015. 01:14 PM | 1 Like Like |Link to Comment
  • What Does History Tell Us About Consolidated Edison's Valuation? [View article]
    rebowley, that is a rather simplistic view, and the legal process is anything but simple. You should probably read what ConEd itself says about it in their "risk factor" disclosures. http://bit.ly/1BimTTT

    There is litigation ongoing about how to assign liability for the event itself, and about whether it is or isn't covered by insurance. http://bit.ly/1BimTTV. I would be very surprised if they ultimately do not get some percentage of liability assessed.
    Jan 17, 2015. 01:04 PM | Likes Like |Link to Comment
  • What Does History Tell Us About Consolidated Edison's Valuation? [View article]
    I have been writing calls in recognition of the high range valuation (my basis is low $50s). As the price has moved up, I've rolled forward into higher strikes and avoided calls while making a few dollars on premiums and dividends. Like others I see the valuation of the entire sector to be a result of interest rates. I don't see a raise in rates to be very likely for some time yet.

    For those looking for an entry point, look for a drop when a court decides liability and damages for the explosion during Hurricane Sandy in 2012. I don't think there is any reserve established for that, and the market may react.
    Jan 17, 2015. 10:54 AM | Likes Like |Link to Comment
  • Added To The Permanent Portfolio (PRPFX) Mutual Fund [View article]
    Looking back at the great depression, I'd think that some utility stocks would be on the list as well. Of course, ATT is off the list now. Maybe staple food producers?
    Jan 16, 2015. 12:30 AM | Likes Like |Link to Comment
  • The Energy Sector - Risk Or Opportunity? The S&P 500 2015: Part 2 [View article]
    Dave, eight or nine repetitive paragraphs (when one or two would suffice) is rather over the top. Not to mention that the impression might be left that actual quantities of oil in the ground appear and disappear based on human opinions. If the purpose of an SA article is communication, then the connecting the term "proven reserves" with economically recoverable oil could be much more succinctly done. Of course, if the entertainment value of a rather Victorian style appeals to you, that's another matter.
    Jan 15, 2015. 11:16 PM | 11 Likes Like |Link to Comment
  • Added To The Permanent Portfolio (PRPFX) Mutual Fund [View article]
    Welcome to the neighborhood. Can you say "deflation?"

    Back in 2009-10 I thought that deflation was a possibility since nothing the FRB did seemed to increase the velocity of money. After the apparent diminishment of that possibility, it seems to be on the table again.

    Is there any strategy for deflation other than cash (and sterling quality bonds)?
    Jan 15, 2015. 11:02 PM | Likes Like |Link to Comment
  • The Energy Sector - Risk Or Opportunity? The S&P 500 2015: Part 2 [View article]
    I have to say that I simply could not make it through the incredible verbose attempt at a description of economically recoverable oil. It really isn't that hard to describe is it? I can't wait for the corollary article that maintains that the supply of widgets is infinite at the right price.
    Jan 15, 2015. 04:51 PM | 8 Likes Like |Link to Comment
  • Added To The Permanent Portfolio (PRPFX) Mutual Fund [View article]
    Nice article. The Talmudic Rabbis strayed far from their source. Eccl 11:1 recommends investing (cast your bread upon waters) and 11:2 recommends diversification (7 or even 8 parts). As I recall, you're rather more diversified than that... :))

    I'm also long PRPFX.
    Jan 14, 2015. 09:51 PM | Likes Like |Link to Comment
  • American Realty Capital Properties: Activist Investor Implications [View article]
    Thx NS. It's certainly odd. Like there were discussions (with someone or other) that went another way after a month or so...
    Jan 14, 2015. 08:28 PM | Likes Like |Link to Comment
  • American Realty Capital Properties: Activist Investor Implications [View article]
    I'm only seeing the one purchase here http://bit.ly/17IWLVR.

    Did you look directly at sec.gov or something?
    Jan 14, 2015. 06:14 PM | Likes Like |Link to Comment
  • U.S. Shale Oil: What Doesn't Kill Me Makes Me Stronger [View article]
    It's very hard to credit that CLR slide absent further information. It doesn't seem possible that Bakken numbers could be correct given the transport cost. And if these are well head costs, then they're meaningless.
    Jan 14, 2015. 12:02 AM | 1 Like Like |Link to Comment
  • American Realty Capital Properties: Activist Investor Implications [View article]
    You're right. But As you pointed out, there may be major stockholders who are involved and/or talking with Corvex. There's ARCP, RCAP, NYRT, and/or any of the Cole non-traded stuff, which may influence Schorsch or other holders.

    I don't have a specific thesis, I'm just thinking out loud (or in print). There are a couple pretty expert commenters here, and my stupid ideas might get them to consider the next shoes that could drop. There's no doubt that ARCP history provides plenty of examples of unexpected events.
    Jan 13, 2015. 03:20 PM | Likes Like |Link to Comment
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