In what will unquestionably become the “Hubris Top Tick” post, I will go on the record and admit that yesterday, my account crossed 20% gains this year for the first time.
CCJ sealed the deal for me. After taking a nasty selloff, it exploded over the last week and a half, up 14%, which accounted for half the push from my prior 15%. The other half got picked up here and there.
I’m unsure how long I’ll be hanging out here. HCLP, which is without a doubt the hero of 2014, is reporting earnings first thing in August. The partnership has come a hell of a long way. Will this lead to a pullback? It wouldn’t surprise me, although I’ve decided to hold fast and keep the faith.
The coal trade isn’t working yet; but then again I did decide to forgo a quick entry, opting for steady accumulation. So a slow start is actually better for me.
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thoughts on BBEP, sir?
down on acquisition announcement, but voting to increase distribution by 6.5%. Can you tell me why buying more today is bad?
These guys are a $4 billion company doing $200 million in revenue, but they only have $2 million in cash on hand?
They lost over 20x’s more money this quarter dicking around with derivatives than they have in cash. And those derivatives look really bad – listed as Tier 3 “TOTALLY ILLIQUID” type paper.
Check out their operation; technically they should have made about $0.16 a share this quarter…except they blew all the profits because they have a lot of debt.
Now this part I find interesting: they spent $93 million on capital expenses last quarter. It’s listed as investment activity, which sort of suggests they’re developing properties….so which properties are they sinking $93 million into?
I see a lot of acquisitions, which is on the face of it good. But personally, this has gone nowhere in five years and the message is getting through to me. I’d be skittish and keep it light until you see they have the cash situation under control and can avoid losing all their winnings in the derivative casino. Most people have enough gambling problems without outsourcing.