Atlas Pipeline Partners Is Not An MLP For Turbulent Times In Energy Prices [View article]
Gene Dubay was not in charge. He was brought in to clean up the mess.
To keep my blood pressure down I won't rehash everything that went on - suffice to say this article only skims the surface.
The unit price is ahead of itself IMO. There is a lot of work to be done to keep revenue growing. They have opportunity to continue to partner with Pioneer, but they also have exposure to SD and no one knows exactly what will happen there.
The recent expansions are on-line and we should see increasing revenue through the rest of the year. Additional expansions are underway and come on-line in 2014.
They have to fully integrate the recent acquisitions and build out a top-flight organization. The SD risk is real. But there is potential for continued growth for the next several years.
At its current unit price I'm not a buyer, but to each his/her own (I do own some units that I've held for a long time).
Shopping For REITs As We Enter A New Wealth Creation Cycle [View article]
Dan,
Buy the house. Use your money for the down payment.
Then save some more and invest in what you feel comfortable.
This old guy can tell you that in life almost every time you think your "being smarter", something goes wrong.
A roof over your head, food on the table, and a happy and healthy family is a damn good place to be in life. Investing and creating a solid base of wealth to guarantee some protection for those three things is great. All the other stuff is just an enabler for your retirement, toys, trips, luxories, etc.
Shopping For REITs As We Enter A New Wealth Creation Cycle [View article]
Nice article and it is always prudent to determine where you feel comfortable entering an investment.
But I disagree that we're at the bottom. REIT's have moved upwards partly due to large funds seeking income. As interest rates rise some of these funds are going to switch to other fixed income holdings they feel more comfortable with (even though they will be yielding less than some REITs). We are nowhere near that point. So there is more to come IMO.
As interest rates rise, REITs will be under pressure to increase dividends to maintain a margin (positive) between their yield and other fixed income. So those REITs with low payout margins are the one's people will want to currently consider.
The NYSE rules to let stand all trades in American Electric Power (AEP -1%) and NextEra Energy (NEE -1.2%) but prices for certain "aberrant" trades will be excluded from the high and low prices in data feeds. There were hundreds of trades early this morning in AEP at or below $46.03 and in NEE at or below $76.19, more than 50% below yesterday's closing prices. [View news story]
Have to wonder how these sales stand but during the flash crash my purchases were rescinded???
Must be no big banks or traders lost money on this one!!!
If you buy CWH you better hope that the outside parties win in arbitration and Portney is forced to sell. Otherwise its back to $15.
CWH had a director get voted out at the annual meeting. He resigned. Later that day the board re-appointed him.
CWH regularly sells any building that has appreciated in value - but is depreciated on the balance sheet. And immediately buys another property that will show on the balance sheet at a higher valuation. They do this without regard to tenant quality, revenue streams, location, etc. Its done for the sole purpose of maximizing RMR revenue.
CWH has routinely spun off businesses and used the money to purchase yet more assets to increase RMR fees. As long as I've been a shareholder I've received nothing from these divestitures.
CWH is run for the benefit of RMR and RMR only. And it seems that the law is protecting them from accepting a bid that is 50% more than the stock was trading for when announced. If your a lawyer and can figure out the Maryland laws and how an arbitrator is likely to rule then perhaps the $4 is worth the risk.
But this shareholder has watched the Portney's rob us blind year after year - maybe I'm jaded, but I believe they will worm their way out of this one too!
Also - they cut the dividend 50% last year. Just for good measure.
Stopping asset purchases at once would be too disruptive, says Dallas Fed chief Richard Fisher, appearing on CNBC. The hawk instead calls for the program to be tapered, beginning imminently. "We've made people richer ... the question is what have we done for working men and women in this country." [View news story]
Absolutely nothing.
And thats not all the Fed's fault. Bernanke's greatest failure isn't any of his policies - its that he didn't use his bully pulpit to call out Congress as spending our country into ruin - by not calling out the stimulus as a political giveaway as opposed to a stimulus package - by not rallying the American people to some simple truths about our fiscal policies in this country.
Policies can be changed, updated, tweaked, reversed. The total lack of leadership in Washington DC is something that has proven to be far more lasting.
