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  • A Canadian REIT That Says Buy Me  [View article]
    None of my Canadian Stocks that ARE LLCs are being with held CAD withholding in my Tax sheltered accounts at Fidelity.

    Sadly I had to finally SELL BEP as it was no longer exempt after it converted from a Canroy Trust to a partnership vs so many other canroys that for the tax reasons as described into the next decades as the Halloween Massacre created a different tax administration for companies that converted to or formed as Canroy Trusts, converted to LLCs. So the Swiss Cocoa Water Trust formations led to a last straw for an asset class that was originally set up with the INTENTION of creating pathways for Canadians to invest in energy companies with strong tax breaks to enhance their retirement savings and provide them strong yields in retirement.

    So there was a huge buying opportunity in US tax sheltered accounts to buy some of these companies like an Alta Gas when it was a CAnroy but near to conversion. As a Canroy it was getting With held CAD with holding but upon the conversion to a LLC those with holdings ended creating an immediate 15% dividend increase for US AND Canadian tax sheltered accounts. Many US wealth managers recognized the impending change creating strong imbalances and had their clients in those stocks in their IRAs BEFORE the conversions and the subsequent strong rallies in the shares as the crowd followers came in after the fact.
    Apr 29, 2015. 03:05 PM | Likes Like |Link to Comment
  • A Canadian REIT That Says Buy Me  [View article]
    Liar liar pants on fire. "US investors can avoid the tax (CAD with holding) by holding "SHARES" in an IRA or 401-K." Investments in CANADIAN REITs, Partnerships AND Trusts/Closed End Funds are NOT exempt from Canadian with holding and ARE assessed the 15% to 20% tax with holdings even in IRAs and 401-Ks. The trouble is you cannot claim this tax on your tax return as a Foreign Tax Credit as you can in a Margin/Cash unsheltered acct.

    To be exempt the Issuance must be legally registered in Canada as a LLC. So there is no withholding in an IRA for a STOCK like MFCSF a LLC invested in Real Estate while your REIT registered shares in CWSRF in a IRA will be hit by the 15% tax. Some people claim you can still claim this as a tax credit in a charge against IRA income inside an IRA but most tax consultants say that you have to blow that off as a 15% discount to your effective dividend.

    Tax sheltered MFCSF/DR:CA pays a 6.75% dividend no tax with held, but CWSRF/ CSH-UN:CA with a 4.5% yield NOT tax sheltered, has only an effective 3.83% yield when held in a US tax sheltered acct. Take note of symbols in Canadian Quotes with U/UN designations indicating they are partnerships BEP_UN:CA, or otherwise REITs and closed end funds not exempt from Canadian Tax with holding in US tax sheltered accounts.

    So take note of symbols WIR_U:CA and SOT_UN:CA likely not meeting the requirements under the US CAD tax treaty to be tax exempt from Cad with holding.
    Apr 29, 2015. 02:47 PM | 1 Like Like |Link to Comment
  • Brixmor Property Group's (BRX) CEO Michael Carroll on Q1 2015 Results - Earnings Call Transcript  [View article]
    BRX has been listed as having filed a IRANForm with the SEC but there is no explanation to be found anywhere as to what the basis was for their filing that and whether this was some cyber hack to generate an SEC form Report that was not valid?

    "THe $9.9 million charge taken ....compensation expense related to the awards granted to management..." Maybe these shares are more fairly valued for the risk to the shareholders inherent in a management that has an appearance of targeting the shareholder equity for their own enrichment, back down near the $20 IPO value and a nearer to a 5% distribution rate to compensate for the risk that this management is likely to continue to manage for their own enrichment at the expense of the equity shareholders?
    Apr 29, 2015. 03:42 AM | Likes Like |Link to Comment
  • Bank Of America: An Overreaction Creates A Longer-Term Buying Opportunity  [View article]
    "Over the long term"... (yet to be determined) a President Clinton will likely want to be RE-elected. That may result in a President Clinton moving on from the healthcare issue and subordinating it to the change that was not contained in the two cents of change delivered by Obama.

    Hillary would be forced to move closer to the points of disaffection most favored by Liz in her illustrations of where the American people are socio-economically.

    "Long term" what if the TBTF banks lose some of their ability to enforce usury on their fee based business models?

    Of course BAC is closing branches, eliminating their employees, reducing infrastructure costs, and ridding itself of bank accounts of US consumers. These are expensive over heads that are not even close to influencing gains in profits their barrages of millions of "pre-approved" credit card offers with 0% and less than 5.25% ST lending facility offerings. In the information society NO US consumer can hide their income and net worth from these TBTF banks who they continuously court for new credit card business.

