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robnaro

robnaro
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  • Despite Trading At Multi-Year Lows, Cliffs Has A Long Way To Fall [View article]
    One of the big things is that even if it is zero, he said there would be a solution this year and that any outstanding liabilities would not be borne by the parent company.
    Oct 28, 2014. 02:43 PM | Likes Like |Link to Comment
  • Time Is Running Out For Cliffs Natural Resources [View article]
    I can blame them for Bloom and I do. The majors made no secret that they were going to flood the market with cheap ore while Kirsch, Carrabba and the rest thought the party would go on forever (or at least until they could sell their shares).
    Oct 7, 2014. 10:16 AM | 3 Likes Like |Link to Comment
  • Despite Trading At Multi-Year Lows, Cliffs Has A Long Way To Fall [View article]
    That would make sense, thank you.
    Sep 29, 2014. 10:08 AM | Likes Like |Link to Comment
  • Despite Trading At Multi-Year Lows, Cliffs Has A Long Way To Fall [View article]
    Thank you once again. To a simple minded guy like myself the obvious next question is, why were the costs so low then?
    Sep 27, 2014. 11:47 AM | Likes Like |Link to Comment
  • Despite Trading At Multi-Year Lows, Cliffs Has A Long Way To Fall [View article]
    Mr. Kumar,

    Thank you for the thought provoking article. Given your deep dive I wonder if you might give your opinion on how our current pricing environment compares to 2009 and earlier. If I understand correctly, China import Iron Ore Fines 62% FE spot prices were drastically lower in that period yet Cliffs was profitable. This was before the Consolidated Thompson blunder of course but even they survived sub $80 prices. I'm looking for some historical perspective and I thank you in advance.
    Sep 27, 2014. 08:54 AM | Likes Like |Link to Comment
  • Veritiv Corp. For The Value Investor? [View article]
    Awesome thanks.
    Aug 26, 2014. 11:41 AM | Likes Like |Link to Comment
  • Veritiv Corp. For The Value Investor? [View article]
    Does your book value calculation take into account the 400/500 million dollar payment to International Paper?
    Aug 26, 2014. 09:06 AM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    Would it be possible that the shares they buyback are the preferred shares? That would seem like the most logical choice to me since if would save a tremendous amount of dividend payments. They issued CLV at 25 and it can be currently had on the open market for under 16. It would be an incredible bargain for the company with its current yield of over 10%. This to me would be the only way to justify the buyback instead of paying down debt. I am just not sure that this is allowed.
    Aug 26, 2014. 08:50 AM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    You are speaking out of both sides of your mouth. First you claim that everything is profitable (if, but, only, when) then you say international is being propped up and causing shareholders to suffer. I don't have a position either way on whether to spin off. I incorrectly took your initial question as a straight forward and honest query so I answered with what I understood the argument to be. It is not my argument but it is a logical one. It really is simple. If you believe international can stand on its own and survive, great. You very well could be correct. If you think international cannot stand on its own at this time and would have severe (possible bankrupting) issues then you may oppose a spinoff under these conditions. I respect both points of view and think anyone who doesn't at least understand the concern of risk is disingenuous at best and dillusional at worst. Full disclosure: CLF and CLV combined is by far my biggest position and I believe the company will turn around long term. I voted for the Casbalanca nominees.
    Jul 31, 2014. 10:55 AM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    It must be too difficult to scroll up and see my comments stating my wholehearted agreement with your article and the replacement of the old guard. How hard is it to see the East Canadian Ore sales margin has been negative for over a year? Capex, SG&A, R&D and idling costs of an unprofitable mine are all real and necessary expenses. Ignoring them is to miss them. Optimism is great but maybe your question should be why isn't everyone so sure about the future as you are and why don't they ignore the bad shipping contracts, the debt position and terrible current margins.
    Jul 31, 2014. 08:33 AM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    And the previous quarter where Eastern Canada was horrific but your point is a good one.
    Jul 29, 2014. 01:26 PM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    Net the Asian and Eastern Canadian 2nd quarter earnings and what do you get? It's not profitable at the moment as I said. Let's hope the new management can make my point moot.
    Jul 29, 2014. 01:12 PM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    I'm a novice but it would seem difficult to spin off something so unprofitable at the moment, not to mention the question of how the debt gets split up.
    Jul 29, 2014. 10:56 AM | Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    Kirsch might be the worst of all including Carrabba.
    Jul 24, 2014. 11:58 AM | 2 Likes Like |Link to Comment
  • Cliffs' Board Still Likely To Be Ousted Next Week, And Q2 Results Don't Help [View article]
    I agree whole heartedly... the duplicity of the current leadership's argument crystalizes their incompetence. Their argument is this: Casablanca's nominees do not have the experience and their proposals are to sell at the bottom of a cycle. If that is true it only proves that current management's experience is useless since they could not see the cycle coming and most importantly they purchased Consolidated Thompson at the very top of the cycle. What is worse buying at the top or selling at the bottom? There is only one sure thing, current management has no skin in the game and has made terrible decisions. It is a shame we can't get our money back from Joseph Carrabba.
    Jul 24, 2014. 11:24 AM | 2 Likes Like |Link to Comment
COMMENTS STATS
28 Comments
35 Likes