Portfolio Performance: +12.1% YTD

After a topsy-turvy month, our portfolio gained a percentage point in April. In that time, a few of our stocks (AEM & MFN) dropped 30% or so. The volatility comes with the territory but that doesn’t mean it doesn’t churn my stomach. I also got a bit lucky on timing with Horizon Lines, which really [...]

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Ensco Int. Q1 2008 Earnings Review

Q1 2008 results (all US$ unless noted): Operating cash flow dropped 45.9% to $151.2M. A large portion of this stemmed from the $83M of auction rate securities (ARS), which were originally intended for short-term liquidity needs, being transferred to long-term investments and not available for working capital. Backing out this one-time event, OCF was down [...]


Inflation Expectations of American Consumers

Bloomberg has a story positing that Bernanke may have to veer sharply toward a rate-hiking policy if he wants to avoid the stagflationary environment of the 70′s and the ensuing harsh remedy administered by Paul Volcker. There is nothing new in the article if you’ve been paying attention but this line caught my attention: “As [...]

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[Book Review] China: Fragile Superpower by Susan Shirk

AUTHOR: Susan Shirk RATING: 10 of 10 REVIEW by Davy Bui . Select Highlights More on this topic (What's this?) Stock Market Crash: Chinese Economic Collapse Feared After Stocks Plunge 7.4% (Jutia Group, 6/26/15) China, Greece and the NYSE: Black Swans or Red Flags? (Jutia Group, 7/9/15) South China Sea: Will Obama screw this crisis [...]

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Making Sense of the Senseless

A little over a year ago, I started this site and asked my friend his opinion of it. He thought the name suggested a little arrogance and in hindsight, that’s probably the case but the domain name’s already paid for so I just have to live with it. I liked the idea of the Enlightened [...]

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Penn West Energy Becoming a “Show-Me” Company

You can refresh your memory with my earlier reports and and updates here. All results C$ Operating cash flow for the full year increased 12.2% to $1.2B, with free cash flow up 2% to $545M. Per share, OCF was down 5.4% and FCF/share came in at -14.1%. This is the result of 19% dilution due [...]