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davidbdc

davidbdc
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  • The Long Case For Marine Harvest [View article]
    UP - you might want to do some research. MHG has been putting a lot of effort and $'s into raising its own feed. Believe we will be about 65% in 2015 and that # can increase going forward.

    MHG is in a good position. They have long term increasing demand and are currently structured to be a vertically integrated producer. I see strong growth and strong dividends in the future.
    Nov 16 09:02 PM | Likes Like |Link to Comment
  • The Long Case For Marine Harvest [View article]
    Agree that MHG is a solid company and has good forward prospects due to demographics and strong demand for salmon.

    However, don't expect a lot of price appreciation. MHG is committed to paying out dividends (which is good!) and that will lead them to selling at a cheaper valuation than most other food companies.

    In fact, the dividend is the reason to own MHG. The board has a pretty clear mandate laid out and defined the financial metrics that will determine the payout.

    I own and am happy with the dividend and general direction of the company.
    Nov 13 11:35 AM | 1 Like Like |Link to Comment
  • Prospect Capital management and investors go back and forth on earnings call [View news story]
    Unfortunately, that is what I took away from the call also (so if its correct their theory about protecting this great idea is kind of down the drain).

    If we as shareholders don't receive any shares in the new entities then this is just an example of management spending their time and effort enriching themselves while doing nothing for shareholders.

    I invested because I believed that Barry is/was an exceptional finance guy with good business sense. It appears he's using that sense to try to finagle a way for his management company to increase their fees!!

    I would have no issue if he wants to spin off the Real Estate into a REIT and distribute it in full to shareholders - fine. But no way will I vote to boost managements pay, increase financial complexity (which scares away investors in the long run), and waste time and effort that should be spent on doing deals that sustain the distribution.
    Nov 8 02:30 AM | 2 Likes Like |Link to Comment
  • Activism In Mall REITs Is Alive And Well [View article]
    Where do you get the information that PEI's malls only have $24 per square foot?

    This is nonsense.

    As is the idea put forth by this firm. PEI has been steadily increasing NOI and same store sales in its properties. They have sold off a few malls they deemed as non-core properties.

    This shareholder wants them to tell this hedge fund clown to pound sand. They are doing the hard work of improving the assets owned and running them well. That doesn't happen in a spreadsheet.

    There is zero reason management should spend one minute of their time with this clown. They have outlined their strategy going forward and if he doesn't like it he should sell and move on - he's not a long time shareholder and has no long term interest in the company. We do not need financial engineering.
    Nov 1 01:47 AM | Likes Like |Link to Comment
  • Targa Resources Raises The Bar For MLP Acquisitions [View article]
    Steve,
    Thank you. My understanding is that the APL will be a 1031 exchange but that the ATLS piece is a sale of assets and the tax man will be expecting large checks.

    They had indicated on the conference call that the ATLS transaction was a taxable event.
    Regards,
    Oct 24 01:27 PM | Likes Like |Link to Comment
  • Activist details plan on PREIT [View news story]
    Land & Buildings owns less than 1% of the stock and they have not been in PEI for a long time.

    Management should tell them to pound sand.

    We should continue to see increasing NOI and let that flow through to shareholders via increased dividends and everything will take care of itself over time.

    Just because on company overpaid for some assets doesn't mean the market will then value all similar assets at the same valuation. PEI has done an overall good job of coming out of the financial recession. Not perfect but pretty good and shareholders should be able to look forward to increased dividends and higher share price over time.

    We don't need financial engineering BS.
    Oct 21 12:13 AM | 1 Like Like |Link to Comment
  • Targa Resources Raises The Bar For MLP Acquisitions [View article]
    APL and ATLS unitholders got taken to the cleaners. After we get done paying taxes we'll have lost a lot of money and get a smaller distribution!!

    Total BS.
    Oct 15 12:06 PM | Likes Like |Link to Comment
  • Atlas Resource Partners: What Does The Recent Transaction Mean? [View article]
    It means unit holders will end up holding the bag as usual.

    Cohen in the most recent quarterly call swore that there was no plan to consolidate the entities..... less than two months later we have a fire sale.

    We got ZERO, NADA, ZIP for the PXD production growth that is ALREADY COMMITTED!!!!

