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  • Hercules Technology Growth Capital, Inc.: This 11% Yielder Is Still Worth Buying [View article]
    As a holder of HTGC shares in my retirement accounts I certainly enjoy reading positive reviews of the company. However, the article did not comment on the facts that for the third quarter of 2015 (a) net realized and unrealized losses were ($19,515,000) up from ($3,818,000) in 2014; and (b) the net increase in net assets from operations fell 73% from 2014, from $15,177,000 last year to $4,075 this year.
    Elliot Miller
    Nov 25, 2015. 04:34 PM | 4 Likes Like |Link to Comment
  • From The Horse's Mouth: Inside Energy Transfer's Analyst Day [View article]
    One possibility as to who is selling is the open end MLP fund industry. When they need to sell to meet redemptions the funds sell the liquid names they hold.
    Elliot Miller
    Nov 25, 2015. 02:26 PM | 1 Like Like |Link to Comment
  • Implications Of Saudi Oil War With Russia [View article]
    The very strong odds are that no effective change will occur at the OPEC meeting in December.
    Elliot Miller
    Nov 24, 2015. 05:55 PM | 2 Likes Like |Link to Comment
  • The Case Of Bottoming Oil Prices [View article]
    Take a look at my Comment above concerning garpfan's earlier Comment.
    Elliot Miller.
    Nov 22, 2015. 11:55 AM | 1 Like Like |Link to Comment
  • The Case Of Bottoming Oil Prices [View article]
    There is an interesting interview with Larry Jeddelah of the Institutional Strategist at pages 36 and 37 in this week's Barron's. Mr. Jeddelah postulates that with the US pullout in Iraq and Afghanistan, US influence over the Saudis is non-existent, and the Saudis are now looking to Putin as their protector. Putin, unlike the current US administration, has a strong interest in higher oil prices, as do the Saudis who are running a deficit of 20% of GDP and whose oil fields are threatened by Iranian funded and trained Houthis. When the Saudi defense Minister, Crown Price Salman, was recently in Russia talking to Putin about a Russian defense agreement they also discussed an oil agreement. Jeddelah's postulates that there will be a deal brokered by Putin in which the Iranians stop backing the Houthis and in exchange the Saudis reduce output but Russia does not. The reduction in Saudi output by itself will cause a rise in the price of crude which benefits Russia.
    I don't know if this is realistic or not but is a fascinating hypothesis.
    Elliot Miler
    Nov 22, 2015. 11:53 AM | 3 Likes Like |Link to Comment
  • The Case Of Bottoming Oil Prices [View article]
    Mr. Balan:
    Thanks for that insightful contribution. I have not seen any other comments regarding the personnel issue and your analysis is incisive.
    Elliot Miller
    Nov 22, 2015. 11:38 AM | 1 Like Like |Link to Comment
  • How Rising Interest Rates Affect Bond Funds [View article]
    The article does not deal with leveraged bond funds, many of which are leveraged by about 33%. A small rate increase will have a small impact on the interest the fund pays on that leverage and therefore a small negative impact on the fund's yield.
    Elliot Miller
    Nov 20, 2015. 12:43 PM | 1 Like Like |Link to Comment
  • Should MLP Investors Pay Attention To Inventory Data? [View article]
    This is an astute analysis, but the article does generate one question: who is the third person referred to in footnote three?
    Nov 20, 2015. 10:24 AM | 1 Like Like |Link to Comment
  • Natural Gas: New Record Highs - Not In Price [View article]
    I disagree that it's all about the weather unless you are a trader, not an investor. If you are an investor you also look at factors such as exports to Mexico, to prospective exports of LNG at Sabine Pass and elsewhere starting next year, to EPD's new contracts for 90% of its expanding capacity at its facilities for LPG exports on the Houston ship channel, and to the petrochemical plants coming into operation in 2017 and 2018 which will use NGLs as feedstocks.
    Elliot Miller
    Nov 17, 2015. 08:59 AM | 3 Likes Like |Link to Comment
  • Crude Readies To Take Out The Lows [View article]
    Electric vehicles must be charged. To do so electricity must be generated. That means natural gas, coal, or some nuclear to power generators. I don't know if France generates power using oil anymore, but some hydrocarbons will be at work to power electric cars.
    Elliot Miller
    Nov 15, 2015. 04:10 PM | 2 Likes Like |Link to Comment
  • OPEC Says Higher Oil Prices Are Coming, Big Oil Companies Say No [View article]
    With respect, I disagree that the Saudis can sell at $20 a barrel profitably. If lifting costs are $20 a barrel the oil still has to get to market and transportation to Asia, Europe or the US can add $15 a barrel in costs delivered to the refinery.
    Elliot Miller
    Nov 13, 2015. 12:19 PM | 1 Like Like |Link to Comment
  • Is Oil Black Gold Or Fool's Gold? We Think It's The Latter, Here's Why [View article]
    Foundation Investing:
    If the Saudis have lifting costs of $15, that doesn't get the crude to market. Transportation costs can add another $15 or more a barrel.
    And, with respect, to talk about reversion to the mean and base it on a chart going back to 1861 is not persuasive. The use of oil in 1861 was for making kerosene for a small population to replace whale oil. If your starting point is the modern automotive era and you start after WW II you will likely have a different result.
    Elliot Miller
    Nov 12, 2015. 05:42 PM | 5 Likes Like |Link to Comment
  • Natural Gas: A New Milestone, Almost [View article]
    Echoing the Comment of Volt-Face Investments above, let's not forget that in addition to weather based demands, other enhancements of demand will be exports to Mexico, NGL exports starting next month and really gathering momentum in 2016 and 2017, and the Gulf Coast petrochemical plants using NGLs as a feedstock and starting operations in 2017.
    Elliot Miller
    Nov 9, 2015. 12:26 PM | 1 Like Like |Link to Comment
  • Enterprise Products Partners Is Steady As She Goes [View article]
    I did, since my original cost had an $11 handle. After I added to my position I have a cost of $12.83. I continue to rest easy. I am confident that if you treat EPD as a core holding it will return to $40, and with a current yield of 5.7% you get paid to wait with 90% tax deferred dollars.
    Elliot Miller
    Nov 8, 2015. 07:40 AM | 4 Likes Like |Link to Comment
  • Keystone killing adds to cloudy outlook for pipeline companies [View news story]
    Sadly, what seems to motivate America now is getting stuff "for free" (ie, someone else--you and I--pay for it).
    Elliot Miller
    Nov 7, 2015. 12:07 PM | 6 Likes Like |Link to Comment