    What if the American electorate still seeking "Change" start getting it, "in the long term" ? TBTF banks would be forced to remove some of their excess reserves at the Fed and begin lending again? That kind of change in the business focuses would make BAC "in the long term" an ever more risky investment?
    Mar 4, 2015. 11:19 AM | Likes Like |Link to Comment
  • Bank Of America: An Overreaction Creates A Longer-Term Buying Opportunity  [View article]
    With the levels of preferred debt BAC carries you might want to complement any common share purchases with some preferred shares . Common shareholders of BAC will continue to see stingy divs but that is done only to underwrite the paying of the preferred distributions. BAC-D is three plus years past it's call date. BAC pays 6.2o4% against the $25 par/call value. It recently slipped to $25.10 on or about it's ex div date. With commission you might put $9 to 16 dollars at risk if ir were called buying near $25.10 But on a YTSale/Call basis @ 6% you would recover that over a couple quarters. The Divs are NOT cumulative but they are tax advantaged. All BAC has to do is miss a div payment on some preferreds to see the common plunge and some of their debt/credit facilities contract.
    Mar 3, 2015. 05:23 AM | 4 Likes Like |Link to Comment
  • Which Big Oil Dividends Are Safe?  [View article]
    Consider that RDS/B for most US investors is mostly a stealth Nat Gas focused energy company as also we find STAToil being of the same ilk. Nat Gas and LNG prices have ebbed against the crushing oil has taken but they have not collapsed.

    This situation also creates the possibilities for Nat Gas utilities and the diversified utes with strong Nat Gas distribution subsidiaries. VNRCF, ATGFF, EMRAF as examples. Nat gas continues to expand into transportation fuel adaptations via 2 very popular Cummins model HD truck engines, for railroad fuel applications, and increasingly marine bunkering applications. Nat gas IS the "WAR ON COAL" and so the politico whack jobs will never see the inside of a coal fired boiler the soot the increasing environmental issues around ash/slags produced in Coal fired boilers and all the additional maintenance involved in burning coal to make steam to drive steam turbines and the heat losses to the stack flue gases and the condensing of the steam back to water. Nat gas continues as an ideal quick set up power plant based on the much more thermally efficient gas turbine technology and even as a boiler fuel that cuts boiler maintenance costs/issues by 90%. Nat gas is still in ascendency in the Global energy picture even as oil is fading from the scene as global productions of crude continue exceeding the moderating demands.

    Look at the Nat gas basis' of these companies to get a clearer picture of dividend sustainabilty.
    Dec 20, 2014. 01:22 PM | 2 Likes Like |Link to Comment
  • Gundlach: Boxed-in Fed has to hike rates in 2015  [View news story]
    You are not factoring in the ongoing currency wars and the GLOBAL demand for "safe haven" US ST And MT Government bonds.

    Too much of the money printing by the Fed is held in the strong hands Banks, Insurance companies and pension trusts. Beyond that the GLOBAL top 5% wealthiest. Little or none of this capital can work it's way into the US economy because whether it is held in "Cash" or ST /MT bonds it is going to continue to be held and not leak out into stimulative parts of the global economy. But the money printing and currency wars continue on with the goal of getting the stimulation to happen. What then is not happening? Global economic stimulation.

    In order to be sustained dividends still have to be based on reasonable payout ratios. So slowing economic activity is more likely to reduce earnings and that would cut into corporation's ability to pay and sustain dividends.

    US Gov't bonds yielding 7% to 8% are not arriving until well past 2020.

    The real problems are in fiscal policies by the Congress where entitlements and defense spending increases are not likely to be addressed any time soon. The Congress remains in denial that 83% of every thing they spend goes to entitlements, Defense, and interest on the national debt. They all want to find the wasteful spending that if cut would be meaningful to reducing over all spending and that is an impossibility.
    Nov 25, 2014. 04:47 AM | Likes Like |Link to Comment
  • Gundlach: Boxed-in Fed has to hike rates in 2015  [View news story]
    The next arrow of the 2-3 left in the quiver would be to end interest payments on Bank reserves held at the Fed.

    So far all the bonds and money from money printing continues to be held in the strong hands. Held and not getting out into the economy. It is the same for the concentration of wealth in the top 5%. They really do have more money than they or even their families will ever be able to spend so that capital is also locked up. I see a sweet spot developing next year in decent quality investment grade commercial bonds of 4 to 7 years that I would hold for 2 to 5 years and then sell into a continuing to be STEEP ST yield RAMP.

