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Tschurin

Tschurin
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  • Big bounce in junk, BDCs [View news story]
    I don’t know about “stupid,” but insulting people who have to turn out written items on very short notice is unnecessarily rude. The fact is that junk bonds and BDC’s can be influenced by the same factors and so including them in the same news item is not a stretch.
    Dec 17, 2014. 04:14 PM | 9 Likes Like |Link to Comment
  • "Patient" replaces "considerable time" in FOMC statement [View news story]
    Interesting then that the dollar index is up about one percent today. Especially at the same time that riskier assets such as small-cap's, emerging market stocks and junk bonds, are all outperforming.
    Dec 17, 2014. 03:14 PM | Likes Like |Link to Comment
  • "Patient" replaces "considerable time" in FOMC statement [View news story]
    Where is the evidence that deflation is a terrible thing and bad for economic growth? I recommend that everyone read the comments on this subject on pg. 98 and 99 [Section V, Box V. D] of the Bank for International Settlements recent annual report. BIS.org
    Dec 17, 2014. 02:54 PM | 1 Like Like |Link to Comment
  • California Senate leader wants to force Calpers to divest coal holdings [View news story]
    Those nature loving californians wouldn't be the same ones draining the aquifers, would they? ;-)
    Dec 15, 2014. 07:57 PM | 13 Likes Like |Link to Comment
  • BHP iron ore chief says prices not likely to rise above $100/ton again [View news story]
    Per WSJ, as of October: "...BHP Billion and Rio Tinto Ltd. in Australia, and Vale SA in Brazil, which produce more than 60% of iron-ore exports globally and continue to push production. The big three control massive mines, ports, and railroads, allowing them to produce iron ore at costs of $50 a ton and below."
    Dec 13, 2014. 04:30 PM | Likes Like |Link to Comment
  • DealBook: When activist investors aim at strong companies, America loses [View news story]
    Regarding Enterprising Value Investor's question; I can't speak to the validity of the study or of the current situation so I offer the following without comment: " According to an extensive study conducted by Pitcairn Financial Group in the 1980s, the stocks of family-owned firms within the S&P 500 Index annually returned approximately 135 basis points more than the broad market over a 20-year period."
    Nov 22, 2014. 12:47 PM | 3 Likes Like |Link to Comment
  • DealBook: When activist investors aim at strong companies, America loses [View news story]
    And as I read the news piece [I haven't read George's article itself] his complaint is against the "shifting" of activist attention to perhaps well-run companies. I think anyone would agree that at times, there may be quite a few poorly run companies. What should be noted is that the "activist" strategy has been very active now for several years and, as several news stories have noted, more and more funds profess to be activists and they have more and more billions of dollars under management. While the obvious poorly-run companies may have been plentiful in the earlier years of the strategy, one could conclude that the expulsion of lousy management might have left fewer obvious targets today. Do you think that all those activist hedge fund managers are just going to give up those lucrative fees and return their investors' money? For the most part, probably not. Instead they will simply sharpen their pencils and go after any company where the activist manager can insist the target company is worth more, in the short-term, broken up, than it is kept together. And you might note that the activist strategy, as measured by the 13-D mutual fund or by Icahn Enterprises, hasn't outperformed the broader market over the past 12 months.
    Nov 22, 2014. 12:34 PM | 2 Likes Like |Link to Comment
  • DOJ collects $24B in penalties in fiscal 2014 [View news story]
    And asked why he robbed banks, Willie Sutton said "Because that's where the money is." ;-)
    Nov 20, 2014. 06:51 AM | 1 Like Like |Link to Comment
  • AT&T CEO: We can't invest in fiber until net neutrality is resolved [View news story]
    I noticed the wait to get a response from the Seeking Alpha server on both my PC's. One connects to the internet via Verizon DSL at about 1 mbps. The other is through a wi-fi router hooked up to Comcast Broadband at about 20 mbps. Even yesterday there were some times when the SA server took what seemed like 30 second to a minute or more to respond. Again, no such problems with other websites.
    Nov 13, 2014. 09:28 AM | Likes Like |Link to Comment
  • AT&T CEO: We can't invest in fiber until net neutrality is resolved [View news story]
    What also kills investment is the lack of competition. That's what bothers me about comments that say any government involvement is bad. I agree that government involvement in the market is a sub-optimal solution but let's bring some reality into the conversation. Broadband providers are at best oligopolies and, in many communities, are duopolies or monopolies. The broadband provider there has little or no competitive incentive to invest in technologies that will improve the viewing experience (unless of course they can charge the consumer an arm and a leg for it). Even then, cable companies, have, at least where I live, refused to provide subscribers the technological means to order basic channels a la carte. Where there is no or little broadband competition, it is worth considering whether the government might help level a very unequal playing field between the cable operator and the consumer, especially one that makes use of a public right of way.
    Nov 12, 2014. 01:50 PM | 4 Likes Like |Link to Comment
  • AT&T CEO: We can't invest in fiber until net neutrality is resolved [View news story]
    Speaking of internet speed, my connection to the Seeking Alpha server has sometimes become very slow in the past several weeks. Haven't had the same problem with other websites. Has anyone else had this problem?
    Nov 12, 2014. 01:14 PM | Likes Like |Link to Comment
  • AT&T CEO: We can't invest in fiber until net neutrality is resolved [View news story]
    To rephrase your argument, if we don't allow the cable companies to make even more obscene profits, then they will punish us by letting their plant run down. Note that Comcast's stock price has gone up about 36% over the past three years, almost double the rate of the S&P 500. You also seem to suggest that there is a direct connection between what they charge and what they will invest in PP&E. I know of no such immediate correlation; they seem to raise their subscriber rates frequently yet over the past few decades the technology seems to have changed little.
    Nov 12, 2014. 12:27 PM | 7 Likes Like |Link to Comment
  • AT&T CEO: We can't invest in fiber until net neutrality is resolved [View news story]
    Not just "a lobbyist," he was the long-time president of the National Cable Television Association. And you're right..."what a shock"! ;-)
    Nov 12, 2014. 10:29 AM | 3 Likes Like |Link to Comment
  • The Time To Split Up GE Has Arrived [View article]
    I would be surprised if the specter of activist investors hasn't already helped motivate GE’s spin-off strategy. At the same time, I wouldn’t be surprised if, in five years time, the shareholders who now want the non-industrial pieces of GE spun off end up complaining that the remaining industrial piece is too cyclical. The investment bankers who now profit from all of this deconglomeratization [is there such a word?] will be happy to profit putting some of the pieces back together. Interesting that, at least in the short-term, the timing of this move to create a purer industrial company doesn’t look great if we are indeed headed back into a cyclical recession.
    Oct 10, 2014. 09:46 PM | 4 Likes Like |Link to Comment
  • General Electric: Is Diversification Its Achilles' Heel? [View article]
    It all depends on what level of “understanding” you require. At one extreme, if all you need to make your investment decision is some general conclusions about each division, e.g., airliners will always need engines and people will always travel by plane, then perhaps it isn’t too complex. At the other extreme, if you are trying to piece together an earnings estimate five years out, and have to figure out whether the Chinese will be competitive in supplying aircraft engines by then, what the demand for new planes will be from each country’s airlines, etc.; that’s a different matter. I used to put together an annual revenue and profit forecast for the NBC division and compared notes with some of the Wall Street analysts who followed GE. I can tell you that the analysts I talked with were highly dependent on “management guidance” for their estimates.
    Oct 2, 2014. 12:04 PM | 1 Like Like |Link to Comment
COMMENTS STATS
362 Comments
408 Likes