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  • North American Palladium: The Whopping Cost Paid To Brookfield [View article]
    Thanks aplenty for this information!
    I will quote a pal of mine who knows plenty about mining & engineering - complete with PhD. with this definition (albeit somewhat slang) of a mining operation: "A deep hole in the ground with liars at the top." Or
    perhaps they just had bad "timing" with Pd as a commodity vs. the costs of mining operations (fuel, labor, etc.) Only selectively lied to shareholders....
    In years past I had been long on PAL and sold it off - Sorta breaking even.
    Thus I now consider myself "lucky."
    BTW: Reminds me of the punch-line from a Western state Miners's joke. A concerned (& perplexed) miner has mis-understood his MD-doctor's post-clinic exam & diagnostic comments ... "You got a "Flucky"..... (Leaves bewildered if his "Flucky" is a serious affliction so guy asks his friends "What is a Flucky?"..... e.g his pal's Translation "You Got Off Lucky!"
    Jul 11, 2014. 10:12 AM | Likes Like |Link to Comment
  • Silver Should Rally, But Can Then Drop As Low As $14 [View article]
    Since none of the comments have so far mentioned the "Dead Cat" theory - "Even a dead cat will bounce after being dropped off the Empire State Building" - Presumably after this (hypothetical & pre-deceased) Newtonian kitty has hit the sidewalk . "Bounce" or re-bound in commodity or stock price after a precipitous fall. That bounce is what we saw in ERUS stock following Russian troops advancing on Crimea. Thanks for putting a limit value on when to buy back the silver hoard. Looking back, I sold my Au & Ag equity way too low but I was happy to realize the capital gains in Au particularly after the 2008 market crash. I could've done 5X instead of mere 2X. So, Here's hoping your price predictions are close. This might help folks extract profits even if using borrowed money to invest - since holding Au & Ag doesn't pay dividends. When the kitty gets pumped back up then cash-out small portions.
    Mar 30, 2014. 11:23 PM | 1 Like Like |Link to Comment
  • Felix Salmon Smackdown Watch, Debt Prioritization Edition [View article]
    Holy Cow!

    From all appearances the DC Beltway air pollution has intoxicated the politicians from both sides making them all Permanently Hypoxic.

    Politicians from both sides have cooked up the once "Vache-Sacre" (a.k.a. US Debt) and are about to serve it to the wolves.

    Say "Bye, bye" to your hard bought dollars as the already lean USD cash cow is served for the Buffet.

    As Jimmy Buffet starts making more sense than Warren Buffet.

