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Qniform

Qniform
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  • Williams Companies: Some Good News For The Transco Pipeline [View article]
    WPX is actually listed 9th. I don't think they are part of WMB anymore since they were spun off.

    There is also no data about what the violations were or if they resulted in actual damage to anything or anyone. Usually data like that is given in an impartial way, and is placed in context with activity level (i.e. incidents per well, or lateral length, or days worked, etc.) - unless the intent is disingenuous, of course. We only see a time period: January 2011-August 2014. Why those dates is anyone's guess.

    It would be interesting to know if there is ANY drilling ANYWHERE that a special interest group like "Environment America" would support. I also doubt that and they are not users of planes trains and automobiles themselves.
    Mar 24, 2015. 10:32 AM | 2 Likes Like |Link to Comment
  • The Ugly MLPs And Why You Should Avoid Them [View article]
    I'm not convinced the damage is ancient history, since I don't rule out the possibility that prices make new lows. Storage capacity is nearly exhausted, and have you seen the price differentials at the field vs. WTI? If the Saudis are increasing production as a longer term policy, and/or are focused on increasing their refinery capacity in order to capture more of the vertical margins this is a different environment.

    The lows could be in, and there could be a rapid recovery in prices to above $65 in 2015, but I think that is a low probability unless there are some political events. There is a world of hurt for many companies in the E&P space if $50-$60 prices continue into 2016 due to their debt issues, and MLPs are in the front of that line.
    Mar 24, 2015. 09:26 AM | Likes Like |Link to Comment
  • Some Questions For Dr. Scarlett, CEO Of Geron [View article]
    ptca, a million shares and you can't call the CEO to ask? Right.
    Mar 23, 2015. 06:24 PM | 1 Like Like |Link to Comment
  • The Ugly MLPs And Why You Should Avoid Them [View article]
    I didn't get that implication, nor do I infer it from the statement. Similarly, stating that all cats have whiskers cannot be construed to imply that whiskers are the defining feline characteristic.
    Mar 23, 2015. 04:48 PM | 1 Like Like |Link to Comment
  • The Ugly MLPs And Why You Should Avoid Them [View article]
    I do disagree with that mkarpoff. This is no different than financial report analysis in level of detail. I can see how some might think it too much, but if so they would be better buying index or managed funds.

    Factoids, you rock (as usual).
    Mar 23, 2015. 04:34 PM | 1 Like Like |Link to Comment
  • Permian Basin Royalty Trust: A Trust With Both Upside And Risk [View article]
    Thanks for the article CH. In case readers don't know about it, there's a site with some free (although delayed) analysis every so often http://bit.ly/1GIHwHW

    The latest on royalty payers was here http://bit.ly/1GIHwHY. An interesting qualifier is "top line" vs "bottom line" payers. The former type does not have capex requirements.

    You noted that "Royalty trusts, on the other hand, cannot grow through acquisitions..." While true, there are some players in the royal space that aren't trusts that do continue to grow properties. My absolute favorite is DMLP (a limited partnership, but not a MLP). FRHLF is a Canadian company doing a similar business.
    Mar 22, 2015. 09:42 PM | 1 Like Like |Link to Comment
  • Pacific Drilling Is Well-Positioned To Weather The Industry Downturn [View article]
    The key word is "directly." Their rates are not directly tied to oil prices, but are indirectly tied to a competitive environment influenced by those prices AND by the timing of contract executions within that larger picture. This is not a moot point.
    Mar 22, 2015. 02:43 PM | 1 Like Like |Link to Comment
  • Should Dividend Growth Investors Fear Interest Rate Volatility? [View article]
    I meant nothing more than what I said. While I am not a student of your process, I'd guess that both you and the investment climate have changed in 15 years. What you described is not ossified, but changing. For example de-risking (assuming that that has been the actual result) is a recognition of changed circumstance. Only you can answer the question of being open to the idea that the process itself is subject to improvement. My comment simply addressed the observation that many on SA seem unwilling to engage the idea that something might improve their results (irrespective of varying circumstances and/or goals).

    As for optimization, our views may be simply a result of different circumstances. While my wife and I could go 100% cash right now and not outlive our resources, I simply don't consider that very good stewardship of what we have been given. I will always try to improve what I'm doing as a matter of philosophy. This is not an admission of failure or weakness IMO, but the opposite.
    Mar 22, 2015. 01:23 PM | Likes Like |Link to Comment
  • Should Dividend Growth Investors Fear Interest Rate Volatility? [View article]
    "...you simply have to make the choices that are best for you."

    True if we define best by as being satisfied. At that point we never need to look at any numbers objectively and imagine we could have done better, and/or recognize we could improve our results.

    Granting that perfect is the enemy of good enough, I think good enough can be the foundation for stagnation. Maybe the certainty I often encounter here on SA is a result of many being old and set in their process. I had better examine myself for the same tendencies. :))
    Mar 22, 2015. 12:29 PM | 2 Likes Like |Link to Comment
  • Finding Value With The Piotroski F-Score Part 3 [View article]
    http://bit.ly/15Tt8e9
    Mar 22, 2015. 12:15 PM | Likes Like |Link to Comment
  • Income Strategy: Can You Afford To Play It Safe? [View article]
    Ben, it is possible to do much better than 4% annualized writing OTM cash covered puts during increased volatility. This is one of the ways I enhance returns in my barbell strategy. It has the advantage of choosing strike prices representing reasonable valuations for overpriced equities you want to own. The problem is deploying enough capital to move the needle (i.e. not committing too much notional value to single positions).
    Mar 21, 2015. 07:17 PM | 1 Like Like |Link to Comment
  • Pacific Drilling Is Well-Positioned To Weather The Industry Downturn [View article]
    Not nearly enough said to make any point.

    Cap ex ≠ cost to drill. To say something meaningful, look at slide 26 of the latest presentation here http://bit.ly/1xMB2Ts

    BTW, the price of oil has nothing directly to do with either costs or revenue of PACD.
    Mar 21, 2015. 07:09 PM | 1 Like Like |Link to Comment
  • Spectra Energy: A Solid Dividend Growth Candidate [View article]
    Anyone wishing to examine their debt structure can see it here: http://bit.ly/1hUS5yT
    Mar 21, 2015. 01:43 PM | Likes Like |Link to Comment
  • Lowering Our Fair Value Estimate Of Procter & Gamble [View article]
    LOL. Our discussion reminds me of that old Groucho Marx routine.

    He asks the lady, "Would you go to bed with me for a million dollars?"

    She replies, "Well, OK."

    Then he asks, "Will you go to bed with me for ten dollars?"

    Take aback, she says, "No! What do you think I am?"

    He replies, "We've established what you are - now we're just haggling over price."

    It sounds like we simply have a different perception of what a future dollar of PG earnings is worth. I would bet (I AM betting) that in the next five years I will again buy PG at the valuation I'm talking about. I've got time, God willing. Good luck to us both.
    Mar 21, 2015. 12:16 PM | Likes Like |Link to Comment
  • Lowering Our Fair Value Estimate Of Procter & Gamble [View article]
    Yes, those numbers are good numbers. One of my favorite numbers is 22. It's unfortunate that number doesn't always correspond with the value of stuff I buy or sell.

    Are you saying that buying PG for those numbers is a good price at any time under any conditions? In your opinion is PG (or any stock you like/hold) EVER overvalued? If it is possible that PG could be overvalued at some conceivable price, then maybe we can simply disagree about what that price is.
    Mar 20, 2015. 11:36 PM | Likes Like |Link to Comment
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