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  • Bill Stein wins permanent CEO spot at Digital Realty [View news story]
    Stein's a good man. With John Stewart in IR, and a good C-suite we should have a solid boring REIT performance. Fingers crossed.
    Nov 24, 2014. 09:16 AM | Likes Like |Link to Comment
  • Hospital group goes after Genentech in full-page NYT ad [View news story]
    It's amazing that no one reads what is actually happening but assumes whatever they like - usually in support of whatever company they own. I have no affected investment, so maybe that's why I can say that it appears that Roche/Genentech has eliminated wholesale discounting and consolidated its distribution network. That will be good for profits. It will also increase treatment costs. Read the link above again if that seems too difficult to parse.
    Nov 24, 2014. 09:11 AM | Likes Like |Link to Comment
  • Hospital group goes after Genentech in full-page NYT ad [View news story]
    I had no trouble reading it (every browser I know of can magnify text). The ad was placed by Novation Group. A simple media search gives all the background for those interested enough to do a little work.
    Nov 23, 2014. 11:31 PM | Likes Like |Link to Comment
  • Digital Realty Trust: A Lot Has Changed In 18 Months For This High-Quality REIT [View article]
    It's also noteworthy that the Highfields short position was entirely covered by 2013 year end. You may be too kind in your assessment of their belief in their investment thesis. If they really believed that DLR was worth $25/sh (my recollection may not be perfect, but I think that was the number), they were willing to leave a huge profit on the table. But then they were completely wrong on that.

    The good news is that the volatility introduced by their presentation allowed me to reduce my basis in the existing position I held to near $50, and add more shares below that. The $40 puts I sold (all for more than $200 per contract) look like they will expire unexercised come January. I understand when people sell on events like those of last year, but it seems to me that in this case they really hadn't done enough DD to understand the DLR business to begin with. I posted quite a bit at the time about the actual facts, but even some fairly seasoned investors sold with losses. I doubt they could have redeployed the capital for as good a return as I experienced by holding and trading the stock.

    No comment on any ARCP tie-in since that company is not nearly as transparent as DLR is/was. For instance, they showed that they are willing to throw shareholders under the bus - to say one thing and do the opposite with a dilutive secondary, asset sale, etc.
    Nov 22, 2014. 12:02 PM | 1 Like Like |Link to Comment
  • Even If Oil Has Not, Energy Stocks May Have Bottomed [View article]
    Credibility is not citing Wikipedia as a source. In business or in academia that is instant discredit.
    Nov 20, 2014. 05:08 PM | Likes Like |Link to Comment
  • Fairfax Financial Holdings: Prem Watsa's Overrated, Underperforming Mutual Fund [View article]
    Others have spoken about the hedged nature of Watsa's strategy, but his performance during the financial crisis deserves mention. It seems true that the article completely misses the point of the strategy, and its place within a portfolio designed to deal with various market environments.
    Nov 20, 2014. 01:16 PM | 1 Like Like |Link to Comment
  • American Realty Capital Properties: The REIT Strikes First On The Lawsuit Front [View article]
    CDM, are you the missing dwarf below...?

    Doc, Grumpy, Happy, Sleepy, Bashful, Sneezy,_________.
    Nov 20, 2014. 11:28 AM | 3 Likes Like |Link to Comment
  • Why Baxter Has An Attractive Economic Castle [View article]
    While I like BAX and have a substantial position, the idea that it has a moat (much less some more impregnable market position characterized here as a castle) is very questionable. Not only does BAX not hold a dominant market position overall, the industry is highly susceptible to new product introductions which can change the competitive landscape overnight.
    Nov 18, 2014. 11:19 AM | 2 Likes Like |Link to Comment
  • Spectra Energy: Profit On Higher Natural Gas Volumes Without Commodity Price Risk [View article]
    Thanks for the work Michael. The main thing that led me to SE was the Marcellus & Utica long haul take away (to the GOM). Many of their expansion projects will accomplish bi-directional use of these assets, and some projects in the mid-Atlantic area between NY and Boston may be incrementally valuable in ultimately allowing NGL export from the east coast at some point.
    Nov 13, 2014. 09:25 PM | 1 Like Like |Link to Comment
  • Barrel Of Oil Equivalents - Accounting Gimmick? [View article]
    Very interesting work. Thank you for sharing.
    Nov 13, 2014. 02:10 PM | 3 Likes Like |Link to Comment
  • Gilead Sciences Gets Ambushed By The Patent Troll, AbbVie [View article]
    I think that the quality of comments for stocks that go "momo" is such that it is a complete waste of time sifting through them. Regardless of the quality of the company, or the article about it, it seems very hard for the majority of SA comments to add anything to the discussion. Senescence at work? It seems likely, but WTFDIK....
    Nov 13, 2014. 01:21 PM | 1 Like Like |Link to Comment
  • Gilead Sciences Gets Ambushed By The Patent Troll, AbbVie [View article]
    Did you even read this article?
    Nov 13, 2014. 11:12 AM | 9 Likes Like |Link to Comment
  • Deep Water Drillers Set To Rise From The Depths [View article]
    You absolutely did say the U.S. government committed to lower production. It was a repeated main fundamental point. If you don't even admit to what you clearly said - still in writing above - what point is there to the conversation? It would be interesting to see a source for your new claim that the U.S. is buying discounted Saudi oil (the government only buys a fraction of oil imports you know). But never mind. I'm unchecking the follow box.
    Nov 12, 2014. 04:39 AM | Likes Like |Link to Comment
  • Deep Water Drillers Set To Rise From The Depths [View article]
    I don't claim that my fundamental analysis is based on anything other than earnings and history. We agree that the sector is likely at or near a low, and I have recently gone quite long drillers, oil service, etc.

    What I don't claim is any market timing ability, and my experience with EW analysts is that all statements are hedged to the extent that they are really not worth much. The chart says something until it doesn't. The typical method is to show how the chart says something else after the fact. A simple review of your PBR/Brazil article will demonstrate my point. You likely can offer an EW explanation for the significant loss experienced by anyone acting on your interpreted action. Not much help, but that's OK. You needn't always be right, and everyone has to make a living anyway.

    The REAL point of my comment was that your explanation for the oil price action was waaaay out there (plus I thought that EW analysis eschewed fundamental considerations). Did you not say in essence that the US gov't had controlled hundreds of companies' production? Will you give some back-up to the alleged U.S. commitment to the Saudis to reduce production?
    Nov 11, 2014. 04:23 PM | Likes Like |Link to Comment
  • Deep Water Drillers Set To Rise From The Depths [View article]
    OMG, so we have Elliott Wave theory now adding cockamamie fundamental analysis to tea leaf reading?

    "However, the U.S. has already committed to the Saudis to reduce production ..... The U.S. was able to make a statement to the world that we certainly have the ability to go toe to toe on production ...."

    Wow. I wasn't aware of our Federally mandated production controls. Well kept secret, eh?
    Nov 11, 2014. 12:12 PM | 1 Like Like |Link to Comment