The Difference Between Being Right & Getting Paid

In the comments section at SeekingAlpha of my latest post on PWE, I mentioned part of the frustration of holding PWE was missing out on this huge run-up in energy prices. Here’s an excerpt (complete with chart): More on this topic (What's this?) Penn West Energy Trust Update (NorCalSavant, 11/7/08) Is Penn West Energy Trust [...]

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Evaluating A Negative View on American Capital Strategies (ACAS)

Readers can click here for my views on ACAS but for another view, Nicholas Yulico at pans the company and the stock, stating that the company is still overvaluing certain debt assets on their books. Yulico has written a few negative articles on ACAS before and honestly, my first instinct on any negative piece [...]


(Back) By Popular Demand, BAM (Brookfield Asset Management)

I’m not sure what happened but a previous version of this post was deleted so I’m reposting it. As I said before, a reader saw my mention of BAM in the post about David Winters’ portfolio and asked if I had done any research, which I had. Unfortunately, I didn’t have the discipline to buy [...]


Penn West Energy: More Questions Than Answers After Q1 2008 Earnings

2008 Q1 highlights (all figures C$ unless otherwise noted): Operating cash flow came in at $367M vs. $296M YOY. However, taking into account the Vault and Canetic acquisitions (and the 51% share dilution accompanying them), OCF per share came in @ $1.02, down 18% from last year. Free cash flow (FCF) fell 42% from a [...]


2008 Q1 13F-HR Filings: Speculative Edition

T. Boone Pickens, via BP Capital, was fairly active in adding and building positions. Pickens made headlines earlier this year by predicting a drop in oil prices for the first half of 2008 and then quickly backtracking as oil has smashed through record prices. Here are some highlights from the filing: Reopened a big position [...]

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Is the World Finally Waking Up to Peak Oil?

This front page article on the Financial Times website suggests that the reality of our situation may finally be sinking in. I don’t think it’s time to panic and start buying every energy company in sight.  The market has a way of faking itself out, as well as anyone sucked into the madness of it [...]