Elliot Miller

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    • Sun Oct 26th 11:43 AM
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      Commented on:
      5 Reasons to Ignore Buffett
      All of the points made in the posting may be true, but Buffet may still be correct on the merits. None of the facts that distinguish Buffet from me mean that he is incorrect.
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    • Sun Oct 26th 11:25 AM
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      How Will We Know When the Markets Hit Bottom?
      I thought that they ring a bell at the bottom.
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    • Thu Oct 16th 07:24 AM
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      Commented on:
      SEA: Stable Returns in a Choppy Market?
      Over 90% of the world's cargo travels by sea transport. Shipping stocks are volatile in the short term but provide substantial and stable dividend yields. The lines mentioned in the above comment are all charterers of SSW on long term charters. SSW's average unexpired charters for its ships on the water is 7 years, with the first expiring in 5 years. Its newbuilds are chartered for 11 years from delivery of the vessels. SSW's earnings are highly visible. It has a banking consortium of 22 banks and has adequate lines available to complete its newbuildong program. While its shares have fallen in half in the last two months or so, its earning power remains unimpaired and its dividends are stable and the yield is extraordinary at today's bargain price.
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    • Fri Oct 10th 17:20 PM
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      A Fresh Look at Shipping Company Stocks
      I just sold NAT. I like the company and that fact that it has no debt. However, it is entirely dependent upon the spot market and has no long term contracts, and according to everything I read in Lloyds List and the Capital Link Shipping site, tanker rates will be volatile at best and likely to decline sharply. I also just sold Eagle Bulk because of what I view as shareholder-unfriendly behavior. However, I own Star Bulk for the reasons cited in the above article. I also own Sea Span, a container company yielding 16 1/2 %, All of its ships on the water are subject to 10 or 11 year charters with A1 Class charterers and have an average unexpired term of 7 years. Their newbuilds are all subject to 10 year charters effective upon delivery to the charterer (the same ones), and it is shareholder froendly.
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    • Mon Oct 6th 16:36 PM
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      Inflation, Deflation and the U.S.-China Relationship
      Simit Patel and Kelly Lieberman posit the devaluation of the USD . One would normally think that the massive undertaking to prop up our organs of finance would cheapen the dollar, and indeed at some point that likely will in fact occur. However, the USD gathers strength day by day. The cause of our strengthening currency has little to do with anticipated cuts in interest rates by the ECB and the Bank of England. Rather it has to do with the facts that (a) we are still the strongest economy in the world and as safe a haven as exists anywhere, and (b) the rest of the world is deteriorating rapidly and is far behind our efforts at stabilization. It's not that we are in great shape, but the fact that the rest of the world is in worse shape and, in the case of Europe Germany has precluded an EU-wide coordinated effort..
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    • Mon Oct 6th 16:17 PM
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      Commented on:
      TARP Passes - Now What?
      This article emphasizes why the mark-to-market rule has been revised and may need further liberalization.
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    • Wed Sep 24th 14:38 PM
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      Wall Street Breakfast: Must-Know News
      The acrimony and nastiness of some of these posts is disappointing and unsophisticated. This is not a bailout of Wall Street. The owners of Fannie, Freddy, Bear, AIG and Lehman certainly don't feel bailed out. Their ownership interests are worthless. This is simply preserving the financial system, the owners of CDSs, many of which are foreign central banks on which we rely to hold our debt, and the ability of average Americans to get a mortgage or a car loan.
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    • Thu Sep 4th 12:59 PM
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      Commented on:
      Not Off the RIMM - Cramer's Lightning Round (9/3/08)
      Frontline is entirely on the spot market and in tankers for crude and refined products.Eagle is in dry bulk (limited to the Supramax sub-sector, has credit insurance on its charterers and 3-5 year time charters--with one ship on a 10 year charter--has an entirely different business model than Frontline). These are not at all comparable risk models, so Cramer's comment is irrational.
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    • Mon Sep 1st 09:38 AM
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      Commented on:
      Three Conditions Supporting Short-Term Oil Prices
      CLH: There is no "final price for oil".
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    • Tue Jul 29th 11:25 AM
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      Commented on:
      Beyond Petrobras: Value and Growth in the 'Other' South American Oil Companies
      Very worthwhile leads. Thanks.
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    • Tue Jul 29th 11:18 AM
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      The Oil Price Slide - Think Long-Term
      I certainly agree with the comments about politicians being energy-ignorant (as well as ignorant about virtually every other aspect of our economy). However, given the rising tide of popular clamor for drilling, the Congressional ban may finally disappear. Moreover, with the use of gasoline down almost 4% in the year and with the changes being wrought in the nature of autos being produced (SUVs giving way to small energy-efficient cars) it is possible for crude to hit $100 or even lower by year end. That is why, being long oil, I'm also buying the Ultra Short Oil & Gas fund (DUG) as a hedge.
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    • Sun Jul 27th 11:37 AM
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      A New Way for Investors to Sail the Seas
      One problem with the analysis is that it does not take into account the individual characteristics of the companies. There are dry bulkers, wet tankers, LNG tankers and container ships all included in the chart. Within each group there are differences (for example EGLE's fleet is Supramx and Handymax, while GNK's includes Panamax and Capesize) and between groups there are differences (dry bulkers react to the BDI, most tankers are in pools that share profits, etc.). The rate of new building underway is greater for tankers and containers than for dry bulkers and within the dry bulk sphere the rate of new buildings is lower for Supramax than for Capesize and Panamax. Also different is the mix between charter lives and spot. Some, like Frontline, are highly exposed to spot prices. Many dry bulkers have 3-5 year charters and Sea Span has every vessel on the water and in construction subject to 11 year charters (in the case of new-builds, beginning when they are completed).
      In short, shipping is too varied an industry to present as a monolith,without differentiation by company and function.
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    • Mon Jul 21st 11:01 AM
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      Emerging Markets Infrastructure Is Booming
      Thinking further about athenian's question, another way to play the global infrastructure trend is to buy the dry bulk shipping companies that transport the components of the infrastructure and the container ships that transport the merchandise needed and desired by the newly emergent middle classes in the booming economies.
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    • Mon Jul 21st 10:57 AM
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      Commented on:
      Emerging Markets Infrastructure Is Booming
      Athenian:
      You can also consider ABB Ltd. (ABB) and the T. Rowe Price Africa and Middle East Fund (TRAMX)
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    • Fri Jul 18th 10:41 AM
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      Commented on:
      UBS Analyst: Energy Trusts Offer Exceptional Value
      To jjason:
      Please note that Crescent Point is very effectively hedged at prices around $100 and up. Their hedges are posted on their web site. They have some at $140.
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