Frank Li

Strong Payrolls Number: Good Sign For U.S. Equities

Excellent article -- thanks.

China's Moves Among Minor Metals Signal Continued Strain On Majors

Yes, but what are the names? This article doesn't mention any specific stocks.

Welcome to the New Seeking Alpha

The new search is phenomenal! Love the way it completes company names and stock tickers.

Global Government Bond Yields Retreat

Is there a global government bond ETF?

Contrary To The Consensus, Sherwin-Williams Is On A Roll

What's the short interest? If it's big, this stock could have a lot of upside over and above the fundamentals.

Options Trader: Monday Morning Ideas

How do you play uranium?

Monday's Options Report: Barr, Tellabs, El Paso, Opsware, Corning

Which are the main competitors to Corning that could lose out from this?

Navteq Should Move On Tele Atlas Buyout By TomTom

Pity Tom Tom is traded in the US.

David Fry's Market Outlook for Friday

Excellent, as usual -- thank you.

Re. your comment on basic materials and demand from China -- how do you square what's going on in demand for materials with Caterpillar's earnings miss?

Totally agree with your comment about REIT ETFs and their low yields.

Questioning The Given on Dividend ETFs and Other Income-Oriented Investments

What worries me about dividend heavy ETFs and stocks is that they tend to be skewed towards REITs, utilities and financials -- all of which are at historic highs in terms of valuation.

When someone buys a dividend ETF, they often don't think "I'm now loading up on REITs and utillities", but that's what they might be doing.

Google Q2 2007 Earnings Call Transcript

Eric Schmidt said:
<blockquote>When we entered China, we entered under a set of restrictions that have been well publicized. We decided to invest heavily in China. We now have quite a talented engineering team, strong marketing, strong sales; very, very good connectivity and very low latency.

The combination of that and a set of very good Chinese language products for search, advertising and some new ones they just launched seem to be accelerating our market share.

Although it does not appear that we are number one in the market, it looks like we are now in a situation where we are quite competitive. In many areas, users tell us that our products are better. So it is a very good start. Although we don't think that this will result in an immediate, huge success, we think that the tenacity of Google, the many strengths that Google brings to the party will bring significant victories in China over the next few years.</blockquote&...

Google sold out in China by agreeing to censorship.

It's amazing how Google's CEO is so excited about expected "significant victories" in China, but doesn't seem to care that "Do No Evil" is now just a distant memory. When it comes down to dollars...

Investors Punish Google for Increasing Expenditures

Similar comments from JPM Securities analyst Bill Morrison:
<blockquote>...E... of $1,569 million missed both our and the consensus estimate of $1,653 million by $106 million. We estimate that roughly $65 million of the miss is attributable to an accounting change related to bonus accruals, but higher than expected headcount contributed to the rest; Google added 1,548 employees in the quarter (up 13%).... We are reiterating our long thesis for the stock and think it looks attractive at these levels for longer-term investors, especially given management indication for the first time that they will scrutinize expenses more carefully going forward and the fact that our checks indicate that hiring at the company has slowed significantly.
</blockquote>

Questioning The Given on Dividend ETFs and Other Income-Oriented Investments

Roger, what are your favorite call writing funds? And would you avoid the dividend ETFs altogether?

Really enjoy your articles -- they're excellent.

The Case for High Sulfur Coal Stocks (ARLP, BTU, CNX, FCL, MEE)

Notes from the Ira Sohn dinner in May 2007 on coal stocks. The notes were taken in real time, and may contain transcription errors:

<blockquote>
<b> Wilbur Ross, Jr. - WL Ross &amp; Co.</b>

- 33% decline in the price of coal in 7 months.
- Sudden unanticipated drop in demand in early 2006 – mild weather.
- Exacerbated by marginally cheaper Nat Gas.
- Utility industry inventories grew while production costs grew.
- Difficult geological conditions increased safety measures.
- Market coming back into balance.
- Lower production and improving utility demand.
- EIA forecasting 1.4% rise in demand production declining by 3% in 2007.
- Long Term futures market is trending higher.
- Build out of scrubbers by eastern utilities favor Appalachian coal over Powder River basin.
- Industry consolidation.
- EIA forecasting 41% growth of electricity use by 2030, Coals portion will increase from 50 to 57%.
- For nuclear to sustain its 20% market share 35-40 new nuclear plants would need to be built.
- Electric utility demand has only decreased 3 times in the 35 (?)years
- Coal very cost competitive.

Coal powered electric plants to be built in the next few years:
2007-3
2008-5
2009-25
2010-15

<blockquote>

Kodak Moment: Free Cash Flow Potential Makes EK A Buy At Current Levels

Notes from the Ira Sohn dinner in May on EK. The notes were taken in real time, and may contain transcription errors:

<blockquote>
<b>Bill Miller- Legg Mason Capital Management</b>

<b>Long EK-Eastman Kodak</b>

Miller’s believes the stock could go to $45.
Trades 8.6x EBITDA.
15% Free Cash Flow Yield
$1 billion in unlevered FCF
CEO Antonio Perez (previously ran HPQ printer group).
Paid off $ 1 billion in debt restructured company.
Digital transition almost complete, losing old line photo business sales is much less of a concern because it is dwindling as a percentage of overall business.
Company has invested heavily in disruptive digital technologies for the future.
2007 Unlevered FCF per share $3.69
2007 Levered FCF per share$3.48

<blockquote>