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  • Buying California Resources  [View instapost]
    For any one interested in CRC, here is the very detailed information statement on the company:
    Dec 9, 2014. 03:18 PM | Likes Like |Link to Comment
  • Buying California Resources  [View instapost]
    Somewhat loaded with debt by OXY, and no dividend for the foreseeable future. Must be a lot of selling pressure as investors sell off their small, orphan positions. But the amount of acreage they control is huge -- I believe the largest of any company in California. Nicely leveraged to a rebound in oil prices, little exposure to natural gas, which looks to be in excess for years to come.
    I bought in here two days ago. Always happy to be on the same side as Tom A!
    Dec 9, 2014. 12:35 PM | Likes Like |Link to Comment
  • Deere: Still A Buy [View instapost]
    You are right about repair. Deere repair/replacement parts are expensive, and not the kind of things you can substitute with an off brand. Same for CAT. I have heard that, over the life of a big mining machine, CAT makes more sales on repair and maintenance parts than on the original sale.
    Nov 26, 2014. 01:04 PM | Likes Like |Link to Comment
  • Denbury Resources Inc. Sharply Alters Course [View article]
    The stock symbol, DNR (do not resuscitate), says it all.
    Nov 25, 2014. 04:50 PM | Likes Like |Link to Comment
  • Why Is Mr. Market Raining On This Small-Cap Farming REIT? [View article]
    Speaking from experience her in Illinois, land owner generally pays the taxes and carries liability insurance. Real estate taxes on rural farm land here runs about $35 per acre. Liability insurance on undeveloped farm land (no buildings) is fairly insignificant, of the order of 50 cents per acre per year.
    Nov 21, 2014. 08:59 AM | 3 Likes Like |Link to Comment
  • Is Pfizer Spending Enough On R&D? [View article]
    My admittedly unprofessional take is that PFE (and most big pharma) spent tens of billions over the past decade with very little to show for it. The 70's and 80's were a golden age of drug discovery, but that has proven unrepeatable for the big companies. They rely more heavily on another strategy -- buy the promising drug or the entire company. That's how Abbvie got Humira, and explains PFE's bid for Astra Zeneca.
    Stringent regulation, legal actions, and reluctance to pay have made new drug development higher risk and lower reward. One can argue it makes sense for then to do less of it.
    Nov 19, 2014. 08:46 PM | Likes Like |Link to Comment
  • Rayonier's Mea Culpa Creates Long Opportunity [View article]
    Nice article, thank you.
    I wonder if $1800 per acre for southern timberland might be high. St Joe sold their Florida timberland this year for about $1475 per acre. Or are you considering "higher and better use" land RYN has along the I-95 corridor?
    Nov 15, 2014. 08:39 AM | Likes Like |Link to Comment
  • We Don't Trust Archer Daniels Midland [View article]
    Article and responses are an example of:

    Cunningham's law – The best way to get the right answer on the Internet is not to ask a question, it’s to post the wrong answer.
    Nov 14, 2014. 02:44 PM | 5 Likes Like |Link to Comment
  • Why Did Buffett Invest In IBM, And Should You Follow? [View article]
    Add my 5,000 shares. So the number is 63,912,000.
    Nov 12, 2014. 06:26 PM | 5 Likes Like |Link to Comment
  • Kimberly-Clark Announces A Restructuring Initiative As Company Completes Spin-Off [View article]
    The spin off plans to pay no dividend at this time, so a cut by KMB would be a true dividend cut.
    Nov 9, 2014. 09:01 AM | 1 Like Like |Link to Comment
  • Exxon Mobil: The Only Dividend Aristocrat To Buy Now [View article]
    You see that a lot in SA articles on XOM. Must be an auto-correct thing.
    Nov 4, 2014. 07:40 PM | 2 Likes Like |Link to Comment
  • Fed Tightening + HY Distress = 2015 Bear Market? [View article]
    Cam, I really appreciate your forward looking articles. So much of the stuff on SA is a reaction to the already known. Thanks for the thought provoking work!
    Nov 4, 2014. 08:44 AM | 5 Likes Like |Link to Comment
  • Report: Don Julio for Bushmills swap in the works [View news story]
    Keep the Bushmills. Don Julio is undrinkable.
    Nov 2, 2014. 09:52 PM | Likes Like |Link to Comment
  • Analytics Will Moderate The P&C Insurance Cycle [View article]
    Insurance looks to be a cheap sector of the market, although admittedly it always seems to be so. One can hope that better analytics and less cyclicality will lead to a PE expansion. One gets a respectable dividend in the mean time.
    Nov 2, 2014. 07:55 AM | Likes Like |Link to Comment
  • Walgreen on board with Apple Pay while peers wait for alternative [View news story]
    You are right on that. If they are going to pass on the savings, why wouldn't they just take Apple Pay?
    Oct 29, 2014. 03:32 PM | Likes Like |Link to Comment