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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (43716)	8/5/2011 1:47:18 PM
From: E_K_S	of 78673

Re: TC Pipelines LP (TCLP) I really wanted to buy this one after you mentioned it. I can not believe it touched $40.01/share this morning. I missed an excellent value buy as they have little debt (for a pipeline company (LT Debt/Net Income 4.6x) generates a 7.5% dividend when priced at $40.00/share and has an excellent intra state distribution franchise for their pipeline. This and SEP should benefit from the explosive growth in NG from the recent US domestic shale development. I have a GTC order in and hopefully on the next dip down, I can pick up a few shares. My strategy has been to find some of these undervalued high yielding companies & Funds (TPZ, GOV & SEP as example) where I am trading in my fully valued preferred stock (MHR & FR) for these laggards. I can lock in close to the same distribution yields and get a huge upside potential. FWIW, I almost starting buying MDU below $20.00/share but am waiting for a few more days/weeks as I may be able to grab some shares below $19.00/share. I think Both the fall in Oil prices and the general market sell off is getting the weak hands to unload their otherwise pretty valuable Oil & NG E&P/pipeline companies. EKS

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