E.Rifer

E.Rifer
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  • Dear Santa: All I Want For Christmas Are A Few Good REITs (Part 2)  [View article]
    Thanks Brad for another highly detailed article. I'm a big fan of your work. WSR has been on my watch list for a while now but it still seems a bit too risky to me. While WSR's balance sheet has strengthened from its previous years, its debt levels is still somewhat of a concern. I'm also wary of the default rate of WSR's tenants (comprised of mom and pops). The risk here definitely should not be overlooked.
    Dec 4, 2015. 04:30 PM | 1 Like Like |Link to Comment
  • Gold Can't Escape Fed's Iron Fist  [View article]
    "Holdings in the largest fund, SPDR Gold Shares, fell to 639 metric tons, the lowest since September 2008."

    How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. Some other red flags I've verified and welcome everyone else to do the same:

    "Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities."
    Dec 4, 2015. 04:23 PM | 1 Like Like |Link to Comment
  • Oil Markets Decoupling From Economics Via OPEC Politics?  [View article]
    Yes this makes quite a bit of sense especially when considering the technology and sources are still there for US producers. As soon as the oil price firms up, these producers will ramp up their production levels again. From this point it view, Saudi's approach is sensible as the alternative will only cause them more losses.
    Dec 4, 2015. 03:32 PM | 2 Likes Like |Link to Comment
  • Wall Street Breakfast: Stocks, Jobs, OPEC Meeting In Focus  [View article]
    Overall, diesel wasn't as great as what these manufacturers claimed it to be in the end. Competing fuels should gain an edge from this incident.
    Dec 4, 2015. 03:16 PM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Stocks, Jobs, OPEC Meeting In Focus  [View article]
    Valeant is causing Ackman to sink just as Herbalife did. While there was basis for Ackman to go after Herbalife, many like myself are not convinced by Ackman claiming that Valeant's case is better. I suppose we'll see in time whether or not Ackman was right.
    Dec 4, 2015. 03:14 PM | Likes Like |Link to Comment
  • Wall Street Breakfast: Stocks, Jobs, OPEC Meeting In Focus  [View article]
    None of the other diesel manufacturers installed defeat devices even though their vehicles failed to meet emission limits. This will be the biggest reason why VW is getting hammered now.
    Dec 4, 2015. 03:08 PM | 1 Like Like |Link to Comment
  • OPEC meeting kicks off in Vienna  [View news story]
    "Big corporate monopolies lose more money"

    If this was true, monopolies would have never existed in the first place. The reality is the opposite.
    Dec 4, 2015. 02:42 PM | Likes Like |Link to Comment
  • OPEC meeting kicks off in Vienna  [View news story]
    "However, I'd be very surprised if the members of OPEC are of a mind to do that. "

    I wouldn't be so surprised as all of these members are under varying circumstances with some more reliant on their production levels and some less so. It is also important to note that some OPEC members have already called out Saudi Arabia for using OPEC to their own benefit at the cost of everyone else. Overall, there seems to be diverging goals rising within OPEC.
    Dec 4, 2015. 02:40 PM | Likes Like |Link to Comment
  • OPEC meeting kicks off in Vienna  [View news story]
    SA is running a sizable deficit, but it is nothing they cannot manage unlike a number of other OPEC countries. SA has been and continues to be wary of North American production coming back online as the oil price firms up. All the technology and sources are still there. It is a lose/lose situation for OPEC either way.
    Dec 4, 2015. 02:30 PM | Likes Like |Link to Comment
  • Optimal Timing For Dollar Cost Averaging With Gold  [View article]
    I'm seeing numerous references to GLD instead of the actual metal even though the differences between the two are significant. GLD makes the claim that it is completely supported by physical gold yet it denies your every day investors the right to exchange for any of their listed 'gold'. This alone means GLD shares are just paper by the day's end. Moreover, GLD's prospectus is loaded with weasel clauses that lets the trust get away without the promised gold backing. A good example of this is in the section of the prospectus that states GLD has no right to audit subcustodial gold possessions. I have never heard of any justifiable reason explaining why this audit loophole exists. I welcome everyone to check the following statement for themselves as there seems to be quite a bit of truth to it:

    "Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I also recall CNBC's Bob Pisani visiting the GLD's gold vault in a highly publicized segment. GLD's administration organized this visit to show that GLD's gold actually exists, however, the gold bar held up by Mr. Pisani showed a serial number of ZJ6752 which did not show up on the latest bar list during that time. It was later found that this "GLD" bar actually belonged to ETF Securities."
    Dec 4, 2015. 02:20 PM | Likes Like |Link to Comment
  • Best session for gold in two months  [View news story]
    Interesting, what are your thoughts on GLD's holdings? I've always found GLD to be extremely sketchy. Just read the part in GLD's prospectus where the custodian subcontracts to subcustodians but has no right to audit or visit the subcustodians' vaults. It then requires third-party audits. So we can have the custodian own or pay off the third-party auditor to give a clean audit, while knowing that the subcustodian leases out the gold into the market.

    If GLD shareholders suspect so and ask custodian to prove otherwise, custodian can simply say "we have no right to check the subcustodians, see the prospectus, but here is a clean audit result" however laughably compromised. If GLD goes bust, no holder of GLD has any claim to any gold. GLD holders simply become unsecured creditors along with all other creditors, with no precedence in bankruptcy court.
    Dec 4, 2015. 02:17 PM | 1 Like Like |Link to Comment
  • Retired With Money To Invest? Consider Playing Defense With Utilities  [View article]
    Thank for sharing your analysis with us Chuck. ED has been a favorite of mines for a long time now. Your comment on its valuation is on the mark. Keep up the good work.
    Jun 12, 2015. 05:38 PM | Likes Like |Link to Comment
  • Boeing: The Cut Is Coming... But The Gap Is Not Closed Yet  [View article]
    Thank you for the informative and well written article. BA securing about 50 orders per year sounds about right. We'll see if anything changes in the meantime.
    Jun 12, 2015. 05:33 PM | Likes Like |Link to Comment
  • Wall Street Breakfast: Another CEO Shakeup - Twitter's Costolo Steps Down  [View article]
    "Athens hopes to clinch a deal with its lenders at a Eurogroup meeting on June 18, Greece's state minister said on Friday, as time runs out for the country to fend off a looming default."

    How many times have we heard about this "looming default" in the news now. It is a looming default until they manage to reach some last minute "kicking the can down the road" kind of deal. Greece doesn't seem to be going anywhere fast.
    Jun 12, 2015. 05:23 PM | Likes Like |Link to Comment
  • Wall Street Breakfast: Another CEO Shakeup - Twitter's Costolo Steps Down  [View article]
    "I find it astounding that anyone could believe that "only the Government can do it", given the government's repeated demonstration of gross incompetence in all things internet, from building websites to protecting private data. Government control and regulation will make the internet worse, not better."

    We wouldn't even be discussing anything about the government if our private sector could already do the job. Our private sector clearly could not as proven by why our internet infrastructure is so behind the rest of the world.
    Jun 12, 2015. 05:19 PM | Likes Like |Link to Comment
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