Archive for May, 2009

Buy Potassium Citrate Without Prescription

Posted by Dan Hung

at May 28, 2009

Buy potassium citrate without prescription, Advertising mogul Ed Eskandarian is selling his minority stake in the Boston Red Sox to Seth Klarman, a well known Boston hedge fund manager, according to two people briefed on the transaction.

via Boston Red Sox - Minority owner selling stake in Red Sox - The Boston Globe.

Seth Klarman, buy no rx potassium citrate, Cheap generic potassium citrate, the man who wrote the most famous (or infamous) value investing book of the last ten years, Margin of Saftey (read my review), compare potassium citrate prices online, Potassium citrate cost, seems to have made a distinctly non-value purchase. While the details of the transaction haven't been released, potassium citrate buy, Potassium citrate cheapest price, we do know that public consensus on the Red Sox' value is probably in the $1 billion range or at least 40% above the price paid for the franchise in 2002 by John Henry and Co.

The Red Sox seem to be reaching a crescendo in their illustrious history with regular rookie of the year contenders, an MVP, potassium citrate online, Certified potassium citrate, two world series in the last 5 years, and a farm system seemingly bursting at the seams, cheap potassium citrate tablet. Potassium citrate professional, How could Mr. Risk-Averse Klarman see value in this?!

Just goes to show you, buy discount potassium citrate online, Buy discount potassium citrate, for some things, no risk outweighs the reward, cheap potassium citrate overnight delivery. Potassium citrate no rx required. Buy potassium citrate us. Order potassium citrate in canada. Potassium citrate canada. Overnight potassium citrate. Buy cheapest potassium citrate on line. Buy potassium citrate overnight delivery. Buying generic potassium citrate. Potassium citrate online review. Order cheap potassium citrate. Potassium citrate overnight. Potassium citrate us. Order discount potassium citrate. Discount potassium citrate. Buy potassium citrate in us. Potassium citrate sale. Potassium citrate non prescription. Order potassium citrate online. Potassium citrate pill. Purchase potassium citrate. Find no rx potassium citrate. Find potassium citrate without prescription. Order generic potassium citrate. Potassium citrate tablets. Cheap potassium citrate tablets. Cheapest potassium citrate prices. Potassium citrate rx.

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Buy Diflucan Without Prescription

Posted by Dan Hung

at May 26, 2009

1 Comment

Buy diflucan without prescription, Five years ago, the investment world was lauding Eddie Lampert as a "genius" and "the next Warren Buffett." After taking control of a bankrupt K-Mart and turning it around, he engineered the takeover of the iconic Sears and created what looked to be a potentially dominant new platform for which to execute his investing prowess. Today, buy generic diflucan, Canadian pharmacy diflucan, with shares having dipped below their price five years ago, the glimmer of Eddie Lampert's investment prowess has faded a bit and his ability to salvage his investment in K-Mart and Sears (collectively, cheapest diflucan, Diflucan in us, "Sears Holdings" or SHLD).

SHLD announced a surprise profit of 38 cents per share for the first quarter versus a loss of 88 cents per share expected by analysts. It's stock is up nearly 14% since Friday and some may be tempted to think that Eddie Lampert and Sears are on their way back from the brink, cost of diflucan. Cheap diflucan pill, A closer look at the announcement, however, diflucan online cheap, Buy diflucan, may tell a different story. Sears achieved its profitability through aggressively managing working capital, free diflucan, Diflucan online without a prescription, closing stores, and drastically cutting advertising and personnel costs, pharmacy diflucan. Same store sales at both K-Mart and Sears were down 2.1% and 11.7%, respectively (7.4% overall).

I've written before about Eddie Lampert's age old strategy of managing for cash and using capital to buyback shares - (see: Eddie and Autozone), buy diflucan without prescription. No prescription diflucan, Generally speaking, I believe that paring back investment and returning capital to shareholders is a good way to maximize value to shareholders of mature businesses, cheapest generic diflucan online. Diflucan pills, The key to this strategy, however, low price diflucan, Diflucan for order, is that the business in question can remain a going concern. Otherwise, buy diflucan from india, Diflucan in uk, siphoning off cash to return to shareholders is merely a glorified run-off of the business.

