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Steve Rasher

Steve Rasher
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  • A Closer Look At Kinder Morgan's Distributable Cash Flow As Of 2Q 2015 [View article]
    vladko: Why? This is the essence of analyzing this company. Steve
    Aug 4, 2015. 12:23 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan's Distributable Cash Flow As Of 2Q 2015 [View article]
    Ron/seatrout/Ernie Mac: Ron, I always appreciate and enjoy your cash flow analysis. But I am a bit puzzled about the difference in depreciation between the cash flow statement and the explanation of FCF. Also, the special items addition to FCF, which you say does not appear in the cash flow statement is also puzzling. I think the best course, given that KMI has published both sets of numbers, is to reach out to KMI and have them explain. I believe this would be a better course than just assuming the cash flow statement is right and their disseminated chart of FCF is wrong. Either they will provide satisfactory explanations or not. But either way, we will get a better answer than just making some assumptions with only some of the facts. Steve
    Aug 3, 2015. 11:37 PM | 1 Like Like |Link to Comment
  • Avoiding The Endowment Effect: Should Mike Sell? [View article]
    namron: That is the same tactic that Brian Nelson and Valuentum attempted. If you can't reply in public and share with the rest of the SA community, you have not credibility whatsoever. Either put up or stop bothering us. Steve
    Aug 3, 2015. 11:02 PM | 1 Like Like |Link to Comment
  • Realty Income: Smooth Sailing Ahead For This 5% Yielder After Raising FFO Guidance [View article]
    AR: I agree it is a great company with a great management team. But I agree with goldenretiree, I am going to be patient and wait for a pullback to the $44 to $45 range before I add to my position. By the way, thanks for the article. Steve
    Aug 3, 2015. 06:19 PM | Likes Like |Link to Comment
  • It's Not Rocket Science: STAG Is Now Grossly Mispriced [View article]
    Paul: A two year chart? Really? Go read Brad's article and understand the longer trends, which reflect evolving fundamentals and not "taper tantrums" and emotional knee jerk reactions of Fed watchers. Steve
    Aug 3, 2015. 06:14 PM | 2 Likes Like |Link to Comment
  • Avoiding The Endowment Effect: Should Mike Sell? [View article]
    namron: This is a non-answer. Mike asked a very simple question: Give some examples of where Valuentum made a correct call? Either you can or you can't. It's not that complicated a question. Steve
    Aug 3, 2015. 06:09 PM | 4 Likes Like |Link to Comment
  • Assessing GE's Software Opportunity [View article]
    And what happens if Dave's Automotive messes up and the truck doesn't run? What do you do then? Steve
    Aug 3, 2015. 06:04 PM | Likes Like |Link to Comment
  • Qualcomm And AMD Merger Speculation: Perhaps There Are Legs To This [View article]
    xtian: I wouldn't be so sure that Devinder Kumar necessarily checked with AMD legal, although it is possible; in my former life, on a number of occasions I had executives make a statement that touched upon legal issues and then come to me and ask if they were right. It just happens.
    But more significantly, the phrase, assuming you are quoting or paraphrasing him accurately, "should not affect M&A" is quite vague. First, he did not say it "WILL not affect M&A". There is a big difference between "will not" and "should not"; "should not" inherently recognizes that it could have an effect, but, in the speaker's view, the probability is more likely than not it will not. Secondly, he is likely expressing the view that, because it is a cross-license and INTC will need the license to AMD's related IP, that INTC will negotiate for a renewal/restructured cross license and, therefore, "should not affect M&A."
    Having said all that, I can only read the cross-license and tell you what is the quite clear meaning and import of the relevant provisions; Sec. 5.2 (c) does provide INTC leverage in the event AMD is involved in a M&A transaction where there is a change of control of AMD. Undoubtedly, that would occur if QCOM were to acquire AMD; thus, the real question is how and to what extent does INTC use the leverage it will have under Sec. 5.2 (c). Mr. Kumar is of the view that it "should not affect M&A"; he may be right but we and he will have to wait to see if he is right. Steve
    Aug 3, 2015. 05:58 PM | 3 Likes Like |Link to Comment
  • DuPont CEO Ellen Kullman Fails To Deliver On Promises [View article]
    Dallas: Just did the analysis. Even only requiring an 8% annual rate of return, I have concluded that the stock is about 20% overvalued. I just sold my position, and will look to redeploy the funds elsewhere. Even so, including the Chemours I also sold, I still made about 31% over the three years I held it, so not all is bad. Steve
    Aug 3, 2015. 03:40 PM | 1 Like Like |Link to Comment
  • Kinder Morgan's Debt Level Should Scare You [View article]
    Brandon: Sorry, but comparing total debt to cash on hand is a joke and an insult to the SA community regardless of what one might otherwise think about KMI. What you need to look at is operational cash flow and then compare that to the carrying costs of the debt plus any maturing short term debt plus cap ex maintenance requirements to get FCF available for dividends. If you engage is such an analysis and then show me this company doesn't cut it, I might start listening to you. Steve
    Aug 3, 2015. 02:04 PM | 20 Likes Like |Link to Comment
  • DuPont CEO Ellen Kullman Fails To Deliver On Promises [View article]
    Dallas: Congrats. It's not easy to admit that you have been duped, and I am starting to come to the same conclusion. The primary reason I may actually continue to hold my shares is that Peltz may make another run or the BOD may make a move to change CEOs. Thanks for the article. Steve
    Aug 3, 2015. 09:50 AM | 4 Likes Like |Link to Comment
  • It's Not Rocket Science: STAG Is Now Grossly Mispriced [View article]
    PaulC: As Pen says, go read the article that Brad wrote, per his note below. Do your homework before you comment. Steve
    Aug 2, 2015. 11:30 PM | 2 Likes Like |Link to Comment
  • Micron: Not Selling Hot Dogs Anymore [View article]
    seeker: Unfortunately, claims can take years to adjudicate. Some time initially is first spent on narrowing the claims. Then a lot of time can be spent on discovery, that is where each gets to learn from the other what information it has either through documents or taking depositions of people. Only once that is done and pretrial motions are concluded, do you actually get to a trial. But in the vast majority of cases, once each side realizes the weaknesses of its own case and strength of the other sides, and vice versa, they end up settling shortly before trial. But all of this can easily take a year or two, and even more. Steve
    Aug 2, 2015. 05:45 PM | 2 Likes Like |Link to Comment
  • It's Not Rocket Science: STAG Is Now Grossly Mispriced [View article]
    Well said Pen. And, Omar, if you look at the historical data (Brad has written a few articles using the data) it actually shows that the better REITs actually perform quite well in a rising rate environment. Also, Yellen and team have made it quite clear that the initial rate hike of the Fed funds rate is likely to be only 25 bps and any further increases will be measured and the timing data driven. This is not going to be a Greenspan or Volker driven series of indiscriminate rate hikes with one increase after another, rather, any additional increases will be carefully weighed. This will allow the economy and the markets time to adjust and acclimate accordingly. Steve
    Aug 2, 2015. 09:39 AM | 5 Likes Like |Link to Comment
  • A High-Dividend Stock With 40%-Plus Sales/EPS Growth, Insider Buying And Going Ex-Dividend This Week [View article]
    DDS: Thanks for the update. I think this is a terrific company and solid management that is growing. I am long TIS and look forward to future growth. Steve
    Aug 1, 2015. 11:23 PM | 1 Like Like |Link to Comment
COMMENTS STATS
2,231 Comments
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