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  • Johnson & Johnson Is Better As One Company: 4 Reasons Why [View article]
    GRB, I agree with Bahamas1 in seeing value in a split. I don't that you made your case for a real benefit to the current form other than to protect the dividend you have noted to be your main focus.

    If you had identified ANY specific business synergies other than the financial synergies that used to be seen as a defense for the conglomerate model, it might be a different story. Not even JNJ cites any cross selling to customers.
    Sep 23, 2015. 12:23 AM | 1 Like Like |Link to Comment
  • Is National Oilwell Varco Going To Survive? [View article]
    At a minimum it would be a graphic lesson about selling high and buying low. :)
    Sep 21, 2015. 07:10 PM | Likes Like |Link to Comment
  • Why Goldman Sachs Is Dead Wrong About $20 Per Barrel Crude Oil [View article]
    Lucas, how is it that you both disregard but then give credence to the same investment bankers in the same comment thread?

    BTW, from your profile I see that you are a lifetime Blackstar at Ecademy. Congratulations (not).
    Sep 21, 2015. 10:42 AM | 1 Like Like |Link to Comment
  • More Dividend Aristocrats You Never Heard Of [View article]
    Thanks for the article. One factor to note re: this article quote...

    "I find it interesting that the above companies still sport relatively high PEs despite the massive market swoon from all-time highs."

    If earnings drop or decrease faster than price, the PE will stay high or increase. That has little to do with value. I would also not characterize the current correction as "massive" (and not likely completed). If it dropped twice as much, it might be termed significant.
    Sep 21, 2015. 10:06 AM | 6 Likes Like |Link to Comment
  • Dorchester Minerals reports Q2 results [View news story]
    DMLP is my absolute favorite royalty play - it's a very long term holding. Actually, I have only ever lost money in one royalty trust (NDRO). I also recommend SBR, and to a lesser extent CRT.
    Sep 20, 2015. 06:12 PM | 1 Like Like |Link to Comment
  • Buying In Growth Beats Innovation For Pharma [View article]
    Great analysis. IMO, this is what makes big pharma a relatively safe investment. They are in a much better position to judge the early potential for clinical outcomes and make target acquisitions from a position of balance sheet strength. I predict that Gilead will follow that path as well (within their area of excellence) - in fact they already did.

    This trend also applies to other sectors, tech coming immediately to mind. QCOM and ORCL have the cash to buy trending technologies as their own decline.
    Sep 20, 2015. 03:22 PM | Likes Like |Link to Comment
  • Why Goldman Sachs Is Dead Wrong About $20 Per Barrel Crude Oil [View article]
    It should be pointed out that gas and oil producing shale formations are to be found world wide. While the technology has so far only been employed to any great extent in North America, it will ultimately be exported everywhere. Supply (at the necessary price to produce it) will be available for a long time to come.
    Sep 20, 2015. 03:10 PM | Likes Like |Link to Comment
  • Getting Defensive: Raising Cash In A Volatile Market [View article]
    Congratulations on being willing to reevaluate your strategy Nicholas. I would offer the comment that the reallocation of assets into some real estate was a wise step regardless of market valuations. I'll add that, contrary to usual investor opinion, cash is a valuable portfolio position with its own characteristics in certain economic conditions. It is not just the "dry powder" for buying more stock for (actually non-diversified) 100% equity portfolios. Having a strong cash (or cash-like) position also helps a person withstand the emotional stress of down markets and can minimize the risk of unforeseen events forcing asset sales at inopportune times. Good luck.
    Sep 20, 2015. 12:12 AM | 3 Likes Like |Link to Comment
  • Why Goldman Sachs Is Dead Wrong About $20 Per Barrel Crude Oil [View article]
    sjaak, one reason is that refineries (especially in GoM) are optimized on particular feedstocks. If the price of the light crude generally coming out of shale is too high to make up for what they can make cracking other feedstock, they will buy sour/heavy from international sources like Canada and elsewhere.
    Sep 19, 2015. 04:04 PM | Likes Like |Link to Comment
  • Why Goldman Sachs Is Dead Wrong About $20 Per Barrel Crude Oil [View article]
    Thank you geologist for pointing out your conclusions on that news report. I'd noted it, but hadn't connected the dots.
    Sep 19, 2015. 01:28 PM | 1 Like Like |Link to Comment
  • Externally Managed REITs Beaten - Perhaps Too Much [View article]
    Yes Emerald, that was a weakness of the article. It is the actual contract terms of some externally managed REITs (e.g. compensation based on total assets or deals done regardless of their merit) that is a structural problem with them. Bringing up the incompetence or dishonesty of some internally managed companies doesn't really address that problem. After all, externally managed firms are probably equally likely to have those problems in addition to having a structural conflict of interest with shareholders. IMO, it's not that one should never own an externally managed firm, but that the valuation should always reflect such a conflict. In fact, that is what the article demonstrates has happened amid a general sector correction.
    Sep 18, 2015. 08:13 PM | Likes Like |Link to Comment
  • Why Goldman Sachs Is Dead Wrong About $20 Per Barrel Crude Oil [View article]
    Russia is a different story than the rest of the big producers. With their equipment and infrastructure issues (combined with difficult climate in the producing regions), a shut is likely unable to restart without a do-over.
    Sep 18, 2015. 06:02 PM | Likes Like |Link to Comment
  • Altria Is Not Too Expensive [View article]
    DYM, that is information which is more useful to indicate the size gain which could be taxable (book value isn't very useful in current valuations unless marked to market). Certainly the market cap of MO reflects the consensus judgment of the value of MO businesses and investments - including the stake in SAB.LN.

    Based on what the options market has been doing over the past few days it looks like MO visits $50 before it ever gets to $60. OTOH, that may be due to macro factors not specific to MO.
    Sep 18, 2015. 08:37 AM | Likes Like |Link to Comment
  • Altria Is Not Too Expensive [View article]
    That's rather non-responsive, and doesn't deal with what is actually the current reality. I'll assume you prefer to base your opinions on hindsight and good feelings about the company. That's your prerogative of course. I'm unchecking the follow box. Good luck.
    Sep 17, 2015. 03:11 PM | Likes Like |Link to Comment
  • Altria: It Turns Out The SABMiller Rumors Were True [View article]
    Deus ex machina, Albert?
    Sep 17, 2015. 11:09 AM | Likes Like |Link to Comment