While Jill Priluck decries "the dark side of shareholder activism" on Reuters, the NYT's James Stewart highlights the "sham" shareholder democracy that has seen directors at dozens of publicly traded companies retaining their positions despite losing elections. The firms include Cablevision Systems (CVC), Vornado Realty Trust (VNO) and medical diagnostics Iris International, where shareholders rejected all nine directors in May 2011. They resigned but then voted to reject their own resignations. [View news story]
Here is a real world example from one of my least favorite investments:
CWH announced today the results from their annual meeting:
Mr. Joseph L. Morea received less than the majority of shares required to be re-elected as an Independent Trustee. As a result, Mr. Morea resigned from the Board. The Board determined that the insufficient vote for Mr. Morea appeared not to be directed at any personal failings of Mr. Morea, but rather to be the result of the positions taken by the Board to oppose the hostile takeover efforts being pursued by Corvex Management LP and Related Fund Management, LLC. In these circumstances, and because the Board's determination that Mr. Morea's continued service and leadership would be in the Trust's best interest, the Board requested that Mr. Morea accept appointment to the vacancy created by his resignation. Mr. Morea subsequently accepted appointment as an Independent Trustee.
We, the shareholders managed to throw the bum out - and the very same day he's back on the board!!!!!
In a blow to investors seeking to oust the CommonWealth REIT (CWH) board, a Maryland judge rules the dispute must be resolved through arbitration. Corvex and Related sued after the Board rejected their $27/share buyout offer and instead went ahead with a secondary offering at $19. CommonWealth then filed for arbitration as allowed by its bylaws - a process stacked against shareholders, say the plaintiffs. CommonWealth reported earnings today, but the CC dialogue was strictly limited to operations. [View news story]
From the annual meeting results:
Mr. Joseph L. Morea received less than the majority of shares required to be re-elected as an Independent Trustee. As a result, Mr. Morea resigned from the Board. The Board determined that the insufficient vote for Mr. Morea appeared not to be directed at any personal failings of Mr. Morea, but rather to be the result of the positions taken by the Board to oppose the hostile takeover efforts being pursued by Corvex Management LP and Related Fund Management, LLC. In these circumstances, and because the Board's determination that Mr. Morea's continued service and leadership would be in the Trust's best interest, the Board requested that Mr. Morea accept appointment to the vacancy created by his resignation. Mr. Morea subsequently accepted appointment as an Independent Trustee.
A rejection of the Keystone pipeline (TRP) would unleash shock waves through the halls of policymakers in Canada and the U.S. and force producers to find creative solutions. But don't hold your breath: The Obama administration is unlikely to make a decision until late this year or even early 2014, unnamed U.S. officials are telling Reuters. [View news story]
Shouldn't these shock waves already be in existence? How long have we been reading about this nonsense - build the damn thing already. Environmentalists should be glad we'd be modernizing part of our pipeline infrastructure (which in some areas is 40+ years old).
U.S. jobs could return to pre-recession levels by 2014, according to some economists. The latest Wall Street Journal survey of economists, forecasters said they expect employers to add just under 180K jobs a month over the next 12 months, about the same pace as the past two years, but that should pick up as the economy continues to gather steam. For the full year, economists expect 2.4% growth - which is better than the past two years. [View news story]
And adjusted for inflation 9 years?
So, I'm glad we are at least adding jobs each month rather than losing jobs. But lets be honest - we haven't seen a sustained period of robust job growth. We need 6 months of 350-500K jobs to really get the economy going. And personally I don't see that happening with the size of our government.
Until we cut government spending and restore our freedoms and liberties we will continue to experience European like job and labor markets. And the real concern should lie with our youth. I see far too many 24 year olds serving me subs, fries, Big Macs, etc.
Sprott's John Embry: 'The Future For Retirees In America Is Grim' [View article]
Retirement is an individual situation.
Some people want to travel and see the world. Some people want to spend time in their community and work to improve it. Some people just want to be left the heck alone.
Retirement isn't broken as this guy claims. I have no fears of retirement. I've lived responsibly. Others haven't. I guess I might enjoy my retirement more than them. How is that broken?
Who says that all of our seniors should live as well when they aren't working as they did when there were working? If that was important to these people then they would have sacrificed some of their wants when they were 30 and 40 and 50 years old. If they didn't then that is their choice.
The only thing broken is the amount of money we throw at our seniors under the guise of "I paid into the system". Yeah, but you didn't pay enough and you continued to elect politicians that spent everything you sent them plus trillions they borrowed. So deal with it. And if it means we have seniors that spend their time watching tv in a small apartment and going for walks to the park as their entertainment - then so be it. Our children's and grandchildren's futures are far more important than maintaining lifestyles for 70 year olds.
