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MashieNiblick

MashieNiblick
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  • Update: Memorial Production Partners' $150M Buyback Is A Huge Positive [View article]
    I wish you all knew the guys at MEMP as well as I do. No way John Weinzierl makes a public statement about something this important unless he KNOWS it's safe. It would be hard to exaggerate how careful and prudent these guys are, from their NGP backers on down. I have been in MEMP from the beginning and am loving this chance to grab some more at ridiculous prices. The hedges are real, the companies behind those hedges will stick, and even if they don't, MEMP can offset against debt. A truly beautiful arrangement, and there's no one else in the upstream MLP space that can compare. #Long and loving it!
    Dec 18, 2014. 04:17 PM | 6 Likes Like |Link to Comment
  • Memorial Production Partners: Can The Distribution Survive $60 Oil? [View article]
    Brandond - Read further up for an answer to your question about creditworthiness of MEMP's hedge partners.
    Dec 16, 2014. 06:27 PM | 1 Like Like |Link to Comment
  • 3 Reasons Why Municipal Bonds May Offer More Than Just Tax-Exempt Income [View article]
    I appreciate all the feedback. I have a very simplistic approach (and yes, I realize the hazards of such): Over the last 15 years NQM has generated a solid 6+% tax free income, no matter what. During the crash of 2008 and during the interest rate scare of 2013, prices have stayed reasonably solid and dividends have continued to be paid in the same range. I know that this is superficial yet the proof is in the pudding. As long as this fund pays these dividends through thick and thin, do I have to care about all the other details?
    Dec 9, 2014. 11:40 AM | Likes Like |Link to Comment
  • 3 Reasons Why Municipal Bonds May Offer More Than Just Tax-Exempt Income [View article]
    My biggest concern with any of these is that they're pretty sensitive to interest rate concerns. If we fall into a rush of inflation news we can probably expect the same ~25% price decline we saw in 2013, and that's no fun. My acid test for what kind of impact that can have is, of course, 2008 when the world fell apart. Even then, with all of these funds falling 40-60%, they all maintained their dividends, continuing to generate 6-7% (tax free!). During the 2013 crunch there were 25% cuts in the dividends, but with the corresponding price declines they still generated 6%+ in tax-free income.

    I would add to these Invesco funds my favorite, NQM, Nuveen's Investment Quality Municipal Fund. I've looked everywhere for analysis and ratings but it's way under the radar. Yet this $627 Million fund currently pays 6.5% in monthly tax free dividends and correlates strongly with the Invesco funds you've listed. In fact, NQM has done slightly better - since the interest rate crunch that ended in late 2013 it's up a solid 13%, while the Nuveen's are up 10-12%.

    I keep looking for the fatal flaw. My gut tells me that you just can't get this kind of income for long, yet I have been doing it for years. I'd love a real financial analyst to do an in-depth analysis of these funds, and the sub-sector in general. Until then I'm going to just enjoy the cash flow - every month, and tax-free.
    Dec 8, 2014. 01:14 PM | Likes Like |Link to Comment
  • Seadrill Ltd.: My Game Plan For Tomorrow [View article]
    Ernie Mac - This is one of the most cogent, useful explanations of anything I've ever read on this site, or anywhere for that matter. You need to be writing how-to books for investors, or start a website or something. Seriously, this is some high quality educational information. I'm a follower from now on, can't wait to see what else you can teach me!
    Nov 30, 2014. 02:21 PM | 1 Like Like |Link to Comment
  • Energy names sharply lower as oil dives below $70 [View news story]
    This site has allowed me to grow from a 5-figure investor to a 7-. Nothing sad or pathetic about that. Oh, and you're a jerk.
    Nov 28, 2014. 12:56 PM | 13 Likes Like |Link to Comment
  • Seadrill Ltd.: My Game Plan For Tomorrow [View article]
    Feels like a temporary bottom right now @ $16. Dead-cat bounce seems likely - that cat fell a LONG way. Nothing you'd want to own for a few years, but maybe a few days?
    Nov 26, 2014. 01:03 PM | Likes Like |Link to Comment
  • EXCO Resources: What Just Happened? [View article]
    Man I love it when good information comes out fast, and this is really good, really fast. Thanks!!
    Oct 2, 2014. 03:47 PM | 1 Like Like |Link to Comment
  • Atlas Resource Partners to acquire Eagle Ford oil assets for $225M [View news story]
    Thanks Carl.

    One comment: in the oil and gas industry we use M to denote thousands when talking about reserves and reserve values. I know that's counter intuitive, but that's just the way it's always been.

    Think of the units of measure for natural gas, MCF. That stands for Thousands of Cubic Feet, so there you go. Reserves that would be millions are denoted MM - so 12 Million BOE = 12 MMBOE. And then, to be consistent with our inconsistency, we extend that to money as well. So, for this article ARP paid $225MM for 12 MMBOE.

    Of course, in SA articles you're dealing with a broader spectrum of reader than just oil and gas people, so you correctly default to M = Millions. We oil and gas folks just have to be careful when we read these articles.
    Sep 24, 2014. 01:17 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    it's out now. I read it this afternoon.
    Sep 21, 2014. 09:18 PM | Likes Like |Link to Comment
  • HYMB Has 12.62% YTD Return And 4.67% Tax Free Yield, But What Are The Risks? [View article]
    Thanks Reuben. This is an area that has received too little attention from SA writers and I'm glad you're covering it.

    I'm still interested in the fundamental comparison between these high-yield bond funds and NQM, Nuveen's Investment Quality Municipal Bond Fund. I there are fundamental differences, but NQM still seems to have some distinct advantages, particularly the tax-free yield.
    Sep 21, 2014. 02:04 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    I look forward to your next piece. I'd really like to figure out if NQM is as great as I think it is or if I'm missing something. All I know is they keep paying those dividends and my CPA assures me they're tax free.
    Aug 29, 2014. 04:49 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    I don't know because I don't think I care, but you can correct me if I'm wrong. This may be hopelessly simplistic, but if I get $0.08 per share every month and I know that that income is exempt from federal income taxes, what else do I care about? Again, maybe I'm naïve, but if that's how much goes into my account each month, then it's after expenses, right?
    Aug 29, 2014. 04:45 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    User 18510422: Whoa, you scared me for a minute. I double checked with Nuveen and my CPA and both assure me that NQM is exempt from all Federal taxes, with the possible exception of its 4.09% exposure to AMT. Again, I'm no pro, but their comments were clear and unambiguous. And, since I am fortunate enough to live in Texas, there's no state income tax either.
    I understand that it's not a short-term fund, and therefore more susceptible to interest rate swings. One only has to look at its performance during this QE era to observe how it reacts to concerns about rising interest rates, or the lack thereof.
    Aug 29, 2014. 04:42 PM | Likes Like |Link to Comment
  • Short High-Yield Municipal Index ETF, An Undiscovered Value [View article]
    Thanks for the good article and lead on another solid earner. I'm curious why no one on SA has written about NQM. It probably has to do with the fact that it's a closed-end fund and so it's apples and oranges(?), but man, it kicks out 6.45% TAX FREE and in the time that your SHYD has been open, SHYD is up only a fraction and NQM is up about 10% - in addition to that whopping 6.45% tax free yield.
    What am I missing?
    Aug 28, 2014. 05:21 PM | Likes Like |Link to Comment
COMMENTS STATS
48 Comments
57 Likes