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  • IPO Preview: Markit Ltd. [View article]
    Hi IPO Desktop,

    Thanks for the informative article. Banks are selling at a high point in the cycle but the underlying business seems to be a strong one.
    Jun 19 08:33 AM | Likes Like |Link to Comment
  • Brookfield Asset Management Q1 2014: At An Inflection Point [View article]
    Hi George,
    Thanks for the excellent and detailed article. How would you compare BAM with BX and APO from a valuation perspective. What do you see as current Fair Value for BAM. I wonder whether APO ($159B AUM) and BX ($275B AUM) are better bargains currently in the market.
    Jun 13 03:54 PM | Likes Like |Link to Comment
  • The Tortoise Strategy: Part 17 - Icahn Enterprises Owners Can Boost Yield 131% [View article]

    I appreciate your good article. On the distribution one thing to consider is that with Icahn owning 90% of shares and taking his distribution in additional IEP units the payout is only for the 10% of units not owned by Icahn.

    I think your call for patience has been prescient as the price is much close to NAV now than it was a few weeks ago.
    Apr 15 01:06 PM | Likes Like |Link to Comment
  • Let Dividend Paying Union Pacific Come To A Full Stop Before Boarding [View article]
    Better to buy BNSF via BRK.B at current valuation.
    Feb 24 10:38 AM | Likes Like |Link to Comment
  • Liberty Global Growth Set To Accelerate [View article]
    Hi Steve,

    I appreciate your article on LBTYK/LBTYA. I am surprised with the lack of following on this stock at Seeking Alpha. Looks like most people are more interested in SIRI/LMCA.

    Increased scale is what the company is looking to build (at the expense of high debt) but we have to wait and see how the UK market goes and it is highly competitive. FOXA and Rupert Murdoch have the content advantage so any thoughts on that.

    Best Wishes.
    Feb 18 08:24 PM | Likes Like |Link to Comment
  • MPG Series A Pfd Shareholders: Do Not Accept BPO's Low Tender Offer [View article]
    Hi lildimsum7,

    This is a lot of useful information. I just received some prospectus and merger documents as well in the mail which I have to go through.

    As per intent of Brookfield DLTA I do think they don't intend to pay accrued dividend on the preferred. See below from link

    Pursuant to the contract governing MPG preferred stock, said shareholders are currently owed approximately $8.58 per share in accrued and unpaid dividends. Indeed, MPG has not paid dividends to its preferred shareholders since 2008. The April 25, 2013 tender offer by Brookfield, however, offers no compensation to preferred shareholders for their accrued and unpaid dividends.

    I hope at-least the 7.625% dividend is sustainable and will be paid going forward. Good Luck to you on this investment.
    Oct 25 09:17 AM | Likes Like |Link to Comment
  • 2 Reasons To Take Another Look At This Overlooked Spin-Off [View article]
    Nice article, I appreciate it. One more thing I would point out is that the 'the low growth old-economy newspaper business' contains some of the best brands in the world including Dow Jones and Wall Street Journal, Harper Collins etc. Once we exclude the value for the high growth Aussie Media and Real Estate business and exclude cash we are getting these news and publishing brands for a very attractive EBITDA multiple. Rupert Murdoch's ability as a value creator in the News and Media business is free call option as well.

    Disclosure: Long NWS.
    Oct 22 08:23 AM | Likes Like |Link to Comment
  • MPG Series A Pfd Shareholders: Do Not Accept BPO's Low Tender Offer [View article]
    Today I got assigned DLTA.PR for my MPG.PR. Apparently the deal could close without paying accrued dividends to preferred holders. Anyone has any news on the litigation status and whether there are any chances of receiving the accrued dividend in the future?
    Oct 21 01:42 PM | Likes Like |Link to Comment
  • Dividend Buy Of The Month: Exxon Mobil [View article]
    Good Luck with your pick DM. The balance sheet of this company is a beauty! Long XOM.
    Oct 16 01:19 PM | 1 Like Like |Link to Comment
  • Buy ICICI Bank As Blood Flows On Indian Streets [View article]
    Comprehensive Analysis Sneha. I like ICICI Bank and in the long term I am sure it will be a great asset. My concern is still on the currency and deficit front. The self-interest and short sighted nature of Indian politicians cannot be underestimated. They would be willing to enact populist measures that are unsustainable in long term and are harmful to economy if they feel it will help them win the 2014 elections. This can further erode the currency.

    I have sold Jan 2015 puts on ICICI and will await further decrease in ADR before I look into increased position.
    Sep 1 10:10 AM | 1 Like Like |Link to Comment
  • MPG Series A Pfd Shareholders: Do Not Accept BPO's Low Tender Offer [View article]
    I notice that these preferreds now are price under $26 and BPO has extended the offer deadline. Is there any news on this litigation and what are propspects of BPO not hitting 66% acceptance and hence a higher offer.
    Aug 30 03:06 PM | Likes Like |Link to Comment
  • EBay As An Investment: Not The Worst, But Still Bad [View article]
    Also what about removing net cash from the calculation when looking at the PE. EBAY has cash of $9/share. Deducting the cash from share price indicates a much reasonable TTM earnings based P/E of 18 and forward earnings based P/E of <16.
    Aug 20 03:30 PM | 1 Like Like |Link to Comment
  • Carbonate Triangle's Athabasca Investment Guide: Suncor Energy Edition - Part 2 [View article]
    Well at one time 5-6 years ago SU was overvalued to start with and to compound the issue Rick George was not the best capital allocator. SU did not maintain a strong balance sheet at that time when opportunity arose they were not able to buyback shares. Also the 2009 Petro Canada merger increased the share count as well.

    Today there is good earnings power for the company, CEO is Steve Williams who is focused on making sure the excess earnings are invested in the option with highest rate of return possible i.e. first look at buybacks when shares are undervalued and only pursue other investments if they hold promise of better returns with moderate risk. Net Debt is $5B and they could easily pay it down in 2 years if desired.

    Look at WMT for example from 2000 to 2013 the stock price is still the same but the business value has grown >10% per year compounded. Shares were $50-55 range bound from 2002 to 2011 but then they spiked close to $80 now that the market has recognized the value.

    It is hard to be patient I realize but we need to keep remembering that price and value are 2 different things and sometimes it takes a long time for them to converge. I for one will be patient. I had the experience of selling WMT in 2011 at the wrong time after losing patience and I have learnt my lesson!
    Jul 19 09:17 PM | 1 Like Like |Link to Comment
  • Carbonate Triangle's Athabasca Investment Guide: Suncor Energy Edition - Part 2 [View article]
    Given the company is operating well and Steve Williams has proven to be much better capital allocator than previous CEO and is focussed on increasing per share intrinsic value rather than chasing production growth what is not to like. Great job by the author Stephen in my opinion.

    gchaput, jimlewin,
    What's the hurry for stock price to rocket. Why not let the stock price languish while company buys back stock and existing owners add to their position. For long term owners status quo seems to be the ideal situation. I think dividend will likely be raised next May significantly if cash flow is strong and debt keeps in check.

    Long SU and focussed on underlying business and not the stock price movement. In the long term the market is a weighing machine as Ben Graham said. Let's wait patiently for Energy Sector to come back to favor and pipeline issues resolved over the next 3 years.
    Jul 19 05:27 PM | 1 Like Like |Link to Comment
  • What Verizon's Expansion Into Canada Could Mean [View article]
    Hi On2Freedom,

    I like your very informative and balanced article.
    Jun 27 04:47 PM | Likes Like |Link to Comment