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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (51206)	5/30/2013 4:28:06 PM
From: E_K_S	Read Replies (1) of 78715

Golar LNG Limited (USA)(NASDAQ:GLNG)- Started initial position Calumet Specialty Products Partners, L.P(NASDAQ:CLMT) - closed out position for 9.6% gain from 1/2013 buy. Missed the big move w/ GASS (sold way too soon), so decided to enter that market w/ GLNG. GLNG (one of Fredrickson companies) seems to be building their LNG business for the long term. They also pay a 5% dividend based on today's price. Stock sells below both 200 day MA and 50 day MA. Since my last review, company covers long term debt w/ stated net annual income. PE 3.5 but forward PE higher (stated at 21). It appears that CEO Fredrickson buys and sells interest in some profitable ships to enter less profitable compression facilities. But for long term, you need both capabilities. He has a new floating LNG compressor ship that may help w/ struggling U.S. export terminal facilities. Lots of work done in Coos Bay Jordan Cove Enery project but project still struggling getting NG pipeline built out to the coast. Seems like Fredrickson knows what is being done in the Industry and will take positions in profitable LNG ventures as they develop. The value proposition is (1) Fredrickson & his vision, (2) the cash flows he can generate quickly (12-18 months), (3) and one way to participate in the LNG boom especially shipments to Japan and Europe. I missed the big run from 2010 but will buy a bit more on any correction down to their 2008 prices of $20.00/share-$25.00/share. Booked a small profit in CLMT and moved the entire proceeds into GLNG. EKS

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