ENSCO INTL (ESV) Q3 2008 Update

All results US$ unless otherwise noted: Through nine months of 2008, operating cash flow (OCF) came in at $743M, down 12% YoY from $844M.  As noted previously,the company registered very large cash outlays for accrued taxes and other liabilities as well as its ARS fiasco. In the current credit crunch, Ensco’s solid balance sheet is [...]

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Battling for Investment Survival Part 2: Tactics

Normally, Part 1 comes before Part 2 but Part 1 is strategy, which I’ve written but am still mulling over some of the ideas. I’ve always used a hybrid value investing/macro approach but what’s the strategy when almost everything looks cheap and the macro picture is so clouded? A plausible case can be made for [...]


Who Knows Better Than Buffett, Icahn, Pickens & Kerkorian? Journalists!

In one of those semi-ridiculous scenes that pop up from time to time, the back page of today’s WSJ Money & Investing section (called “Heard on the Street”) runs the two following articles [$]: Even the Oracle Didn’t Time It Perfectly Investing All-Stars Need to Tweak Games In these two articles written by little-known investing [...]

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Chesapeake Energy Analyst Day Update

The financial media have been all over the story of CEO Aubrey McClendon being margined out of the vast majority of his CHK stake at massive losses.  Over the last few months, investors have watched CHK go from over $70 per share to near $10 (currently @ $20) which is even more drastic than the [...]


Must Read Article On Current Oil/Gas Prices

This article comes courtesy of The Oil Drum. I only have 8 sites in my blogroll and there’s a reason for that.  While I do get requests for link exchanges and do consider them, I make a conscious effort to maintain the integrity of the blogroll.  The Oil Drum is one of the premier online [...]


Portfolio Updated With October’s Carnage

I make it a point to only update my portfolio spreadsheet once at the end of each month.  Psychologically, this allows me to (attempt to) focus on longer term factors and not waste precious time staring at the P&L.  Click here to see the spreadsheet Enlightened-American Portfolio: -12.1% YTD (including dividends) DJIA: -30.2% Nasdaq: -33.3% S&P [...]

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