    This deal is a giveaway and unit holders will be handed the tax bill. I'd have been better off selling in the open market 6 months ago!!
    Oct 15 08:56 AM | 1 Like Like |Link to Comment
  • Cheniere shareholders vote no to Souki pay package, but it's non-binding [View news story]
    This is the kind of stuff that is just stupid.

    He already owns a good number of shares - why does he need millions more? For a year of work?

    Shareholders should vote out any board member that votes for this.
    Sep 18 12:39 AM | 3 Likes Like |Link to Comment
  • U.S. dumping decision bad news for U.S. Steel, analyst says [View news story]
    Why are we even allowing Turkey to import????? They support Islamic nutjob groups in the Middle East.

    As part of our environmental regulations we should mandate US made steel!!!! And claim that due to all our other environmental regulations US steel plants produce less pollution than those in these other countries.

    Done.
    Sep 10 02:44 PM | Likes Like |Link to Comment
  • Buybacks a boost to EPS, yield, and share price [View news story]
    Could be.

    Doesn't change the practice of management buying back shares to award to themselves. Nor does it change the fact that this results in a tremendous transfer of wealth from existing shareholders to management. Far too often for a job not well done.
    Sep 6 06:55 PM | 2 Likes Like |Link to Comment
  • Buybacks a boost to EPS, yield, and share price [View news story]
    Stone Fox - Did the USA do better under the old rules or under the relaxed rules pertaining to both buybacks and executive compensation (in the form of equity)?

    That answer seems pretty obvious to myself. Far too many companies are simply shifting money to the executive suite that used to find its way back to shareholders, invested into the business - both in terms of capital expenditures and higher pay for employees.

    Pay packages for management should be very clear - pay them whatever salary you want - pay them cash bonuses based on performance. Then it is very transparent and there aren't these short term incentives to boost the stock price next week rather than focusing on the business in five years.
    Sep 6 06:53 PM | 2 Likes Like |Link to Comment
  • Buybacks a boost to EPS, yield, and share price [View news story]
    Buybacks are only a boost to executives pockets. Shares are bought and handed over to the executives.

    We should roll back the rules and make buybacks non-existent. Money can be returned to shareholders through dividends in the short term and investing in the business in the longer term.
    Sep 6 03:22 PM | 3 Likes Like |Link to Comment
  • Analyzing Prospect Capital Corp.'s Recently Restructured Control Investments And Its Impact On NII [View article]
    Folks are overly concerned. What is the worst case scenario?

    Now they pay 11 cents a month. Personally I think that's a penny too high given the existing financial situation. But even if they went down to 9 cents that's still $1.08 a year and a nice yield.

    The much larger concern - and the one that I believe they need to address - is what has changed at First Tower. That deal was one where we bought majority control of the business and the management team was to remain. Something has changed and I'd like to know what the issue(s) is and what is being done. You don't wake up one morning and suddenly realize your making half of what you expected. PIK is just make believe accounting. 20% to 10% is a staggering reduction and not acceptable.

    I would also expect that due to this - there would be some pain felt by the executives in terms of compensation - they made the decision - and they should see compensation cut substantially due to the outcome being 50% less than expected.

    So while I'm not very happy with recent developments around FT - I see no reason to panic. I fully am prepared for a dividend reduction - and as a long term holder would rather they do it sooner rather than later. I do not wish to see even riskier loans being made to try to make up shortfalls. Make solid loans and as NII increases then start increasing the dividend again.

    IMO worst case scenario is a 9 cent dividend. 10 cents is likely - and as long as its truly covered by NII then I'm perfectly ok with that.
    Sep 6 02:59 PM | 1 Like Like |Link to Comment
  • Buybacks a boost to EPS, yield, and share price [View news story]
    There is no reason for stock buy backs and they shouldn't be allowed.

    Executives buy back the stock and then award it to themselves. That does nothing for existing shareholders. It also leads to executives making short term cost decisions to make THEIR options and equity worth more in the very short term but does nothing for the long term prospects of the business.

    Dividends and investing in the business and people are the only two uses of cash that should be allowed. We should repeal the measure that greatly expanded the ability of companies to buy back their shares.
    Sep 6 02:43 PM | 3 Likes Like |Link to Comment
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