Valuentum's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.com/user/933684/comments http://seekingalpha.com/article/1455081/comments?source=feed#comment-19158971 19158971
Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Thu, 23 May 2013 09:35:51 -0400
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The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1389941/comments?source=feed#comment-19047141 19047141
http://bit.ly/uFXpFr

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The Valuentum Team]]> Mon, 20 May 2013 18:05:47 -0400
http://bit.ly/uFXpFr

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The Valuentum Team]]> http://seekingalpha.com/article/1327491/comments?source=feed#comment-19046861 19046861
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The Valuentum Team
http://www.valuentum.com]]> Mon, 20 May 2013 17:58:50 -0400
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The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1445961/comments?source=feed#comment-19046731 19046731
Thanks for your question. Pasted below is a link that walks through the Dividend Cushion and why it is a helpful tool for the dividend investor:

http://bit.ly/uFXpFr

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Mon, 20 May 2013 17:55:03 -0400
Thanks for your question. Pasted below is a link that walks through the Dividend Cushion and why it is a helpful tool for the dividend investor:

http://bit.ly/uFXpFr

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1447171/comments?source=feed#comment-19029271 19029271
http://on.fb.me/17Uh6Vq

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The Valuentum Team]]> Mon, 20 May 2013 11:45:37 -0400
http://on.fb.me/17Uh6Vq

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The Valuentum Team]]> http://seekingalpha.com/article/1390431/comments?source=feed#comment-18660441 18660441
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The Valuentum Team]]> Fri, 10 May 2013 00:22:23 -0400
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The Valuentum Team]]> http://seekingalpha.com/article/1414211/comments?source=feed#comment-18660361 18660361
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The Valuentum Team
http://www.valuentum.com]]> Fri, 10 May 2013 00:20:31 -0400
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The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1339651/comments?source=feed#comment-18075041 18075041
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The Valuentum Team
http://www.valuentum.com]]> Thu, 25 Apr 2013 09:45:14 -0400
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The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1369691/comments?source=feed#comment-18074801 18074801
Thank you for reading.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Thu, 25 Apr 2013 09:42:17 -0400
Thank you for reading.

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The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1345211/comments?source=feed#comment-17702361 17702361
That was over a decade ago now, and we believe the marketplace is considerably different now that there is more competition for viewership. Executives at both firms have indicated that they wouldn't be opposed to exploring a deal (source: http://bit.ly/ZyeSSC)

Thanks for your feedback,

The Valuentum Team
info@valuentum.com
http://www.valuentum.com]]> Tue, 16 Apr 2013 16:12:07 -0400
That was over a decade ago now, and we believe the marketplace is considerably different now that there is more competition for viewership. Executives at both firms have indicated that they wouldn't be opposed to exploring a deal (source: http://bit.ly/ZyeSSC)

Thanks for your feedback,

The Valuentum Team
info@valuentum.com
http://www.valuentum.com]]> http://seekingalpha.com/article/1284891/comments?source=feed#comment-17551961 17551961
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The Valuentum Team
info@valuentum.com
http://www.valuentum.com]]> Fri, 12 Apr 2013 14:16:43 -0400
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The Valuentum Team
info@valuentum.com
http://www.valuentum.com]]> http://seekingalpha.com/article/1302521/comments?source=feed#comment-16857761 16857761
We feel that is the biggest risk to all of the miners is iron ore under $110-115.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Tue, 26 Mar 2013 22:40:23 -0400
We feel that is the biggest risk to all of the miners is iron ore under $110-115.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1277001/comments?source=feed#comment-16400651 16400651
Since you're a subscriber, please inbox us your email address or send an email to info@valuentum.com, and we'll be happy to walk you through our process.

Kind Regards,

The Valuentum Team

http://www.valuentum.com
info@valuentum.com]]> Sun, 17 Mar 2013 12:33:24 -0400
Since you're a subscriber, please inbox us your email address or send an email to info@valuentum.com, and we'll be happy to walk you through our process.

Kind Regards,

The Valuentum Team

http://www.valuentum.com
info@valuentum.com]]> http://seekingalpha.com/article/1265581/comments?source=feed#comment-16194221 16194221
Since McDonald's is mostly a royalty stream, we're not as worried about its corporate profits. A bigger risk, in our view, is that owner-operators are upset, stop participating in highly promotional offers, or start to lose interest in their respective franchises.