Sprott's John Embry: 'The Future For Retirees In America Is Grim' [View article]
nobody has saved enough ----------------------... This is a patently false statement. A large segment of our society lives within their means - prepares for their retirement - and saves for a rainy day.
Our public retirement programs should only cover the absolute bare minimum IMO. Roof over head in a 1 bedroom apartment and food bought at the grocery store. Anything else? Work, save, invest, live responsibly.
If you want to buy a 80K car when your 35 and cruise around town - great. If you want to take 5 "trip of a lifetime" in your 40's - great. Want to wear expensive clothes, buy antiques, and pretend your a big shot in your 50's - great. Now you turn 65 and want to take 4-5 vacations a year but don't have the money? TOUGH COOKIES.
So tired of listening to the crying and whining about how bad people's lot in life is when there is a 40+ year history of making their own financial decisions. Seniors have lived life. Time to focus our resources on our children's and grandchildren's future and let the old folks age and live according to their life's work.
In a blow to investors seeking to oust the CommonWealth REIT (CWH) board, a Maryland judge rules the dispute must be resolved through arbitration. Corvex and Related sued after the Board rejected their $27/share buyout offer and instead went ahead with a secondary offering at $19. CommonWealth then filed for arbitration as allowed by its bylaws - a process stacked against shareholders, say the plaintiffs. CommonWealth reported earnings today, but the CC dialogue was strictly limited to operations. [View news story]
What CWH really shows is how outdated our corporate governance system is. There are people on the board that are truly just friends of the family. This firm has constantly sold off all assets that appreciate - with the sole intent of then buying more expensive properties to increase RMR management fees. Thats the reason they won't release property specific information. It would expose how they have sold properties generating solid cash flow and replaced them with higher priced buildings producing LESSER cash flow. But management fees increase!
I've owned for a long time. They have spun off several companies - I've received ZERO shares from any of the new entities, and I've received ZERO dollars and ZERO cents from any of the spin-offs. Its a legal scam.
The New York City Employees' Retirement System becomes the third pension fund to sell its stake in gun makers Sturm Ruger (RGR -0.8%) and Smith & Wessen (SWHC -0.3%) following the nightmarish school shooting in Connecticut. CalSTRS and New York's Teacher's Retirement System sold their shares in January and February respectively. Comptroller John Liu says the company's products "tear apart families and shatter communities." ( Reuters ) [View news story]
Much like the bureaucratic structure in our schools and government. Tax burdens make family life more difficult. Poor teachers kept in front of students tear apart future families and lessen their economic futures. And our bureaucrats now have the power to indiscriminately seize children from families.
Atlas Pipeline Partners Is Not An MLP For Turbulent Times In Energy Prices [View article]
To keep my blood pressure down I won't rehash everything that went on - suffice to say this article only skims the surface.
The unit price is ahead of itself IMO. There is a lot of work to be done to keep revenue growing. They have opportunity to continue to partner with Pioneer, but they also have exposure to SD and no one knows exactly what will happen there.
The recent expansions are on-line and we should see increasing revenue through the rest of the year. Additional expansions are underway and come on-line in 2014.
They have to fully integrate the recent acquisitions and build out a top-flight organization. The SD risk is real. But there is potential for continued growth for the next several years.
At its current unit price I'm not a buyer, but to each his/her own (I do own some units that I've held for a long time).
Shopping For REITs As We Enter A New Wealth Creation Cycle [View article]
Buy the house. Use your money for the down payment.
Then save some more and invest in what you feel comfortable.
This old guy can tell you that in life almost every time you think your "being smarter", something goes wrong.
A roof over your head, food on the table, and a happy and healthy family is a damn good place to be in life. Investing and creating a solid base of wealth to guarantee some protection for those three things is great. All the other stuff is just an enabler for your retirement, toys, trips, luxories, etc.
Good luck.
Shopping For REITs As We Enter A New Wealth Creation Cycle [View article]
But I disagree that we're at the bottom. REIT's have moved upwards partly due to large funds seeking income. As interest rates rise some of these funds are going to switch to other fixed income holdings they feel more comfortable with (even though they will be yielding less than some REITs). We are nowhere near that point. So there is more to come IMO.
As interest rates rise, REITs will be under pressure to increase dividends to maintain a margin (positive) between their yield and other fixed income. So those REITs with low payout margins are the one's people will want to currently consider.