    We should expect some serious saber rattling from the Fed in 2015 and a redux of the Summer of 2013 bond FUND markets owned by retail investors, selling off . Last Aug '13, a typical 6/'17 5% coupon sold for near 105 and now it sports a 107. So that's near a 6.5% return to date on a YTSale 1.25 year investment. If another 30 billion exits the bond funds NOT owned by Insurance companies and Pension trusts that own bonds, then Yellen will present some explanations as she did to the "About six months " Remark. Suddenly other data will be the dependent data.

    The FEd is never boxed in as to what it could do but it is very much so boxed in for trying to perform on the dual mandate.

    We can read Greenspans speech of 9/26 2005. He was not boxed in and he properly identified ALL the impending risks. But he did not act to raise rates to slow down the train going over the cliff. "these trends will bear scruitiny going forward. The FED is defined by being reactionary to the disasters it helps create. They will continue in 2015 to be VERBA Non ACTA Semper.
    Nov 25, 2014. 04:30 AM | Likes Like |Link to Comment
  • Why Investors Bancorp's New Deal Is A Bad Template For Future Bank M&A  [View article]
    Another NJ Bank VLY has been on an acquisition rampage for years. Awarded A NYC bank by the FDIC in the financial/banks meltdown, taking over a Queens/Brooklyn/Manhattan bank and then recently a Ft Myers/Tampa Regional. The stock has gone down and the dividends were cut near in half. It used to be that Tony Soprano banks operated out of New Brunswick and Ft Lauderdale... Now they have moved to "NORTH" Joisey and more "Northernly" FL ? If accretion is the logic why is there so little or NO accretion to the shareholders in stock price and distributions?
    Nov 9, 2014. 09:09 AM | Likes Like |Link to Comment
  • Why Investors Bancorp's New Deal Is A Bad Template For Future Bank M&A  [View article]
    T THIS YEAR FLOATED OUT a series of new debt issuances together. The next day these bonds appeared in the secondary market with asks +3% higher than the Wall Street "insiders" and other "GOOD" Wall Street customers paid for them a day earlier. So Liz is mistaken about Wall Street STEALING from the ordinary Americans. Ordinary Americans who have some or a lot of their retirement savings invested in T stock. T sells the securities to Wall Street for prices grossly below their true value to the current market conditions and the share holders are thereby benefited you see....
    Nov 9, 2014. 09:01 AM | Likes Like |Link to Comment
  • Time For Nat Gas Investors To Think About Winter  [View article]
    I have some options positions in NGH15 the March contract. Some others are calling the bottom since this most recent front month contract expired, and the NGH15 has spiked to +$4.20, and settled back a bit. Time to think about winter is another calling of the bottom?

    Some interesting remarks on MWE by oisum. We have the near completions of a very large capex project at South Point OH. We have the Bo/V3r as Speaker of the house from OH. We have the earnings on that Capex starting to become accretive.

    Dominion is likely in pretty good financial shape just calling their DRU debt issuance.
    They have received most of the final approvals for their Cove PT MD import LNG plant to follow the Sabine Pass and Freeport projects into retrofits to LNG Exports. We only need look at what is left of the Cook Inlet Gas resources to see where this is all going in the medium and eventual Long Term.

    Greed is Best in the 21st Century and so as the passenger pigeon had to go in the 20th century and the American Bison had to go in the 19th century, this will be the century where we will export so much of our gas so as to wake up in another 25 years and ask ourselves, WE knew what happened in the Cook Inlet basin reserves why did we not see this coming? Mean time ATGFF/ALA.TO is planning to get that Kenai LNG EXPORT plant retrofitted to an import facility to import Canadian Gas from Kittimatt or Prince Rupert, when the last of the commercially viable gas now dedicated 100% to the Greater Anchorage/Wasilla region runs out.

    What is even better is that these LNG exports will not have even 1/10th the participation as US airlines that employ US Tax payers in these international trade routes enjoy. Instead they are going to be the no US jobs nightmare of the US Cruise industry all over again.

    Foreign prices of late for spot LNG cargoes for delivery to northern Europe and Asia have recently dropped from the 52 week highs of $16 to $18/MM~BTU to $11. Oh what a disaster for US LNG Exporters ? NOT! Not against $4/MM~BTU North American Gas supplies even with liquefaction and transport costs.

    So Cove Point is pretty close to those Marcellus and Utica Shale gas basins according to our memories in Monopoly when we took a ride on the B&O Railroad. Hmmmm...