That being said, we don't think shares look attractive at this time.

Thanks for the comment,

The Valuentum Team
http://www.valuentum.com]]> Tue, 12 Mar 2013 15:58:17 -0400
Since McDonald's is mostly a royalty stream, we're not as worried about its corporate profits. A bigger risk, in our view, is that owner-operators are upset, stop participating in highly promotional offers, or start to lose interest in their respective franchises.

That being said, we don't think shares look attractive at this time.

Thanks for the comment,

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1258961/comments?source=feed#comment-16029211 16029211
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The Valuentum Team
http://www.valuentum.com]]> Fri, 08 Mar 2013 10:03:23 -0500
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The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1249201/comments?source=feed#comment-15898061 15898061
Those are some excellent points. We will consider them in our next update. Very well said.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Wed, 06 Mar 2013 00:19:31 -0500
Those are some excellent points. We will consider them in our next update. Very well said.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1246511/comments?source=feed#comment-15856591 15856591
The Valuentum Team
http://www.valuentum.com]]> Tue, 05 Mar 2013 10:09:21 -0500
The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1233061/comments?source=feed#comment-15672151 15672151
a) I need to buy a company for a ridiculous premium that has been around for decades that makes an every-day item because that's what Buffett does.

or

b) I think Buffett's a little late to the game here. I think he's more in capital preservation mode than anything else. I'm not sure his strategy is for investors looking for long-term outperformance.

It'd be very interesting to see how most individual investors think about this.

Thanks for the article!

The Valuentum Team]]> Fri, 01 Mar 2013 04:22:28 -0500
a) I need to buy a company for a ridiculous premium that has been around for decades that makes an every-day item because that's what Buffett does.

or

b) I think Buffett's a little late to the game here. I think he's more in capital preservation mode than anything else. I'm not sure his strategy is for investors looking for long-term outperformance.

It'd be very interesting to see how most individual investors think about this.

Thanks for the article!

The Valuentum Team]]> http://seekingalpha.com/article/1231471/comments?source=feed#comment-15611721 15611721
That's a great question. Firms break out historical performance in the regulatory filings once they are spun off. Pasted below is a link to PSX's 10-K:

http://bit.ly/YBtcLu

Our future forecasts are based on how we think the independent business will operate. Again, great question.

Assessing historical trends and making intelligent forecasts of future operating performance to arrive at an intrinsic value estimate are core duties of an equity analyst.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Wed, 27 Feb 2013 22:29:18 -0500
That's a great question. Firms break out historical performance in the regulatory filings once they are spun off. Pasted below is a link to PSX's 10-K:

http://bit.ly/YBtcLu

Our future forecasts are based on how we think the independent business will operate. Again, great question.

Assessing historical trends and making intelligent forecasts of future operating performance to arrive at an intrinsic value estimate are core duties of an equity analyst.

Kind regards,

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15606691 15606691
We offer investors a Best Ideas portfolio and a Dividend Growth portfolio (embedded in their respective monthly newsletters). We offer the most bang for the buck, as our value-delivered-to-member versus price-paid ratio is the very best out there, in our view. If you'd like to give us a try, here is some information about our service:

http://bit.ly/MtrQwH

Thank you for reading.

The Valuentum Team
http://www.valuentum.com]]> Wed, 27 Feb 2013 19:27:28 -0500
We offer investors a Best Ideas portfolio and a Dividend Growth portfolio (embedded in their respective monthly newsletters). We offer the most bang for the buck, as our value-delivered-to-member versus price-paid ratio is the very best out there, in our view. If you'd like to give us a try, here is some information about our service:

http://bit.ly/MtrQwH

Thank you for reading.

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15606541 15606541
There are a number of reasons why we didn't state the data in your response. And we very much appreciate you finding it and sharing it with the investment community.

I think Brian's point is that stock prices are based on expectations of future earnings and cash flow, whether it be a wide moat stock, a narrow moat stock, or a no moat stock.

