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Strategies & Market Trends : Value Investing

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From: Spekulatius	11/8/2012 1:03:41 AM
	1 Recommendation Read Replies (4) of 78739

Shopping day: MLP's: ETP@40.52$ and SEP at 29$ (low interests are here to stay) Smaller adds to LUK at 21.8$, CSX @22.2$, GLW at 11.51$ Except for maybe financials, I don't see any reason for the selloff today, i think it is unjustified; in particular, since the election outcome was predictable I think... Higher taxes are not necessarily bad for the stock market either. I have seen markets rising with rising taxes and falling with falling taxes. What is more important (from my point of view) is the relative attractiveness of stocks versus bonds or other investments and I don't see anything that would impact this one way or the other... From the MLP's SEP is a very safe bet with revenues that are almost completely fee based. The balance sheet is very under leveraged with debt ~2.5x EBITDA. ETP is a work in progress that is about 80% completed, imo. They got rid of the propane business, which has challenging economics, and replaced it with higher grade pipeline assets from the SUG takeover that went to ETP via dropdowns from ETE (the general partner). It's yielding 8.5% right now, because many people have given up on distribution growth, but I think they soon will be able to raise again.

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