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BAS And CCJ Resume Trend Higher

The run higher continues, with CCJ and BAS both up over a percent again today. AEC and NRP are trading flat. UEC is north of 4% gains, but it’s small so no one cares.

HCLP is down, naturally. That’s my pick for March madness; so it has to be the lone skunk of my portfolio. Not to worry, not to worry. Just as soon as any chance of personal glory is off the table, it too will continue the run higher, making me a silent, very non-public, fortune.

Can’t give me marketable material that easily, now can we?

Just sit back and enjoy the show. The indices no longer matter to me. Rather, the public storytelling is shifting into my corner now. This is the Atomic Year, the Fracking Year – financial journalists need something to yap about, and my assets will be it.

And accordingly, that makes this the Thaler Year.

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At The End Of Today, I Was Up 10% YTD

Here’s a quick review of where things stand. I took a cash position of around 30% towards the beginning of February. In spite of that, it really hasn’t affected my performance noticeably; actually, it’s down to a 27% cash position just from watching the rest of my asset values take off.

BAS is leading the charge higher, no contest. The natural gas cycle is back underway.

02-25-14 BAS 3 Months

Of course, where would well servicing be without the frac sand that makes it all possible? HCLP continues its uninterrupted run, refusing to touch the short range moving averages for more than a few hours before blessing her stakeholders with further gains.

02-25-14 HCLP 3 Months

The multifamily space has been a source of strong performance for years. You wouldn’t know it if you looked at a long time frame. Analysts love to hate on these companies, because they lack vision. But I love them.

02-25-14 AEC 3 Months

I sold this next one out entirely on February 10, while I raised cash. I’ve missed the last stretch there, but still made out handsomely, especially because my shares were favorably converted from CLP last year in a corporate buyout. I’ll look to get back in down the road.

02-25-14 MAA 3 Months

Today’s windfall profits were brought to us by CCJ; it took the reigns and sprinted higher by 8%. UEC (not depicted) was also up 9%.

In case you missed it, this move was led by a report out of Japan confirming nuclear energy’s importance to the economy and intent of Japan to restart their reactors.

The Kyodo News writes:

The government on Tuesday unveiled a draft energy policy that characterizes atomic power as an important electricity source, although the draft waters down some wording in an earlier version that was seen as strongly pro-nuclear in tone.

In the draft, the government said nuclear energy is an “important base-load power source” that usually supplies electricity continuously through the day, while vowing to push for the restart of reactors that have satisfied new safety requirements introduced after the 2011 Fukushima Daiichi complex disaster.

Economy, Trade and Industry Minister Toshimitsu Motegi, who is responsible for compiling the draft of the so-called Basic Energy Plan, told a press conference that the direction of the policy has “not changed in principle” despite the revisions.

The draft is expected to become official with Cabinet approval in March, after consultations with the ruling Liberal Democratic Party and its coalition ally, the New Komeito party.

The cost to Japan for trying to navigate away from nuclear power is enormous. The UK’s Andrew McKillop, former Chief Policy Analyst of the European Commission, in The Market Oracle is estimating the total cost of decommissioning Japan’s nuclear fleet at $500 billion…before power production replacement.

Outside of Japan, the effects of nuclear fuel shortfalls are beginning to be felt. The end of the Megatons for Megawatts program with Russia is beginning to sink in.

Meanwhile, very much not in accordance with the wishes of anti-nuclear activists, Kazakhstan is busy setting itself up as the global trading desk of nuclear power, by creating a low-enrichment fuel bank in cooperation with the IAEA.

Tengri News reports:

The negotiations on Kazakhstan’s bid to host the international bank of low-enriched uranium are nearing their final stage, Tengrinews reports citing the press-service of the Foreign Affairs Ministry of Kazakhstan.

“Kazakhstan is going to be hosting the International bank of low-enriched uranium of the IAEA (International Atomic Energy Agency) and the negotiations of the Country Agreement on the bank’s placement are nearing their end. We believe that development of a comprehensive approach to nuclear fuel, including creation of guaranteed reserves of nuclear fuel, will contribute to promotion of peaceful use of nuclear energy,” says the Ministry’s message timed to the 20th anniversary of Kazakhstan joining to the Non-Proliferation Treaty (NPT).

Kazakhstan plans to take an active part in the upcoming Nuclear Security Summit (NSS), to be held in Hague on March 24-25, 2014. Kazakhstan supports the idea of starting the negotiation process and soonest development of the Fissile Materials Cutoff Treaty that will become an important step towards nuclear disarmament and non-proliferation.