Based on the moat data provided by the research firm, there could arguably be a degree of randomness if wide moat, 5-star stocks outperform the worst buckets by only 1 or 2 percentage points over a 10 year period. For example, a bucket could potentially gain a percentage point or two relative to another bucket in a very short and perhaps immaterial amount of time. Can we conclude that wide-moat, 5 star stocks are the way to go, or is there another key driver out there that leads to outperformance?

In any case, the data clearly shows that wide moat stocks underperform narrow moat stocks, and no moat stocks outperform narrow moat stocks (during the time period). There is a graph (not a table) in the article that reveals this.

We agree with you 100%. We think this is a valid point open to honest disclosure, and investors should be made aware of this data and the various interpretations of it.

Please do give us a try. We certainly would appreciate it.

Kind regards,

The Valuentum Team ]]> Wed, 27 Feb 2013 19:24:14 -0500
There are a number of reasons why we didn't state the data in your response. And we very much appreciate you finding it and sharing it with the investment community.

I think Brian's point is that stock prices are based on expectations of future earnings and cash flow, whether it be a wide moat stock, a narrow moat stock, or a no moat stock.

Based on the moat data provided by the research firm, there could arguably be a degree of randomness if wide moat, 5-star stocks outperform the worst buckets by only 1 or 2 percentage points over a 10 year period. For example, a bucket could potentially gain a percentage point or two relative to another bucket in a very short and perhaps immaterial amount of time. Can we conclude that wide-moat, 5 star stocks are the way to go, or is there another key driver out there that leads to outperformance?

In any case, the data clearly shows that wide moat stocks underperform narrow moat stocks, and no moat stocks outperform narrow moat stocks (during the time period). There is a graph (not a table) in the article that reveals this.

We agree with you 100%. We think this is a valid point open to honest disclosure, and investors should be made aware of this data and the various interpretations of it.

Please do give us a try. We certainly would appreciate it.

Kind regards,

The Valuentum Team ]]> http://seekingalpha.com/article/1207511/comments?source=feed#comment-15605261 15605261
Kind regards,

The Valuentum Team
http://www.valuentum.com]]> Wed, 27 Feb 2013 18:48:12 -0500
Kind regards,

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15588931 15588931
There are two links in the above article that send you to the relevant places where the firm discloses the moat performance. Behind the link is a graph that shows the underperformance of wide moat stocks over time.

To get Brian's opinion, please do send him an email.

Thank you for reading!

The Valuentum Team]]> Wed, 27 Feb 2013 13:58:25 -0500
There are two links in the above article that send you to the relevant places where the firm discloses the moat performance. Behind the link is a graph that shows the underperformance of wide moat stocks over time.

To get Brian's opinion, please do send him an email.

Thank you for reading!

The Valuentum Team]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15588621 15588621
We may have to divert to Brian on this topic, but a business is valued on its entire enterprise future free cash flow (FCFF) stream.

The key item with respect to understanding this is that the enterprise free cash that we use can all be distributed to shareholders (excluding cash flow related to the interest adjustment). The enterprise free cash flow that we use is already AFTER CONSIDERING REINVESTED CASH IN THE FIRM. It is already after future maintenance/growth capex.

So, therefore the firm's enterprise cash flow (excluding cash flow related to the interest adjustment) is retained cash (which builds up on the balance sheet), dividends paid, and/or cash used for share buybacks. A business is not worth more or less on the basis of how much of this cash it pays as dividends, as long as the dividend does not impede its reinvestment in other value-generating projects. Dividends paid can actually be value-destructive if they are so large to impede future positive ROI projects. And as Brian states, a business' value is adjusted down by the amount of the dividend, which we explain below:

A stock is worth 1) the sum of the company's future discounted enterprise free cash flow, 2) less its net balance sheet impact, 3) less other adjustments (pension, OPEB, etc.) 4) divided by shares outstanding. Dividends are paid with cash on the balance sheet, so net cash is reduced, reducing the value of the entire enterprise.

I'm sure that if you contacted Brian at his work email, he'd more than happily walk you through this. Valuentum may be scheduling a seminar on valuation in general soon, too.

Thanks for reading!

The Valuentum Team ]]> Wed, 27 Feb 2013 13:54:13 -0500
We may have to divert to Brian on this topic, but a business is valued on its entire enterprise future free cash flow (FCFF) stream.

