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Strategies & Market Trends : Value Investing

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From: E_K_S	8/12/2013 4:52:35 PM
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Here are some of my recent buys I consider at or below value prices: Calumet Specialty Products Partners LP (NasdaqGS: CLMT) - Started position @ $29.00/share ONEOK Partners, L.P. (NYSE: OKS) - Added to position @ $49.15 Intrepid Potash, Inc. (NYSE: IPI) - Added to position @ $10.62 Linn Co, LLC (NasdaqGS: LNCO) added to IRA position at $ $28.05 I started a position in CLMT after closing my position earlier this year at @ $34.00/share. My motivation was their earlier announced JV deal w/ MDU. Today the company announced the acquisition of some gathering assets that allows for their refinery operation(s) to increase their margins through buying refinery feed-stock at the source. CLMT is making some large investments for the future that should make them a much more efficient refinery. Their MDU JV deal to produce diesel could just be the beginning of a very profitable long term partner. I plan to add to CLMT every 5% drop in price and will eventually make this a core holding to replace my core holding in MDU that I have been selling as it hits new all time highs. I continue to add to OKS one of the largest NG gathering companies. They are set up to grow as they recently completed a secondary at $49.61/share. Will add more shares on any sell off of 2% or more. My other favorite MLP is WPZ and will add shares below $48.00/share. This MLP also completed a secondary offering priced at $49.00/share last week. Doubled up on my IPI position last week as it sold down below $11.00/share. This is really a swing trade "value" play as I believe the selling was overdone. Will close out the position if/when it trades back above $14.00/share. Several of the insiders were buying the stock at $21.00/share and higher. So, I figure buying at 1/2 price is a short term value proposition w/ low risk and high return. Added to my losing position in LNCO in the IRA. Luckily I closed out my LNCO in the taxable portfolio at $34.00/share and may start one there again if/when this one sells back down to it's lows. I am betting that the sellers are spooked by the recent SEC review and the hedging the companies does on new wells put into operation. My position(s) are small as I am more comfortable w/ those oil companies that use less leverage and/or hedging in their operation. ------------------------------------------- I am seeing more "drop down" MLP's. QEPM is a new one that will do a secondary Thursday. Priced at $21.00/share it will yield around 5% a but too low for me. I am a buyer around $17.00/share. The parent is QEP which is one E&P I have watched a long time. They have a lot of debt (too much for me) but are now profitable w/ a forward PE of 16. If they can reduce their debt from their drop down MLP QEPM, QEP may become a value buy for me. Companies that have proposed a drop down MLP and/or have done this (ie SEP, OKE,CNP and others) continue to out perform both the parent and MLP. EKS

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