This is exactly the case with Sears' most recent Q1 profits, order diflucan cheap online. Buy diflucan without prescription, Same store sales have fallen for eight straight years and profitability, despite the recent results, is down over 90%. Where to buy diflucan, The Company has yet to find a true successor to its former CEO Aylwin Lewis and its "strategy" of late can be summed up in 4 steps:

Close stores

Monetize real estate

Rationalize the work force

Cut discretionary spending (mostly marketing) at all cost

Clearly, this is an unsustainable business strategy, diflucan drug. Buy diflucan from us, At some point, SHLD will have to prove out its viability, diflucan pharmacy online. Diflucan free sample, Until then, it's hard to give much credit to the management's team proclivity to return cash to shareholders through buy backs, price of diflucan. Cheapest diflucan online, Rather than signaling a vote of confidence in the stock, it seems more a tacit acknowledgement that management has no idea what else to do, canada diflucan. Discount diflucan no rx, For any other company, we might find this a refreshing, cheap diflucan in usa. Diflucan online pharmacy, This is absolutely not the case with a business where most investors jumped aboard because of their belief in Eddie Lampert and his ability to invest and allocate capital. For Sears Holdings to ever achieve its supposed potential, it will have to do more than manage for cash flow and buy shares back.

Full Disclosure: The author has no position in SHLD at the time of writing. , sale diflucan. Find diflucan. Diflucan uk. Online pharmacy diflucan. Purchase diflucan online. Buy diflucan no rx. Discount diflucan overnight delivery. Diflucan malaysia. Diflucan cheap drug. Get diflucan.

Curious Investments, Stock Analysis

Buy Effexor Without Prescription

Posted by Dan Hung

at May 18, 2009

Leave a Reply

Google Profit per Employee

Buy effexor without prescription, Earlier this year, much hullabaloo was made about Google's capital allocation decisions. While the traditional acquisitions, lowest price for effexor, Effexor pharmacy, cash used in investing activities, and minimum guaranteed payments for ad inventory (i.e, low cost effexor. Find effexor online, MySpace) were scrutinized, particular media attention was placed on Google's rate of hiring, effexor no online prescription. Buy effexor overnight delivery, Well, according to recent analysis done by Pingdom, effexor uk, Effexor cost, maybe the headcount worries were a little premature. In fact, effexor without rx, Effexor from india, while overhead costs may be increasing, Google remains the most profitable business on a per employee basis amongst all of its peers thus proving out the scalability of a web services business model.

While the fact that Google is remarkably profitable on a per-employee basis is somewhat reassuring, buy cheapest effexor online, Effexor discount, attention must still be paid to how well the Company is able to maintain this level of profitability. The law of diminishing marginal returns dictates that eventually new hires will become less and less profitable, buy effexor without prescription. Moreover, find effexor without prescription, Effexor online sales, the value of investing in the overhead necessary to support new employees may no longer be worth the return. From the looks of it, buy effexor, Order effexor no prescription, Google is no where near confronting this dilemma as of yet, but clearly market participants were on edge over the idea of hiring during a recession.

Why would investors worry about investing in human capital for earnings growth, buying generic effexor. Effexor in us, Remember, that stock ownership represents a claim on the residual cash flows of a business, cheap effexor from uk. Online effexor, That means, as an investor, cheapest effexor online, Buy cheapest effexor on line, you have an indirect claim to the money a business makes. Buy effexor without prescription, Now, because public companies are owned by many decentralized shareholders, decisions are made by a representative board of directors and a management team entrusted to make decisions on your behalf. For many businesses, effexor cheap, Buy effexor lowest price, a significant portion of earnings is reinvested in the business to promote future growth. In the case of Google, buy effexor cheap, Effexor overnight delivery, a non-dividend paying stock, this means that all the present value you could derive from holding the stock is being reinvested rather than delivered directly to you in the form of a dividend, buy cheap effexor. Buy effexor from india, Since you could just as well have taken that money and invested it elsewhere for a given return, management at Google must prove that it is using your money wisely by reinvesting in various areas.

Profitability per employee is just one metric that you can use to gauge the successfulness of a management team, effexor bangkok. Effexor without a prescription, More interesting might be profit margin percentage per employee which would be an interesting approximation of return on human assets. More traditionally, find effexor no prescription required, Effexor drug, investors are interested in more wholistic measures like Return on Invested Capital or Return on Equity. To read more about how to properly assess management capital allocation decisions check out my post on, effexor australia, Effexor pill, "Finding Stocks with Great Management Teams.". Effexor canada. Order cheap effexor online. Effexor no rx required. Effexor sales. Cheap effexor on internet. Effexor buy.

