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  • The Next MLPs To Crash? Hedgeye Targets Another Pipeline MLP  [View article]
    So has anyone actually seen this report???? I"ve looked around and can't find anything on the internet currently.

    If anyone is able to find it please share.
    Apr 24, 2014. 07:26 PM | Likes Like |Link to Comment
  • Ramco-Gershenson Is A REIT That Could Bounce Or Be Bought  [View article]
    I own a little RPT. IMO its solid, nothing spectacular. Unless the CEO wants out I don't really see a sale but you never know.

    If anything I think its gotten a little too conservative and we are underlevered. Would like to see a few more acquisitions while money is basically free and bump up the dividend closer to $1 annually.

    Just as a note to anyone thinking of buying, this seems to move up and down in price a little more than other REITs I follow so if patient you might find an entry point in the $15 range.
    Apr 24, 2014. 07:19 AM | 1 Like Like |Link to Comment
  • Why Not Consider This 12% Yielder As An Alternative To REITs And MLPs?  [View article]
    to anyone reading - the mlp distributions are NOT treated as capital gains when sold. Distributions usually lower your cost basis and you pay normal income taxes on the gain when units are sold.

    What is treated as long term capital gain is distributions once your cost basis has reached Zero.
    Apr 22, 2014. 03:43 PM | 1 Like Like |Link to Comment
  • Why Not Consider This 12% Yielder As An Alternative To REITs And MLPs?  [View article]
    Two things that PSEC has going for it is that they own First Tower outright and that accounts for a good chunk of their free cash flow. And they usually have equity kickers in their lendings. Which has provided for a few windfall gains for the company.

    Their existing loans are mostly based on libor + so increases in interest rates wouldn't impact the short term. But it could make new loans more challenging.

    Overall though, I like management and they have definitely returned cash to shareholders (of which I am one). IMO - sub $10.50 the risk/reward is pretty good.
    Apr 22, 2014. 03:39 PM | 7 Likes Like |Link to Comment
  • The Next MLPs To Crash? Hedgeye Targets Another Pipeline MLP  [View article]
    Oh, and the Chevron JV was just an outcome from the sale of the Marcellus assets. I think it was a way to come to agreement over pricing. Now that Chevron is going to divest the pipeline I think we'll see APL do the same (as risk greatly increases with Chevron no longer in essence guaranteeing volumes).
    Apr 21, 2014. 05:05 PM | 1 Like Like |Link to Comment
  • The Next MLPs To Crash? Hedgeye Targets Another Pipeline MLP  [View article]
    Well they did overpay for Cardinal and have written down $50 million of that acquisition to date.

    When the purchased it I had done a back of the envelope and felt we had overpaid by 100-200 Million.

    But lets say I was right - they have written down a decent percentage of that - and the fact that NG pricing has improved since then should account for another chunk of the mistake.

    Both Atlas entities (APL and ARP) produce cash flow - that's not something you can just make up (unless they are saying outright fraud). There are certainly risks in the business - specific to APL is our dependency on SD and PXD drilling activity. But the idea that its all a scam is simply misplaced IMO.

    Unless this "research" shows some type of accounting mistakes or fraud, I'm not concerned. This firm seems to simply do the same dog and pony show to allow themselves to make money in the short term on the short side. The nice thing about ARP is that they now pay monthly distributions so those short will have to start covering payouts immediately.
    Apr 21, 2014. 05:02 PM | 2 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections  [View news story]
    I believe they have clearly stated they won't pass that bill and do not support it. That's hardly waiting.

    I don't necessarily agree with their position but they have been clear that the bill won't be passed.

    And since when is leadership comparing yourself to the failure of others???? Oh, its not. Which is exactly the problem with our current President. There aren't wars going on in this country against women or gays or college graduates with loans or minorities, etc. There is just an desire by politicians and bureaucrats to create the appearance of "need" and keep themselves in power.
    Apr 19, 2014. 05:29 PM | 3 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections  [View news story]
    If find the whole episode to be a sad reminder of how ineffective our government has become. Regardless of the decision - its long past the time for one to have been reached.

    I support in concept the pipeline. I don't support the use of eminent domain to achieve the passageway for the pipeline.

    We've had several NG pipeline explosions in the past few years - its obvious that our pipeline infrastructure is old and needs to be replaced. Where is any discussion about that?

