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Strategies & Market Trends : Value Investing

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To: robert b furman who wrote (54609)	7/10/2015 4:15:11 PM
From: E_K_S	Read Replies (2) of 78746

Re: ConocoPhillips (NYSE: COP) peeled off a bit more COP and plan to put proceeds into WOPEY American Realty Capital Properties, Inc. (NASDAQ: ARCP) - upped my shares 50% Been selling a bit of my COP originally bought 12/2009 @ $39.22 (pre spin off of PSX). I think WOPEY has a better value proposition w/ their exposure to NG. They also pay a higher dividend. Added a bit more of ARCP now w/ a 11% dividend for my ROTH account. Company is re-structuring and hopefully a new management will be installed that better reflects shareholder's interests. Total position still quite small after my sale of shares at $10.20/share when the news of their restructure hit the street. The company generates good FCF and their properties seem to be of good quality and show a significant discount to their dividend. Maybe the market is discounting the future cash flows on higher interest rates in the future. FWIW the GN for ARCP is $13.96/share so at the current price of $8.41/share the stock is 65% undervalued. I am not sure how the GN can forecast/value higher interest rates but it would be reflected in lower EPS. REIT's usually use a higher amount of leverage too. EKS

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