All just IMO of course.
The NYSE rules to let stand all trades in American Electric Power (AEP -1%) and NextEra Energy (NEE -1.2%) but prices for certain "aberrant" trades will be excluded from the high and low prices in data feeds. There were hundreds of trades early this morning in AEP at or below $46.03 and in NEE at or below $76.19, more than 50% below yesterday's closing prices. [View news story]
Must be no big banks or traders lost money on this one!!!
REIT Focus: Commonwealth REIT [View article]
CWH had a director get voted out at the annual meeting. He resigned. Later that day the board re-appointed him.
CWH regularly sells any building that has appreciated in value - but is depreciated on the balance sheet. And immediately buys another property that will show on the balance sheet at a higher valuation. They do this without regard to tenant quality, revenue streams, location, etc. Its done for the sole purpose of maximizing RMR revenue.
CWH has routinely spun off businesses and used the money to purchase yet more assets to increase RMR fees. As long as I've been a shareholder I've received nothing from these divestitures.
CWH is run for the benefit of RMR and RMR only. And it seems that the law is protecting them from accepting a bid that is 50% more than the stock was trading for when announced. If your a lawyer and can figure out the Maryland laws and how an arbitrator is likely to rule then perhaps the $4 is worth the risk.
But this shareholder has watched the Portney's rob us blind year after year - maybe I'm jaded, but I believe they will worm their way out of this one too!
Also - they cut the dividend 50% last year. Just for good measure.
Invest at your own risk.
Stopping asset purchases at once would be too disruptive, says Dallas Fed chief Richard Fisher, appearing on CNBC. The hawk instead calls for the program to be tapered, beginning imminently. "We've made people richer ... the question is what have we done for working men and women in this country." [View news story]
And thats not all the Fed's fault. Bernanke's greatest failure isn't any of his policies - its that he didn't use his bully pulpit to call out Congress as spending our country into ruin - by not calling out the stimulus as a political giveaway as opposed to a stimulus package - by not rallying the American people to some simple truths about our fiscal policies in this country.
Policies can be changed, updated, tweaked, reversed. The total lack of leadership in Washington DC is something that has proven to be far more lasting.
While Jill Priluck decries "the dark side of shareholder activism" on Reuters, the NYT's James Stewart highlights the "sham" shareholder democracy that has seen directors at dozens of publicly traded companies retaining their positions despite losing elections. The firms include Cablevision Systems (CVC), Vornado Realty Trust (VNO) and medical diagnostics Iris International, where shareholders rejected all nine directors in May 2011. They resigned but then voted to reject their own resignations. [View news story]
CWH announced today the results from their annual meeting:
Mr. Joseph L. Morea received less than the majority of shares required to be re-elected as an Independent Trustee. As a result, Mr. Morea resigned from the Board. The Board determined that the insufficient vote for Mr. Morea appeared not to be directed at any personal failings of Mr. Morea, but rather to be the result of the positions taken by the Board to oppose the hostile takeover efforts being pursued by Corvex Management LP and Related Fund Management, LLC. In these circumstances, and because the Board's determination that Mr. Morea's continued service and leadership would be in the Trust's best interest, the Board requested that Mr. Morea accept appointment to the vacancy created by his resignation. Mr. Morea subsequently accepted appointment as an Independent Trustee.
We, the shareholders managed to throw the bum out - and the very same day he's back on the board!!!!!
In a blow to investors seeking to oust the CommonWealth REIT (CWH) board, a Maryland judge rules the dispute must be resolved through arbitration. Corvex and Related sued after the Board rejected their $27/share buyout offer and instead went ahead with a secondary offering at $19. CommonWealth then filed for arbitration as allowed by its bylaws - a process stacked against shareholders, say the plaintiffs. CommonWealth reported earnings today, but the CC dialogue was strictly limited to operations. [View news story]
Mr. Joseph L. Morea received less than the majority of shares required to be re-elected as an Independent Trustee. As a result, Mr. Morea resigned from the Board. The Board determined that the insufficient vote for Mr. Morea appeared not to be directed at any personal failings of Mr. Morea, but rather to be the result of the positions taken by the Board to oppose the hostile takeover efforts being pursued by Corvex Management LP and Related Fund Management, LLC. In these circumstances, and because the Board's determination that Mr. Morea's continued service and leadership would be in the Trust's best interest, the Board requested that Mr. Morea accept appointment to the vacancy created by his resignation. Mr. Morea subsequently accepted appointment as an Independent Trustee.