    Canada is our closest ally. Should we really have hundreds of bureaucrats "studying" Canadian environmental policy???? Are we saying the Canadians are too stupid to decide for themselves how to use their land and resources??

    Instead the USA looks stupid and arrogant. I guess our sprawling bureaucracy now thinks they run the lives of everyone in the world - not just the USA. Sarcasm intended.
    Apr 19, 2014. 05:25 PM | 4 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections  [View news story]
    Jake, I believe that when Obama promised to cut the deficit in half it was at about $300 billion (that was in 2007-8 time period). His first year in office the deficit ballooned to 1.3 or 1.4 Trillion. Cutting that amount in half is a far cry from cutting 300 to 150.

    And yes, he didn't create the financial crisis and you can debate the steps taken during and after, but to say he's met his stated goal of deficit reduction is comparing apples and oranges. He has not come close to reaching 150 billion and his own budgets submitted to the Congress don't ever come near that number.
    Apr 19, 2014. 05:18 PM | 16 Likes Like |Link to Comment
  • Marcellus Shale: Through A Glass, Darkly  [View article]
    I saw the low cloud today....... The sky is falling!!!!!

    We've got plenty of NG and if allowed can access even more via public lands and further technological advances.
    Apr 1, 2014. 02:37 AM | 4 Likes Like |Link to Comment
  • Prospect Capital's Dividend And Net Asset Value Sustainability Analysis (Post Fiscal Q2 2014 Earnings) - Part 1  [View article]
    Folks, its simple. They are bringing in enough cash to basically cover the payout.

    Worse case scenario over the next 3 years (short of global meltdown), is a 1 cent reduction in the distribution. That's worse case!

    First Tower seems to be working out well. They have make a lot of solid investments the past couple of years which will be paying them for at least the next two to three years. They get equity with most investments so that is longer term gain on top of the interest payments.

    Management is solid. Only real questionable move was not paying out gain from gas solutions (basically allowed management to collect fees they should not have collected IMO). The bank gives you 1% if your lucky. PSEC gives you 12% with a downside of what 10%??????

    Easy decision to own and hold PSEC for as long as management is in place.
    Mar 27, 2014. 04:42 AM | 4 Likes Like |Link to Comment
  • Prospect Capital: Meet NMMB Holdings  [View article]
    I own PSEC. I'm generally pretty happy (thought gas solutions was a self serving move by management but otherwise have had no issues.

    If I understand correctly. They made a loan for $23 million and have converted about half that loan to equity which was quickly written down to zero. IMO that's a non-performing loan. So I'm not thrilled to read how this was done.

    PSEC holds special meetings for shareholders to ask questions and this sounds like a good one for the next shareholder Q&A.

    As for the comments about this being Ponzi like - well that's complete nonsense. First Tower is a real business with lots of physical locations. Same for the other companies they have loaned money to (or taken partial ownership of).

    I can understand why the company wants to say they haven't written any non-performing loans over the past X number of years - but in this case it seems they are stretching the truth and this shareholder would prefer they simply say they've written Y number of non performing loans over the past five years.
    Mar 10, 2014. 01:01 AM | 3 Likes Like |Link to Comment
  • Eyes on Russell after BDCs tossed out of S&P indices  [View news story]
    Let them drop them - let BCD's continue in obscurity - price drops enough I'll buy more and live better from the dividends.
    Feb 26, 2014. 08:15 PM | 4 Likes Like |Link to Comment
  • Amazon planning to deliver products using drones  [View news story]
    They'll rain from the sky - but not due to technological failure - more like due to my gunshot blasts!!!!!

    This type of stuff is ridiculous. We've become so lazy and lethargic about everything that it isn't even funny. Walk to the damn grocery store and get some exercise!!!
    Dec 1, 2013. 09:18 PM | 5 Likes Like |Link to Comment
  • Commonwealth's Portnoy responds to defeat  [View news story]
    We were a little late to the game?????

    What? He was very early! He realized he could steal from shareholders through the vehicle of a publicly traded company!! And he did it for years and year and years.

    The guy should be charged with fraud and he and Jr. should serve hard time!!!!!

    Throw the bums out!!!!!!!!!!!!!!!!!
    Nov 20, 2013. 04:10 AM | Likes Like |Link to Comment