The goal here, of course, is to disarm the arguments against broad adoption of nuclear power, world wide, over the concerns of rogue nations enriching their own fuel to the point of producing a bomb. It’s also designed to make it possible for countries that lack the sophistication to enrich uranium to gain access to nuclear power.

If the IAEA’s new bank approach is broadly adopted, nuclear reactors will for the first time be a possible solution in many places that would never have had the luxury to consider it before now.

02-25-14 CCJ 3 Months

Silver’s rebound brings up the rear. The metal is back above $20 an ounce, and looks good, following a black year and a 33% price drop.

02-25-14 SLV 3 Months

Here’s my only bad investment so far this year – NRP’s 21% drop has cost me 2%.

02-25-14 NRP 3 Months

I also have small (and increasingly smaller) positions in TSLA puts and PGJ puts. The TSLA puts have had no effect on my YTD performance as they blacked out last year – they expire in January of 2015. The PGJ puts were 1-2% of my account and are currently down 50% of where I bought them.

Their purpose is simply to provide absurd gains in the event of the unpredictable. But with a limited downside, neither is big enough to hurt me.

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Added Back To AEC – Full Position

AEC’s most recent performance was solid, and the earnings call clinched it for me.

This company is too cheap and literally everyone knows it. Above and beyond the consistent and regular return they’re pulling in, there’s chatter of “realizing the portfolio’s true value”.

With a company this size, in this environment, I can only reach the conclusion that means a corporate buyout is looming.

Their CEO and main shareholder is old. Friedman can’t be around forever. And his company’s management have proven themselves over the past five years to be highly competent. The move to separate their debt covenants from their properties in 2009 alone was probably the smartest move of any real estate company around.

So AEC is going to start getting some real attention from larger companies, who are sitting on piles of cash and looking to keep that shareholder growth coming. CLP getting gobbled up by MAA was the first, but it won’t be the last.

Cash stands between 30-40%.

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AEC Beats And Michael Bilerman Loses Again

Here’s the brief take away from AEC’s earnings report.

The company still beat expectations across all lines, despite taking most of 2013 and a good part of 2012 off (they were scared of being short of cash and rebalanced). The stock dilutions did mildly impair performance per share, yet the stock is right where it started and year over year FFO still grew value. Besides, the company has hardly tried to drive ahead yet.

Towards the end of 2013, the company suddenly roared to life, acquiring three new properties and creating a joint venture with AIG Global Real Estate to develop the San Francisco market. The San Francisco note should be especially depressing to the string of analysts who have continually gone on the record that there is no way AEC makes it on the West Coast.

They are going to make it, you schmucks, and your reputation goes down in tatters.

Somewhere at Citi, Michael Bilerman is cowering in fear. His ‘doomshittery’ (trademark) leveled at Associated Estates Realty has crashed against the walls and come away with nothing. His obnoxious “questions” (most dubiously labeled) now ring hollow and foolish.

Shortly, Jeffrey I. Friedman, President, CEO and Hero (in the Greek sense) will emerge from behind his walls, give these serpents battle, and put whatever survives of their forces to flight, like the cheap cowards they are; as his last act of leadership.

But Michael Bilerman can be sure he will be struck down; not of the latter sort privileged to flee. He will get no respite to run, as Friedman has marked him for his asinine chicanery during certain quarterly performance calls.

Upon which Jeffrey I. Friedman will ride off into the sunset, going down as a man of legend amongst AEC shareholders.

In the meantime, dividends are up 7% from last year and I am bidding my time.

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Deploying Some Cash

I put 10% back into stocks, adding to all positions other than CCJ, UEC, silver and BAS, bringing cash to 35%.

Big push off the bottom.

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First Of The Year Portfolio Drawdown

It’s nothing too severe – less than 1% – but I’m getting wacked to start off 2014 nonetheless.

The selloff in my account is led by HCLP, as mediocre fund managers caught padding their positions, trying to save their unspectacular careers, let go the Potemkin equity stakes.

Silver caught a nice bounce into the first of the year, but we have been here before, have we not? I’m mentally prepared for silver to go to $0.00…being shelled out for free at every street corner. Why not? It has no utility, after all…excluding all its utility.

My positions are AEC, MAA, NRP, HCLP, BAS, CCJ, RMCF, UEC (small), BALT, physical silver, and some TSLA puts (a third of which are about to expire worthless on the 18th of this month).

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