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Stew Meat

Stew Meat
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  • J&J Snack Foods: Impressive Growth In Pretzels, Churros & Slushies? [View article]
    This article is terrible...because it may generate too much interest in one of the best run and least followed food services firms around. And all before I have a chance to buy more. Thanks a lot.
    Sep 17, 2013. 02:17 PM | Likes Like |Link to Comment
  • The Buckle's Growth Looks Anemic [View article]
    Excellent points, in a nutshell, Buckle specializes in keeping it real...very rare these days.
    Sep 12, 2013. 02:14 PM | Likes Like |Link to Comment
  • Intel IDF Report Day 2 And The Outlook For 2014 Earnings [View article]
    Then it must be the gospel truth, just like when he said a larger phone screen was useless and nobody would want it. No one sees disruption coming, not even the great SJ.
    Sep 12, 2013. 09:34 AM | Likes Like |Link to Comment
  • Corning: Diversified And Discounted Value In An Expensive Market [View article]
    Unless you include compounding dividend growth, which of course you should.
    Aug 9, 2013. 08:57 AM | 5 Likes Like |Link to Comment
  • The Evidence That MLP Valuations Are Based On DCF And Not EPS [View article]
    IDR's are exactly as they sound, incentives. GP's have incentives to grow the LP and increase their tax-advantaged cash flow by dropping down strong, cash-generating assets at reasonable prices. Anadarko and WES (as you mentioned) are the poster boys for a strong GP/LP/IDR relationship. These relationships, though perhaps a bit incestuous, also insulate LP's from growing competition in the segment.
    Jul 31, 2013. 02:07 PM | Likes Like |Link to Comment
  • Here Is Why You Should Buy This Solid Dividend Stock [View article]
    pure wrongness.
    Jul 29, 2013. 04:45 PM | Likes Like |Link to Comment
  • Genesis Energy Provides Investors With A Steady, Predictable Income Stream [View article]
    It's an MLP, the depreciation should be backed out. DCR (distribution coverage ratio) is what counts on these things. Coverage was an impressive 1.21 times for the last quarter.
    Jun 26, 2013. 03:33 PM | Likes Like |Link to Comment
  • Bakken Producer Whiting Petroleum Delivers The Goods [View article]
    and no dividend, probably because free cash flow is weak
    Jun 26, 2013. 12:53 PM | Likes Like |Link to Comment
  • Whiting Petroleum: Q1 Production Up 10%, Net Income Down [View article]
    I see negative free cash flow here, what am I missing?
    Jun 26, 2013. 10:57 AM | Likes Like |Link to Comment
  • Western Gas Partners: Very Close To A Buy Recommendation [View article]
    Hi Tabber, can you shed some light on these 'financial goings on'? Thanks.
    Jun 10, 2013. 01:56 PM | Likes Like |Link to Comment
  • New Entrants In The Midstream Sector That Deserve A Closer Look (Part II) [View article]
    Read more carefully (and more importantly, RESEARCH more carefully). As I said, PE is useless. Yet you list it as a key metric: astonishingly naive analysis. Distribution coverage ratios involves debt payment analysis, DCR is a great place to start and finish any research, yet you don't mention it.

    Price to book value is a hilarious metric to use as the effect of depreciation on book value for midstream MLP's makes the metric worse than useless (much like your MLP "articles", they are worse than useless, they are dangerous.) Depreciation is non-cash and these pipes last for scores of years. Book value can't hope to approximate the value of these assets.

    If you attain 30-50% returns annually as you claim, you should buy lottery tickets daily as you must be quite lucky.

    As a public service announcement, I must direct interested readers to the work of Ron Hiram here on this site.
    May 24, 2013. 11:35 AM | Likes Like |Link to Comment
  • New Entrants In The Midstream Sector That Deserve A Closer Look (Part II) [View article]
    Abandon Hope All Ye Who Read and Believe this "article".

    I can't believe what I am seeing from you and that people are actually following your advice. It encourages me in that it is proof that markets are not efficient, but it is genuinely frightening to read someone put forth a short recommendation on an MLP based on P/E and P/BV. You recommend shorting WGP? A firm that will likely grow distributions by 18% or so in at least the medium term? The only reason WGP even exists is to own equity interest in WES and to spin out Anadarko's General Partnership. In other words, WGP represents the Incentive Distributon Rights owned by Anadarko. These rights will allow WGP to increase its distribution faster than WES (which is a great opportunity). Confusing? Yes, but incredibly relevant to the analysis of WGP, yet you concentrate on P/E. Disturbing.

    Also, I can't help but wonder if you know that when you short a stock you are responsible for paying the distribution/dividend during the period you are short. There is a select group of people who short MLP's these days, except for a very small minority, they are known as fools.

    People, I implore you, look up Ron Hiram's work here on SA.
    May 23, 2013. 01:50 PM | Likes Like |Link to Comment
  • Spotting The Undervalued And The Overvalued Small Midstream Companies, Part I [View article]
    Wow, I just noticed that you said your average annual returns are between 30% and 50%. That would put you at about number one in the world. Congrats! With those returns why do you only manage money from "time to time".
    May 23, 2013. 10:42 AM | Likes Like |Link to Comment
  • Spotting The Undervalued And The Overvalued Small Midstream Companies, Part I [View article]
    I don't think Stewp is talking about yield, he is talking about distribution growth, very different animals. Yield can grow without distribution growth, ask Niska (NKA).

    Also, you fail to mention the one true "key metric": distribution covereage ratio. MLP's are distribution machines, investors need to know how well the distro is covered, not the PBV or debt/equity structure. To put it bluntly and unapologetically, you won't be taken seriously by seasoned MLP investors if you mention the P/E ratio as a "key metric". Your price to book value of -130 for Tesoro should be revisited as well.

    I sincerely hope you (and your readers) did not act on these metrics and short Tesoro as you stated you might do (readers should understand when you short a stock you are responsible for paying any distributions/dividends during the period you are short - ouch.) These vehicles are about asset and distribution growth, which go hand and hand. The metrics you mention are largely useless in evaluating the strength of an MLP. Along with distribution growth and coverage, drop-down assets from strong GP's (General Partners) are an excellent indication of the quality of potential asset acquisitions and a great way to evaluate future growth. Close relations with GP's can also mitigate commodity exposure as some companies enter direct hedging agreements with their GP.

    I would suggest readers(and the author) look to Ron Hiram for insight on evaluating MLPs, his articles on MLP analysis represent some of the best content on this site.
    May 23, 2013. 10:18 AM | Likes Like |Link to Comment
  • Microsoft To Get A Major Revenue Growth Boost From Cloud Computing [View article]
    Big fan, but it should be understood that Office 365 is on a run rate for a billion, but hasn't technically made it there. Also, Azure revenues must be taken with a grain of salt as they include affiliated revenues from software, which is a bit nebulous.
    May 17, 2013. 04:12 PM | Likes Like |Link to Comment