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  • CSX Is Dirt Cheap [View article]
    You express a common misconception. The Keystone pipeline is intended to transport heavy Canadian crude south to the Gulf Coast refineries. The railroads are transporting light sweet crude east from North Dakota to refineries in Delaware, New Jersey and Pennsylvania. The construction of the Keystone pipeline will have no impact on the railroads since the two modes are transporting two separate products (heavy vs. light sweet crude) to different markets (Gulf vs. East Coast). Furthermore, the Gulf refineries can't switch to using light sweet and the Eastern ones can't switch to heavy without significant capital expenditures.
    Aug 10 11:45 PM | Likes Like |Link to Comment
  • A 10% Increase To The Union Pacific Dividend Shows How Great Management Is Performing [View article]
    Why no mention of the share repurchase program?
    Aug 9 11:48 PM | Likes Like |Link to Comment
  • SteadyOptions 2014 Half Year Report: 95.3% ROI [View instapost]
    I would subscribe if you included results with commissions as well as without (as you do now). I am unaware of any commission-free options brokers!
    Jul 4 10:44 PM | Likes Like |Link to Comment
  • Bank Of America: Why Buybacks Are Better Than Dividends [View article]
    BAC shareholders are principally institutions which do not pay taxes on dividends. Their ultimate beneficiaries may (pensioners, mutual fund shareholders) but institutional investors are compensated based on pre-tax, gross returns. No Fortune 500 company cares or should care about individual investors - they just are not significant any longer.
    Mar 31 12:35 AM | 1 Like Like |Link to Comment
  • Requiem For Fallen Dividend Aristocrats [View article]
    That has nothing to do with dividend growth investing. Please consider a separate article on socially responsible investing. Be sure to compare returns with dividend growth investing!
    Mar 31 12:15 AM | 4 Likes Like |Link to Comment
  • Union Pacific: Let This Low-Yielding Train Come Into The Station, Then Board It [View article]
    Over 80% of the trading in the market is institutional and they don't care about splits since they invest total dollars (i.e., "buy $5 million of UNP"). It doesn't matter if they receive 10 shares or 10,000. You should start to think of your investments this way too.

    If splits added lasting value, don't you think the smart folks at Google would do so?
    Dec 9 07:02 PM | 1 Like Like |Link to Comment
  • How To Calculate Free Cash Flow Correctly [View instapost]
    Another possible distortion is bonus depreciation which has been in effect in some form for the past five years but is scheduled to expire on 12/31/13. It has increased depreciation materially above long run normal rates for many companies with meaningful cap ex.
    Nov 19 08:53 PM | 1 Like Like |Link to Comment
  • Updating My Recent Bullish Analysis On Trinity Industries [View article]
    A nicely-written, balanced article. Two thoughts: 1-how much of TRN's backlog is coal cars which may be subject to reduction or cancellation and 2-any thoughts on the potential impact of the expiration of 100% bonus depreciation on 12/31/13? Seems it would have some impact on capital spending such as this....
    Nov 19 08:47 PM | Likes Like |Link to Comment
  • How Apple Tricked The Options Traders [View instapost]
    Wouldn't Apple insiders be in a trading blackout during this period prior to earnings?
    Oct 10 10:55 PM | Likes Like |Link to Comment
  • Ryland Homes: What To Do Now That The Stock Is 30% Off Its Highs [View article]
    You compare the table of forward P/Es to the historical chart of trailing twelve month P/Es. It would be more useful to compare current and historical forward P/Es.
    Aug 25 09:37 PM | Likes Like |Link to Comment
  • Independent Lab Tests Indicate Teavana Deceiving Consumers About Pesticides In Tea [View article]
    Just a reminder that imported food, such as tea, is subject to regulation by the US Dept of Agriculture and the FDA. Teavana has been around for about 15 years so it is reasonable to believe they aware of this and comply when importing tea. While only a miniscule portion of food imports are actually inspected, noncompliance can result in loss of merchandise, delayed shipments, fines and penalties which is hardly a successful strategy for running a business. It's easier to comply than try to evade and risk your reputation and continuity of business operations.
    Nov 20 09:58 PM | Likes Like |Link to Comment
  • Value Plays And Traps In The Coal Space [View article]
    Why not wait until after the November election? Obama if reelected will tighten regs against coal.
    Sep 10 11:34 PM | 3 Likes Like |Link to Comment
  • Running With The Bulls Of Coal: Part II [View article]
    If Obama is reelected, he will use the EPA to shut down most coal-fired utility plants in the USA. It's not based on economics or politics - it's his ideology. That's the legacy he wants to leave behind.
    Aug 16 09:57 PM | 1 Like Like |Link to Comment
  • Updated Enhanced Income Strategy For Union Pacific Corporation [View article]

    You have a good strategy. However, you may want to consider the opportunity cost to be at least UNP's expected total shareholder return if not the expected rate of return for equities generally. The dividend rate is inappropriate because it does not represent the return you expect to earn by owning the stock - which is dividend yield plus capital gains or total shareholder return. For example, if 30 year Treasuries were yielding 2.5% and a stock's dividend was 2.5% and that was all any investor expected, no one would buy the stock rather than the Treasury. I think you endorse this theory in the last sentence of your first paragraph.
    Jul 30 04:36 PM | Likes Like |Link to Comment
  • Buy This Railroad Despite Coal-To-Gas Substitution [View article]
    Unclear why you prefer CSX over NSC? Valuation seems to slightly favor NSC.
    Jun 27 08:53 PM | 2 Likes Like |Link to Comment