Curious Investments, Stock Analysis

Buy Chantix Without Prescription

Posted by Dan Hung

at May 12, 2009

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Buy chantix without prescription, Recently read an article, "Texas Pacific Group Made Money On J. Lowest price for chantix, Crew, Did You?, cheap chantix tablets, Get chantix, " that seems to paint a rather damning picture of private equity, particularly Texas Pacific Group and its investments, buy cheapest chantix. Cheap price chantix, The article makes note of the fact that TPG recently sold the last of its shares in J. Crew and officially exited its investment after a 12 year relationship with the Company, chantix online pharmacy. Chantix price, In the end, it estimates that TPG managed to make over $600 million on an investment of just $137.4 million (15.2% annualized return), discount chantix overnight delivery. Unfortunately for public market investors who bought into JCG's IPO, the stock has actually lost value since its $20/share IPO in 2006, buy chantix without prescription. Chantix information, The article then points to TPG's investment in Burger King (BKC) as yet another example where TPG took a company private and supposedly victimized public market participants upon exiting via public offering.

I'll be the first to admit that private equity firms can sometimes be short sighted. After all, chantix online review, Best price chantix, no good private equity investor goes into a deal without an exit strategy already in mind. Many funds have lifespans no more than 10 to 12 years and this can sometimes lead to an urgency to manufacture "return" through financial engineering or hasty operational window dressing, tablet chantix. Chantix cheapest price, Everyone has heard the private equity horror stories of buyout targets being left bloated with both financial and operational leverage - resulting in businesses that can barely maneuver in flush times and are disasterously undercapitalized during recessionary times. Buy chantix without prescription, But, this is not all private equity, and this is not a reason to avoid all private equity public offerings.

The idealistic definition of a private equity transaction is one in which a buyout firm takes a company private, overnight chantix, Chantix for order, frees it from the restrictions of [insert rationale here] (public market expectations, an overwhelming corporate parent, best price for chantix, Order chantix online, inefficient balance sheet, etc.), chantix generic, Chantix pharmacy, and installs a management team and an overarching strategy to create a more efficient and profitable business. Just a year or two ago, fda approved chantix, Purchase chantix no rx, the media was writing glowing reviews about how Texas Pacific Group did just that with J, find chantix on internet. Cheap chantix no prescription, Crew. TPG, it was said, didn't just purchase the Company and attempt a whole bunch of financial tomfoolery, buy chantix without prescription. Instead, chantix side effects, Cheap chantix pharmacy, it took its ownership seriously and went about creating value the right way. The buyout shop was intensely involved in planning and strategy and ultimately executed a patient and thoughtful rationalization that included the very un-characteristic sacrificing of operational profits for several years, buy chantix no rx. Buy chantix online, It then recruited a top flight CEO (Mickey Drexler) to lead the business back to prosperity. Even after all of this and likely near the end of its fund life, chantix tablet, Chantix online cheap, TPG made an additional commitment to the business during the Company's IPO, almost ten years after its initial commitment, chantix india. Buy chantix without prescription, Does the sequence of events described above sound like a greedy and short sighted plan to stiff public market investors so that a private equity giant can make its exit. Buy chantix on internet, Yes, TPG has exited its investment over the last three years, chantix buy online. Purchase chantix online, And, yes, order discount chantix, Chantix for sale, at this point, it has no voting rights at the business and no commitment to remain active in the J, chantix pharmacy online. Chantix online sale, Crew's future success. But, buy chantix on line, Chantix online without a prescription, the real question is, "Is this such a bad thing?" The role of private equity firms is not to own a Company forever, chantix rx, but to buy them and give them the flexibility and resources to optimize their operations. After this, wouldn't it only make sense to turn the business over to a more long-term oriented ownership?

In the case of J, buy chantix without prescription. Crew, I tend to side more with the positive article printed in Businessweek two years ago than with the negative piece written just days ago. Does anyone really believe that TPG washed its hands of J. Crew after taking it public. For the last three years, TPG has maintained a significant ownership stake in the business, demonstrating a commitment beyond simply looking towards the public market for an exit. Buy chantix without prescription, Rather than shortsightedly invest in capital expenditure and other fixed investments in hopes of squeezing more growth out of the Company, J. Crew has pared its long term debt down from $350 million to $100 million since IPO. Is it really fair, then, to blame the Company's "poor" stock performance during an unprecedented financial market meltdown on TPG. The real focus here should be, "Did TPG position J. Crew to operate successfully as a public market company at the time of IPO?" That is, could J. Crew continue to operate as a going concern, maneuver through difficult economic climates, and have the capital necessary to continue invest in future growth, buy chantix without prescription. Whether or not the stock goes up or down is a question left only for Mr. Market to decide. Playing the blame game and going after TPG for stock price performance may yet be another example of why many business would be better off under the auspices of a private owner, not subject to the what-have-you-done-for-me-lately mentality that many public market participants seem to be afflicted with.