    If a frog had a glass derrière.....South Point and Cove Point are just not likely to grow farther apart on the geography, there is little "IF" in that.
    Oct 1, 2014. 09:17 AM | Likes Like |Link to Comment
  • Large Stocks Are Widely Mispriced  [View article]
    Interesting and insightful.... well that is something....

    There are no actual stocks cited while APPL is given more for illustrative purposes.

    A Larger Cap company issues a subsequent share offering which knocks down the price on dilution concerns. But if that CAPEX raise is to expand productions that over the next 12 to 24 months will become accretive there may be value in that stock. If it is by some Small cap just raising more cash to stay in business and pay those costs then that is likely a real dilution and the stocks generally keep heading lower as the Managements milk them to the end for generous compensations and incentivizations.

    Generally though those offerings in LC stocks have provisions for the under writers to subscribe to a larger than original Capex target and then they often do at some announced price. When/if then the stock price falls to or below that price as determined to be sound by the Underwriters by way of their own forensic accountings where the underwriters have sunk in some of their own money, then some would assume that there at that price or below it is some candid price discovery?
    Oct 1, 2014. 08:45 AM | Likes Like |Link to Comment
  • 3 Reasons Why Caesars Is The Short Of The Year  [View article]
    The best laid plans of mice and men gang 'aft agley...

    So now the State of NJ AT GEN is interpreting a recent US court ruling as allowing NJ to institute SPORTS BETTING with some restrictions. So CZR's got a dead cat bounce on that news on 9/11. Even if a US court should rule that US sports betting is illegal in NJ so is marijuana in Washington St and Colorado. NJ can likely pursue the same kind of nullification process as the States that have decriminalized marijuana, in instituting sports gambling anyway.

    DEad cat bounce or not for CZR's on sports gambling becoming a likely outcome for NJ casinos we are still seeing the doper states losing revenue to the grow their own backyard, garage and basement grows using the seeds flooding in from Afghanistan. There will still be plenty of revenues lost in sports gambling to Vinnie and Luigi who do not report winnings for tax purposes.
    Sep 12, 2014. 02:10 AM | Likes Like |Link to Comment
  • 4 Reasons To Still Like SeaDrill After The Earnings Miss  [View article]
    Why add your pictures onto the internet and make your personal situation even more vulnerable to death, taxes, and being hacked? It's been what 15 years or so now since "they" stopped asking for your SS number to put on your driver's license?
    Sep 12, 2014. 01:44 AM | Likes Like |Link to Comment
  • 4 Reasons To Still Like SeaDrill After The Earnings Miss  [View article]
    Articles like this one and other ratings firms putting the stock on watch for further downgrades. WTI ended the day at near $92.85. That is not $107.85.
    Gold is sliding below $1250 again. The currency wars are heating up again and the Situation in Scotland and as to the Scottish offshore oil reserves is spooking "them" out of sterling. the recent Dragi put with announced new rounds of actual Q/E to supplement LTRO stimulus is weakening the Euro as well on the assertion of sharply lower interest rates in the ECC/EU majors like Germany and France. This has pushed up the .DXY sharply in the last several weeks. A stronger US Dollar forces down commodities prices in US dollar terms. Generally overseas energy prices Brent and the metrics of per MM~BTU prices for LNG are still quite a bit higher than in the US. That means globally weakening currencies economies begin to see demand destruction as energy costs them more and US consumers with dollars less. But these are generally manipulated aberrations which can persist only so long as there is global faith in fiat currencies. With the US adopting as a cornerstone to it's foreign policies the Exports of North American sourced fossil fuels to Europe in order to attempt punishing Putin by creating alternative energy supplies to Western Europe the US will encourage some of the huge global float of US dollars to be dumped in the US to buy these crudes, refined product, Petrochems, LPGs and LNGs. So enjoy lower energy prices that may be going lower in the ST but be wary as to what is going to happen when inflationary forces as these currency dumps into US markets add to already simmering inflationary pressures, in the medium term. Higher rates in response to inflationary pressures often start with the depressing of commodities but then that inflation eventually gains on those higher rates not continuing higher by enough to keep pace with anything of intrinsic value. So that sweet spot at the beginning of the Great Inflation II is where the commodities will tend to come back to life as stores of wealth.
    SDRL even as a higher yielding stock is still subject to a deterioration in the US Bond market where bond yields rise and tend to attract money out of stocks with fluctuating valuations into what the market sees as value ina YTMaturity it would like to w=own that has risen by some substantial metric. So The stock of SDRL is also subject to interest rate and anticipation of inflation fears.
    Sep 12, 2014. 01:34 AM | 1 Like Like |Link to Comment