A rejection of the Keystone pipeline (TRP) would unleash shock waves through the halls of policymakers in Canada and the U.S. and force producers to find creative solutions. But don't hold your breath: The Obama administration is unlikely to make a decision until late this year or even early 2014, unnamed U.S. officials are telling Reuters. [View news story]
U.S. jobs could return to pre-recession levels by 2014, according to some economists. The latest Wall Street Journal survey of economists, forecasters said they expect employers to add just under 180K jobs a month over the next 12 months, about the same pace as the past two years, but that should pick up as the economy continues to gather steam. For the full year, economists expect 2.4% growth - which is better than the past two years. [View news story]
So, I'm glad we are at least adding jobs each month rather than losing jobs. But lets be honest - we haven't seen a sustained period of robust job growth. We need 6 months of 350-500K jobs to really get the economy going. And personally I don't see that happening with the size of our government.
Until we cut government spending and restore our freedoms and liberties we will continue to experience European like job and labor markets. And the real concern should lie with our youth. I see far too many 24 year olds serving me subs, fries, Big Macs, etc.
Sprott's John Embry: 'The Future For Retirees In America Is Grim' [View article]
Some people want to travel and see the world. Some people want to spend time in their community and work to improve it. Some people just want to be left the heck alone.
Retirement isn't broken as this guy claims. I have no fears of retirement. I've lived responsibly. Others haven't. I guess I might enjoy my retirement more than them. How is that broken?
Who says that all of our seniors should live as well when they aren't working as they did when there were working? If that was important to these people then they would have sacrificed some of their wants when they were 30 and 40 and 50 years old. If they didn't then that is their choice.
The only thing broken is the amount of money we throw at our seniors under the guise of "I paid into the system". Yeah, but you didn't pay enough and you continued to elect politicians that spent everything you sent them plus trillions they borrowed. So deal with it. And if it means we have seniors that spend their time watching tv in a small apartment and going for walks to the park as their entertainment - then so be it. Our children's and grandchildren's futures are far more important than maintaining lifestyles for 70 year olds.
Sprott's John Embry: 'The Future For Retirees In America Is Grim' [View article]
----------------------...
This is a patently false statement. A large segment of our society lives within their means - prepares for their retirement - and saves for a rainy day.
Our public retirement programs should only cover the absolute bare minimum IMO. Roof over head in a 1 bedroom apartment and food bought at the grocery store. Anything else? Work, save, invest, live responsibly.
If you want to buy a 80K car when your 35 and cruise around town - great. If you want to take 5 "trip of a lifetime" in your 40's - great. Want to wear expensive clothes, buy antiques, and pretend your a big shot in your 50's - great. Now you turn 65 and want to take 4-5 vacations a year but don't have the money? TOUGH COOKIES.
So tired of listening to the crying and whining about how bad people's lot in life is when there is a 40+ year history of making their own financial decisions. Seniors have lived life. Time to focus our resources on our children's and grandchildren's future and let the old folks age and live according to their life's work.
Mart Resources: A 14% Yield And Big Catalysts [View article]
Can you comment on what another poster stated about them only having a service contract and no actual ownership interests in the oil fields?
Thanks for the article.
In a blow to investors seeking to oust the CommonWealth REIT (CWH) board, a Maryland judge rules the dispute must be resolved through arbitration. Corvex and Related sued after the Board rejected their $27/share buyout offer and instead went ahead with a secondary offering at $19. CommonWealth then filed for arbitration as allowed by its bylaws - a process stacked against shareholders, say the plaintiffs. CommonWealth reported earnings today, but the CC dialogue was strictly limited to operations. [View news story]
I've owned for a long time. They have spun off several companies - I've received ZERO shares from any of the new entities, and I've received ZERO dollars and ZERO cents from any of the spin-offs. Its a legal scam.
The New York City Employees' Retirement System becomes the third pension fund to sell its stake in gun makers Sturm Ruger (RGR -0.8%) and Smith & Wessen (SWHC -0.3%) following the nightmarish school shooting in Connecticut. CalSTRS and New York's Teacher's Retirement System sold their shares in January and February respectively. Comptroller John Liu says the company's products "tear apart families and shatter communities." ( Reuters ) [View news story]
Guns are the least of our problems.