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  • Update: Paragon Offshore Announces Plans For First Dividend [View article]
    It seems the debt purchases should lower balance sheet and default risk so I'm okay with it. During tough times dividends can always be suspended but debt payments must continue. Hopefully share purchases will also happen soon.

    One concern is that it appears that management is not personally buying shares. I'd like to see insiders buy shares with their own personal funds in the open market. Management's inaction when it comes to new open market purchases isn't a positive sign as I see it.
    Oct 10, 2014. 09:18 AM | Likes Like |Link to Comment
  • Swiss Helvetia Offers Swiss Blue Chips At A 13% Discount [View article]
    The fund now has new management and a different approach of value stocks and smaller company stocks. Expense ratio isn't low but perhaps the discount will narrow if the new managers can put up some respectable numbers.
    Oct 3, 2014. 11:38 AM | Likes Like |Link to Comment
  • Update: Paragon Offshore Announces Plans For First Dividend [View article]
    As a speculation, I'm a buyer here. If earnings come through PGN is maybe trading at 3.5x and I'll happily take the dividend because it should help to keep management disciplined. If all works out they can do some buybacks, too.

    Interestingly, other than the current industry dynamics (which aren't great) things could be in favor of the shareholder at current prices because you have a spin-off (they tend to outperform), a dividend payer (they tend to outperform), and a cheap stock (they also tend to outperform).

    Although it's speculative, as I see it the odds appear stacked in favor of the patient investor who can trade out in a few years if the outlook then appears rosy. Or so it seems to me.
    Sep 21, 2014. 08:00 AM | 1 Like Like |Link to Comment
  • TRI Pointe Appears Compelling After Absorbing Weyerhaeuser's Homebuilder [View article]
    Jesse - Yes, you are amazing. Can you tell us where the TPH price will be in five years? Also are there any other companies we should be buying or selling right now?
    Aug 11, 2014. 12:25 PM | Likes Like |Link to Comment
  • TRI Pointe Appears Compelling After Absorbing Weyerhaeuser's Homebuilder [View article]
    With this company my estimate is that you'll need the housing recovery to continue and strengthen and as well you'll need to be a long term investor (10+ years). With California housing now so low vs. the historic average and with Barry Sternlicht as Chairman, one could do a lot worse than investing here if 2015 consensus earnings of $1.27/share materialize. There may also be some value in their 30,000 lot land bank assuming West Coast housing progresses.

    A housing decline will likely punish the shares severely so those without a strong stomach should probably sit this one out.
    Jul 18, 2014. 10:47 PM | Likes Like |Link to Comment
  • TRI Pointe Appears Compelling After Absorbing Weyerhaeuser's Homebuilder [View article]
    Zvi - Thank you for the article. If you are also able to provide any thoughts or analysis on the post-merger valuation, that might be helpful as well. Pre-merger TPH looked inexpensive vs. other homebuilders but adding WRECO probably changed the big picture numbers substantially.
    Jul 10, 2014. 02:33 PM | Likes Like |Link to Comment
  • Is Source Capital A Better Option For Mid-Cap Growth Than An ETF? [View article]
    Thank you for your research on SOR. I've owned it for years and agree that buying it when the discount is sizable can make sense.

    Although this might be difficult to do, I wonder if the performance analysis would be more complete if we viewed multiple rolling periods of say ten-years each vs. the benchmarks rather than ending all performance measurement on one date.

    For example, SOR outperformed in 2001 and 2009 so viewing periods ending those years might change the rank vs. the benchmarks. Then SOR underperformed in 2006 so a 2006 end date may look better for the benchmarks.

    Unfortunately I haven't seen rolling period information easily available but ideally viewing let's say all ten-year rolling periods ending 12/31 for the past 20 years might show a more complete picture of how SOR performed through multiple economic cycles.
    May 28, 2014. 07:13 AM | 1 Like Like |Link to Comment
  • FS Investment Corporation's Capital Structure: Critical Trade-Offs [View article]
    Thank you for an informative and thorough analysis. Overall I wonder how FSIC compares to a levered closed-end high yield fund. Both seem to have similar risks, plenty of leverage, and maybe similar upside potential in today's market but it's probably cheaper to buy a good closed-end fund and maybe the portfolio would be a little higher in quality, too.
    May 7, 2014. 09:30 PM | Likes Like |Link to Comment
  • Ensco Offers A Fat Dividend Yield Plus Much More [View article]
    George - Thank you for such a detailed article. Although I like ESV's price and valuation, should we be concerned about their significant capital spending? It looks like earnings don't currently cover dividends and capital spending. Maybe that's the nature of these oil service firms with sizable cash outlays for a while and then a couple of years of positive free cash flow before they have to ramp up capital spending again.
    Feb 14, 2014. 12:58 PM | Likes Like |Link to Comment
  • The Kohl's Company And The Kiss Of Death [View article]
    Thank you Retail Maven for the clarification and detail. I looked at the #s on a per share basis and it looks like EPS grew 8% compounded for 10 years and sales per share grew 12% compounded for 10 years (ending 2012). I supposed by these metrics it helped that KSS reduced its shares from about 337m to near 222m during that period. Maybe I should look at totals such as what you have but if they continue to fully retire shares and all else is equal that will boost earnings for the shareholders who are left. I'm happy with the price where it is now for accumulating KSS but Amazon and the general retail environment are concerns. - Wilda
    Jan 22, 2014. 09:07 PM | Likes Like |Link to Comment
  • The Kohl's Company And The Kiss Of Death [View article]
    Your article states "Since May 2002, investing in Kohl's has not been productive." While absolutely true, I'd argue that the main reason for the poor share price performance has to do with the price investors paid in 2002. Back then KSS shares traded at an average P/E of 35! Investors grossly overpaid in 2002. At the company level, Kohl's has actually returned near 10% compounded sales and earnings growth since then. Now with Kohl's near 12 times earnings and those 2002 investors who overpaid throwing in the towel, it's finally starting to look interesting in my view.
    Jan 22, 2014. 03:30 PM | Likes Like |Link to Comment
  • Variable-Rate Preferred Stocks Underperform Their Fixed-Rate Cousins [View article]
    Met's Preferred A is "non-cumulative" which isn't made clear in the above article. Although I expect the dividends to continue given Met's dividend commitment to its common, it's maybe worth noting that many recently issued preferred stocks are non-cumulative. With Met-A under $21 recently, I'm a buyer.
    Dec 31, 2013. 05:40 AM | Likes Like |Link to Comment
  • How Risky Is Annaly Capital? - Part 2 [View article]
    With the hindsight of two years, it appears that the author was spot-on. Recent NLY price of $9.88 and 52wk range of $9.66 - $16.18.
    Dec 30, 2013. 12:30 AM | Likes Like |Link to Comment
  • Digital Realty's Digital Reality Is As I Expected: Weak [View article]
    Although one never knows how these things will play out, I'd try to avoid selling low and buying high.
    Oct 31, 2013. 01:13 PM | 6 Likes Like |Link to Comment
  • Digital Realty's Digital Reality Is As I Expected: Weak [View article]
    Revised FFO for 2013 of $4.60 would still be a record high and it puts P/FFO near 10.5. The yield is a touch above 6% and the dividend appears reasonably well covered. I wouldn't panic here.
    Oct 31, 2013. 11:57 AM | 5 Likes Like |Link to Comment