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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (55529)6/25/2015 7:49:46 PM
From: E_K_S   of 78717
 
Re: MDU Resources Group Inc. (MDU)
TAL International Group, Inc. (TAL) -Doubled up on my position w/ BUY at $33.04/share; 8% dividend
(NGHCO) - peeled off 60% of my preferred shares bought on IPO at $24.85/share.
Freeport-McMoRan Inc. (FCX) - bought back shares sold 31 days ago

WSJ's Jakab: More utility losses would not be a shocker
Utilities stocks as a group have deteriorated nearly 12% YTD and 6% this month alone, but the carnage may not be over, WSJ's Spencer
Jakab warns.Jakab notes that utilities stocks’ P/E ratio relative to the S&P 500 has dropped to ~91% today from 107% at the start of the year, but the figure remains well above the 73% average seen during the 2000-06 period.
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It looks like there is still more downside to many of these utilities w/ FED working on normalizing rates. I have MDU on my BUY list but may hold off a bit based on this Seeking Alpha article. Many of my interest sensitive stocks (REITs, MLPs, utilities) continue to sell off.

I also bought back FCX that I sold to harvest a tax loss. They announced an IPO for their new gas and E&P division to raise funds to develop land assets they bought (several billion purchase cost). Their proposed IPO sounds like a good management decision to spread the risk for development of those assets.

TAL is an interesting value proposition but China container lease rates are trending lower (w/ lease shorter terms too). This SA posting makes the SELL argument ( This Seems Like A Good Time To Run Away From TAL International ) but I still think w/ the EU QE, container demand s/d continue strong. New leases may not get longer renewal terms (several years) but s/d get higher rates (in the short term).

There is still market price disruption from the Fed's QE that presents long term value but one must be patient to let all corrections take place before committing to new buys. I continue to nibble but w/o much conviction.

EKS
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