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]
This article is 2 days old. SAN is up during that period.
AIG wins a legal battle, a federal appeals court ruling its $10B lawsuit against Bank of America (BAC) over mortgage losses belongs in state, not federal court. Filed in 2011, the case has been on hold while the venue is determined, but stems from what AIG claims were frauds and misrepresentations on $28B of MBS purchased from BofA, Merrill, and Countrywide. [View news story]
Both BAC and AIG up 1.5pc today, so there's that. Didn't seem to matter.
Which Stocks Could Be Most Hurt By The Crisis In Cyprus? [View article]
I am very overweight AIG, BAC, and SAN and I spent the day adding to SAN. I could be early, but I know it will be higher in a few months, plus it pays 11.6 pc at this price.
Why I Bought Linn Energy In My Roth IRA [View article]
So I bought and sold tons of LINE last year but never held it through a distribution. Made a good living doing it. I got my K1 and it shows a negative UBTI of over 100,000 dollars. How can this hurt me?
A Newbie Active Investor Discusses His Portfolio [View article]
Guess that's why senior management voted themselves a 50pc pay cut at SAN? I predict it will be pretty tough to stay short SAN through the 11pc dividend based on today's price. You should probably read the transcript of the shareholder meeting. Just my opinion and Euromoney's too.
Bank Of America Profits Point To Dividend Growth [View article]
I only own the common right now, and quite a bit of that, but in answer to some questions about the warrants, I don't think it would be in BACs interest to buy back warrants when they sell at a premium like they do.
However, for personal accounts and leverage, don't forget that if you are expecting large increases in the dividend, for everything they give in dividends above 1 penny a quarter, they lower the strike price of the warrants by a like amount. If you expect a nice dividend increase and are willing to make a long term committment, then the warrants may be worth consideration. This is a nice article. There are some parallels to AIG and SAN here too. Great job, thanks for sharing your DD.
A Newbie Active Investor Discusses His Portfolio [View article]
I love your picks. I am way log AIG and BAC (my Berkowitz clone trades) and longer still SAN. I have a lot of MLP and stuff but when the interest rates start going up, AIG and the Banks will save me from losing money cause they will go up more than my MLPs go down. Anyway great picks keep posting please.
Sears Is Headed Lower: Part II, Brands And Real Estate [View article]
I mention the value of sears holdings properties and you answer that JCP is not a good company? I already knew that. Thanks for the answer though. Meanwhile I feel like I am buying 150 dollars worth of stuff for 50 dollars. So does fairholme, and they have a lot of people looking at this thing. I am also short the may 45 puts.
BreitBurn Energy Partners: A 9.7% Yield, Overshadowed By A Lack Of Hedges [View article]
You are right. There is a reason BBEP yields more than LINE- risk. LINE knows what it will make 4 years from now. BBEP does not, and neither do we. I have owned BBEP in the recent past. It is more NG dependent than liquids, which can also be a bit troublesome, however there is usually a great opportunity to buy it once or twice a year immediately following an accretive secondary for a short term pop.
Calumet Offers A 7.8% Yield And Is On Sale [View article]
Awesome summarization of the company. Very linear and easy to follow. Have been in it for a while now. As you can probably guess, this is a VF favorite.
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]
AIG wins a legal battle, a federal appeals court ruling its $10B lawsuit against Bank of America (BAC) over mortgage losses belongs in state, not federal court. Filed in 2011, the case has been on hold while the venue is determined, but stems from what AIG claims were frauds and misrepresentations on $28B of MBS purchased from BofA, Merrill, and Countrywide. [View news story]
Short Investors Increasing Exposure To Transportation, Comms And Consumer Services [View article]
Which Stocks Could Be Most Hurt By The Crisis In Cyprus? [View article]
This will blow over. Everything does.
Thanks for the article.
Why I Bought Linn Energy In My Roth IRA [View article]
A Newbie Active Investor Discusses His Portfolio [View article]
A Newbie Active Investor Discusses His Portfolio [View article]
I predict it will be pretty tough to stay short SAN through the 11pc dividend based on today's price.
You should probably read the transcript of the shareholder meeting.
Just my opinion and Euromoney's too.
Bank Of America Profits Point To Dividend Growth [View article]
However, for personal accounts and leverage, don't forget that if you are expecting large increases in the dividend, for everything they give in dividends above 1 penny a quarter, they lower the strike price of the warrants by a like amount. If you expect a nice dividend increase and are willing to make a long term committment, then the warrants may be worth consideration.
This is a nice article. There are some parallels to AIG and SAN here too. Great job, thanks for sharing your DD.
Ken
A Newbie Active Investor Discusses His Portfolio [View article]
Sorry it took so long to answer
Ken
A Newbie Active Investor Discusses His Portfolio [View article]
Anyway great picks keep posting please.
Sears Is Headed Lower: Part II, Brands And Real Estate [View article]
I am also short the may 45 puts.
BreitBurn Energy Partners: A 9.7% Yield, Overshadowed By A Lack Of Hedges [View article]
LINE knows what it will make 4 years from now. BBEP does not, and neither do we.
I have owned BBEP in the recent past. It is more NG dependent than liquids, which can also be a bit troublesome, however there is usually a great opportunity to buy it once or twice a year immediately following an accretive secondary for a short term pop.
JMO
Sears Is Headed Lower: Part II, Brands And Real Estate [View article]
I guess if you are only short 10 or 20 thousand shares it is okay for now, but pretty soon it may add up.
Calumet Offers A 7.8% Yield And Is On Sale [View article]
Top Bullish Stocks On Wednesday: Banco Santander With Unusual Call Activities [View article]
I used to own the SAN PRE but it is callable mid 2014 and I suspect there is a good chance that will happen.