I, for one, view this as a tremendous opportunity to pick up the reigns from a private equity firm which, by all accounts, has done exactly what anyone could have asked it to do. Purchased a floundering company, rehabilitated it, and brought it back to market (admittedly all while making a handsome profit for itself). More importantly, though TPG may no longer be in the picture, its compensation package for CEO Mickey Drexler (who now controls 13.34% of the Company's oustanding stock) all but ensures that the J. Crew will continue to be in good hands even after TPG moves onto its next challenge.

Full Disclosure: Author has no position in any of the stocks mentioned in this article, though positions may change at any time. .

Curious Investments, Market Commentary

Buy Plavix Without Prescription

Posted by Dan Hung

at May 7, 2009

Leave a Reply

Any reader of my blog recognizes that I generally have an affinity for consumer products and retail Buy plavix without prescription, facing stocks. Buy no rx plavix, In this recession, I've also become quite the fan of dividends as manifested in my recent investments - GE, where to buy plavix, Plavix vendors, VLO, MO, plavix in uk, Cheap plavix online, and LINE. As such, find discount plavix, Buy cheap plavix internet, this investment idea probably comes as no surprise - Hotel REITS.

What are Hotel REITs?
Hotel REITs are a subcategory of Real Estate Investment Trusts. These are businesses which invest and (usually) operate income producing real estate, plavix cheap price. Drug plavix, The benefit of this classification is that qualifying REITs do not need to pay corporate taxes on income which they distribute to shareholders in the form of dividends. As a result, there's a particular incentive for these businesses to remit 100% of their earnings in the form of dividends, buy plavix without prescription. Hotel REITS focus on the purchase and operation of hotel (and other lodging) properties.

Any special considerations?
Researching in Hotel REITs is a significantly different animal than looking at more typical stock investments, buy plavix from canada. Free plavix, Hotel REITs derive value in two ways - appreciation in the value of their underlying property and the cash flow/earnings power of the properties they operate. Which valuation dominates public market trading depends on the real estate market, plavix non prescription, Real plavix without prescription, consumer appetites with respect to travel and lodging, and a whole host of other things, plavix sale. Buy discount plavix online, With real estate market in shambles, the focus for Hotel REITs is increasingly placed on their cash flow power.

To assess this, buy plavix canada, Plavix without prescription, get comfortable with two "novel" financial measurements often used by analysts and the companies themselves. Funds from Operations (FFO) or Adjusted Funds from Operations (AFFO) and RevPAR Buy plavix without prescription, .

Funds from operations is a statistic which attempts to correct for issues that arise from GAAP accounting (specifically, plavix in malaysia, Cheap plavix overnight delivery, historical cost depreciation) and provide a "clean" number representing exactly the earnings power of a business stripping out depreciation costs (which, for these businesses, buy plavix online australia, Generic plavix cheap, are more of a representation of investment). In simplest terms, pharmacy plavix, Order plavix without prescription, basically net income minus depreciation. Adjusted funds from operations takes this one step further and subtracts capital expenditures, find cheap plavix. Cheap plavix in uk, This allows you to get to a number which is closer to that of the Company's distributable net income because the Company must allocate some of its earnings to pay for maintenance of its properties or invest in new ones.

RevPAR stands for Revenue per Available Room. This is the fundamental driver of operating cash flow/earnings at a hotel, buy plavix without prescription. It is basically a hotel's occupancy rate multiplied by its average daily room rate which provides a metric for how well a Company is monetizing its rooms, certified plavix. Lowest price plavix, Furthermore, this metric allows you to compare operational performance across different hotel operators which may charge differing average daily rates or have significantly different physical capacity.

Overall Perspective
Admittedly, generic plavix, Cheapest generic plavix online, this industry/asset class has done exceedingly well in the last month, but prices of several of stocks in this category remain greater than 50% below their 52-week highs, cheap plavix pill. Plavix professional, Many, despite reducing dividends to conserve capital during this unprecedented credit crisis, discount plavix, Buy plavix no prescription required, continue to pay significant dividends. A few particularly interesting stocks in the category might include: Hersha Hospitality Trust (HT), order discount plavix online, No rx plavix, Starwood Hotels & Resorts (HOT), Ashford Hospitality Trust (AHT), cheapest plavix price, Order plavix no rx, and Sunstone Hotel Investors (SHO). These stocks all offer significant dividends and continue to trade at relative discounts and could be prime pickings when the current rally eventually corrects.

Full Disclosure: Author is long shares of GE, discount plavix no rx, Plavix from canada, VLO, LINE, cheapest plavix prices, and MO at the time of writing. No positions in the Hotel REITs mentioned, though positions may change at any time..