    Smithfield Foods have become the other "PINK" meat!
    Oct 8, 2013. 08:45 PM | Likes Like |Link to Comment
  • Of the €208.2B in non-performing loans Spanish banks have refinanced (in order to avoid recognizing them as NPLs), nearly half are treated as though they are not distressed, dubiously eliminating the need to take provisions against them, FT says. These banks have until September to reclassify restructured loans under tougher guidelines, a mandate that will likely necessitate fresh provisioning at some institutions. Between them, Santander (SAN), BBVA, and Caixabank (CAIXY.PK) had €76B in refinanced debt on their books at the end of last year. [View news story]
    I have enjoyed the SAN roller coaster ride, but didn't net much Perhaps I should've sold SAN "jumped off and stayed off" but I like the volatility, so I bought it back (after it went down even lower). Sounds like Spain could be a sorta nice place to "retire" particularly if you have a pension. I was impressed with the pickpockets there only a few years ago. They work in teams of three or more. The older 40'ish leader walked up 3 meters directly in front of me (Sunday morning) where I was seated (in full view of metro security camera) while awaiting the next train. He paused then nodded in my direction - I briefly wondered what that was about, soon the train arrived. I was still not concerned & I boarded the metro train car (with camera around neck & roller suitcase in hand) standing up. Before the train moved, (the doors not yet closed), I felt something tingling my right ankle, lucky that I didn't bend over, seems theives were after my billfold in my (left front) pants pocket. Within a few seconds I felt someone's hand in my pants pocket trying to grab my wallet. I couldn't recall "Bandito" so I growled the "M-F" phrase which apparently was understood by the rest of the (younger teen to 20 ish) pickpocket team since they quickly leaped out of that still motionless train car back onto the landing. Soon the doors closed and I was on my way to Villa Olympica shaken but still "whole". I tried to explain this event to a Guardia Civil a few blocks away but he didn't understand my poor attempt in broken Spanish.
    Other travelers have recounted how they have been strolling down (Barcelona) street, in daylight in a nice part of city whereby a total stranger will hand them their wallet (usually short a few notes), stating that they picked it up after owner had dropped it on sidewalk!
    These "professionals" rely on blending in & they may be immigrants seeking more than that minimum allowance.
    By comparison to US, I encountered no force or violence in this most personal heist attempt. I visited a flea-market & browsed their folding lock-back knives the next day, only to view their impressive collection of "Stilettos". Nobody wants any of that kinda bad stuff ! IMHO: US streets (or banks) aren't as physically safe as in Spain. Totally irrational !
    Conclusion: " A fool and his money soon part " or Adopt a more reserved Canadian style banking policy..... Bankers are supposed to be above all that kinda stuff !
    May 18, 2013. 11:50 AM | Likes Like |Link to Comment
  • Housing's Positive Feedback Loop And The Coming Meltdown [View article]
    Suggest a consideration with analysis of a longer segment of the curve segment than what is shown. Obviously prediction of future events is tough but "Chain reaction" seems an overly simplistic analogy to a very short segment. Market analysts might simply call longer term behavior "oscillatory". Last few years were decidedly "non-exothermic".... i.e. not really a melt down, t'was more of a "cool-down". Plus since last few years the control rods were pulled out - for a reason. Fuel rods possibly not yet spent, possibly just slightly "bent" due to lack of accurate controls or "open" loops (Think of bang- bang controls like a 1960's era building thermostats). Need to put the "Thinking Caps" back on (totally oxyMORONic term) when applied to the bureaucrats in charge..... Try cooking up a control theory model a la "Kalman filter" to figure out where this system model is headed before it gets too far out of bounds.,,,again.
    Mar 26, 2013. 09:36 PM | Likes Like |Link to Comment
  • BP Prudhoe Bay: A Derivative Security In Disguise [View article]
    I appreciate this article but "realpolitik" is
    BPT just paid a $2.31 dividend per share to shareholders in January, 2013
    Consider that this is a ~11.6% Yield as calculated per BPT quote - $79.45 today's price.
    My point here is that BPT is a far better return as compared to a retirement annuity that simply eats all your equity - when you die (hopefully not before before 2022 or 2027) but median life expectancy for the mid "boomer" generation.
    Let this shorty effort depress the shares - then buy more for an even higher yield !
    Cut back on the Camels, sit on your Asses, "This is the Promised Land"
    Jan 23, 2013. 07:01 PM | 2 Likes Like |Link to Comment
  • Why Dollar Devaluation Won't Save Us [View article]
    Survivors of that era may recall that Mr. Mitterrand (socialist party) was De Gaulle's "Ministere de Guerre" (from the earlier De Gaulle era who in 1958 had announced the "new franc" equal to replace at ten to one ratio of their prior currency) This was a forced consequence of the "Guerre de Quarante" or WW II that brought devaluation around 4:1 (1936 to 1944 ) France was invaded by their national socialists "NAZI" neighbors to the East and later the costly Algerian independence war 1946-1964. When speaking about how much their house had cost them in 1978 vs earlier decades Ancienne (old) franc to Nouvelle (new) franc wound up around 10:1 for their episodes of "irrational exuberance" . There is a lesson in this !! Attention des Socialists or OPM = Other People's Money
    Oct 8, 2009. 11:29 PM | Likes Like |Link to Comment