The key item with respect to understanding this is that the enterprise free cash that we use can all be distributed to shareholders (excluding cash flow related to the interest adjustment). The enterprise free cash flow that we use is already AFTER CONSIDERING REINVESTED CASH IN THE FIRM. It is already after future maintenance/growth capex.

So, therefore the firm's enterprise cash flow (excluding cash flow related to the interest adjustment) is retained cash (which builds up on the balance sheet), dividends paid, and/or cash used for share buybacks. A business is not worth more or less on the basis of how much of this cash it pays as dividends, as long as the dividend does not impede its reinvestment in other value-generating projects. Dividends paid can actually be value-destructive if they are so large to impede future positive ROI projects. And as Brian states, a business' value is adjusted down by the amount of the dividend, which we explain below:

A stock is worth 1) the sum of the company's future discounted enterprise free cash flow, 2) less its net balance sheet impact, 3) less other adjustments (pension, OPEB, etc.) 4) divided by shares outstanding. Dividends are paid with cash on the balance sheet, so net cash is reduced, reducing the value of the entire enterprise.

I'm sure that if you contacted Brian at his work email, he'd more than happily walk you through this. Valuentum may be scheduling a seminar on valuation in general soon, too.

Thanks for reading!

The Valuentum Team ]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15586211 15586211
Can you please share with the group how much the outperformance of wide moat, 5-star stocks is to 1) no-moat, 5-star stocks and 2) no-moat, 1-star stocks over the time period. And whether no-moat, 1-star stocks have also outperformed the market benchmark, too. Thank you so much for your contribution!

Kind regards,

The Valuentum Team]]> Wed, 27 Feb 2013 13:18:39 -0500
Can you please share with the group how much the outperformance of wide moat, 5-star stocks is to 1) no-moat, 5-star stocks and 2) no-moat, 1-star stocks over the time period. And whether no-moat, 1-star stocks have also outperformed the market benchmark, too. Thank you so much for your contribution!

Kind regards,

The Valuentum Team]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15556911 15556911
Thanks for reading!

The Valuentum Team
http://www.valuentum.com]]> Tue, 26 Feb 2013 23:22:55 -0500
Thanks for reading!

The Valuentum Team
http://www.valuentum.com]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15508031 15508031
Kind regards,

The Valuentum Team]]> Tue, 26 Feb 2013 01:47:27 -0500
Kind regards,

The Valuentum Team]]> http://seekingalpha.com/article/1220461/comments?source=feed#comment-15489291 15489291
Thank you for your comment. Just to be clear, Brian is not stating that the DCF is the only way to pick stocks. I believe he favors the Valuentum way of picking stocks. Valuentum makes available fully-populated DCF valuation models for those that are interested in learning. Pasted below is more information on the Valuentum style of investing:

http://bit.ly/viu9MH

Thank you for reading.

Kind regards,

The Valuentum Team]]> Mon, 25 Feb 2013 15:52:56 -0500
Thank you for your comment. Just to be clear, Brian is not stating that the DCF is the only way to pick stocks. I believe he favors the Valuentum way of picking stocks. Valuentum makes available fully-populated DCF valuation models for those that are interested in learning. Pasted below is more information on the Valuentum style of investing:

http://bit.ly/viu9MH

Thank you for reading.

Kind regards,

The Valuentum Team]]> http://seekingalpha.com/article/1218791/comments?source=feed#comment-15423101 15423101
Thank you for your interest. We certainly appreciate it! Pasted below is a link to our methodology:

http://bit.ly/viu9MH

If you have any additional questions or need more information, please contact our company.

Thanks,

The Valuentum Team]]> Sat, 23 Feb 2013 17:41:53 -0500
Thank you for your interest. We certainly appreciate it! Pasted below is a link to our methodology:

http://bit.ly/viu9MH

If you have any additional questions or need more information, please contact our company.

Thanks,

The Valuentum Team]]> http://seekingalpha.com/article/1215211/comments?source=feed#comment-15369641 15369641
Kind regards,

The Valuentum Team]]> Fri, 22 Feb 2013 11:13:08 -0500
Kind regards,

The Valuentum Team]]>