When I pull money from my IRA, it raises my "taxable income", even though I'm living on my savings and my actual "earned income" is very low.
Because of that, I can't get an obamacare subsidy, and my health insurance premium has TRIPPLED!
So, I have to pull more money out of my IRA so that I can AFFORD my expensive Obamacare policy...
... which raises my taxable income even MORE, so that I'll NEVER qualify for an Obamacare subsidy.
AUGGHHH!! I HATE Obamacare... there is NOTHING fair about it. NOTHING!
Obamacare subsidizes people with lower incomes, and HAMMERS middle-class americans who make more money than Mr. Obama approves of.
Thing is, when you pull money from your IRA to live on, you don't necessarily have a high income... but an IRA disbursement is FULLY TAXABLE, just like you went out and made it, which you didn't.
I can only afford Obamacare TRIPPLING my health insurance cost by pulling money from my IRA....
..... but pulling money from my IRA raises my taxable income and eliminates any chance I have for an Obamacare Subsidy.
It's a VICIOUS CYCLE!
Like everybody else, I HATE Obamacare. I was paying FAR LESS for my health insurance before the "Affordable (sic) Care Act" came along and destroyed my finances.
Appreciate your commentary, quad, and your points are well taken.
It is a good strategy to buy back stock, given their unique ability, and reasons, that differentiate them from other BDCs.
The problem is, good execution is indicated by 2 things: Strong NOI, or a rising NAV, or both.
Right now, ACAS has neither one.
That would be understandable if the economy were like it was in 2009 or 2010, but the macroeconomic environment is GOOD.... they should be executing, and they are not.
I like ACAS for it's good value, and it's "potential", but like many of us, I'm frustrated by the lack of progress toward that potential, and there's nothing that says they can't end up trading at a 40% discount to NAV if that lack of progress is viewed on wall street to be continuing indefinately.
I think the stock would have dropped more on the disappointing Q3 results, if not for internal buying designed to make investor reaction to the report look artificially positive.
I would pick up ACAS stock in the $12s, but not for more, given their lack of execution.
If I were adelson, I would propose to the SAR that LVS be allowed to build a "non-gaming" resort on sites 7 and 8 that adheres to the SAR's hopes and dreams for cotai...
... in return for getting a couple hundred more gaming tables allocated to Venetian and cotai central.
Then, they could build another skybridge... from 7 and 8 over to Venetian.
Stanley's "Oceanus" comes to mind... now THERE is a "cruddy box".
The only "word for the wise" I can offer is: History's most successful investors of all time (eg: Templeton, Buffett, Rothschild, Lynch, etc.) owed much of their fortunes to something that your average fund or institutional manager doesn't have the luxury to exercise while they toil under the day-to-day scruitiny of their clients and sponsors.....
Re-activation of stacked, mid-water floaters would be like a "lite" version of the launch of a newbuild. Further, the company would want a minimum, 1 year contract in order to staff and un-stack such a unit... and I'm not sure the drop in mid-water utilization shown on IHS would accomodate that, even though midwater dayrates are surging so much.
I would add that it would help if NAV were moving higher at a clip that was more like it was appreciating in 2012, but it is not. In fact, if not for the Share Repurchases, NAV would have DECLINED by 3 cents.
The more I study the Q3 results, the more unhappy I am.
The only "soothing" part of it is that the largest number going ONTO non-accrual status occurred in 2010, when the economy was still very weak, and one would expect such a post-recession, residual effect.
What is very disturbing, is that the number going onto non-accrual more than doubled from 4 last year to 9 this year, and the number going OFF non-accrual decreased from 13 last year to 8 this year.
The economy is into it's 4th year of recovery, and the stock market is booming. It is very disturbing that this aspect of ACAS is moving in such a wrong direction, given the macro-economic environment should accomodate just the opposite result.
Ipso is right. Tony-hussein-obama turned this board into a political board during the last presidential election and has been pounding hundreds of 1-letter, sewage posts onto this board since summer in an attempt to completely ruin it with bumps of ancient posts that otherwise would have aged off here weeks ago.
Ipso is also correct that politically, the U.S. is on the same trajectory as Greece has been on for the past 20 years. Our impending bankruptcy is relevant to ANYONE who hopes to invest profitably here over the next decade. The stock market reflects business, and the U.S. has never before had this magnitude of anti-business, pro-tax, pro-entitlement sentiment.
For LVS posting, everyone who has ever posted constructively here in the past has moved on to other boards, and I would suggest that you do as well as long as Tony is shooting up and hammering away on this board. Yahoo is doing nothing to control sewage such as him, and that is the root of the problem that you see here.
... in order to soften investor perceptions of the relatively poor Q3 showing.
I was buying ACAS under $13 with hopes of a better Q3 report, and now it's $14.
I'm not buying now... I don't see Carl Icahn circling on the horizon yet.
Earlier in Q3, they were getting ACAS for a lot less than that per share...
... when the NAV was a scant 26 cents lower.
Value is only "good" value, when the value isn't getting progressively deeper after you purchase the damn thing.
Yes... like anything else, if you don't have income (NOI), you'd better have growth (NAV)... and if you don't have growth, you'd better have income.
Unfortunately, right now, ACAS has neither, and the resulting huge discount to NAV has them putting the bulk of their investment capital into their own stock.
Type messageThat includes me. My insurance premiums are TRIPPLING for an Obamacare "bronze" policy that comes "close" to the provisions of my current policy... but with a higher deductable AND a higher annual, out-of-pocket.
A friend of mine (still) who does not have a job (by choice... I have 2 jobs) is signing up for an Obamacare "gold" policy for 1/3 the premium that I'll have to pay for my "un-subsidized" bronze policy.
There are so many reasons for Americans to just quit working and suck on the government teit nowadays, that it's any wonder that anybody has an incentive to be productive any more... and Obamacare is just another reason.
Recall the University of Southern California study last year of an un-employed, New Jersey Mother of 2 who was collecting $46,000 worth of Government benefits. The study determined that if she went out and started working for an income, that for every Dollar she earned, she would lose approximately 80 cents in benefits...
... she was effectively in an 80% tax bracket! Why would she EVER choose to work.
Now, Obamacare is tranferring even MORE wealth from productive, middle-class citizens to people so dis-incentivized to be productive in any way.
We are doing EXACTLY what Greece has been doing for the past 20 years, people. It's insanity... absolute INSANITY!!!
My feeling, after reading it, was that LVS's history of "execution" suggests that there is a lot of stuff that will happen between now and the next "game changer (the bridge), because LVS tends to optimize agonizingly slow sometimes.
Case in point was the horribly slow start of 4-seasons/plaza, albiet it had Steve Jacob's filthy hand prints all over it. Still, like a more acute version of venetian's loooong ramp, it appears to be a reflection of what we can expect at Cotai Central next year... steady progress that will "likely" exceed expectatons.
How likely? (beyond the examples set by plaza/venetion over the past 5 years)? As likely as Sand's industry-leading, under-utilized capacity in the face of a supply crunch might indicate it could be, that's how likely.
So while I highly respect your exit, and caution about re-entry (it's just like what I'm doing with ACAS, actually, so I very much relate), I think I'm focused more on Sand's potential between now and the next big thing(s)... (Parisian/bridge/Japan)...... and the fact that most players don't seem to value them as highly as I do when figuring their foward PEG on LVS.
Blitz... in regards to your reply to my post on the other board, I have to admit to the reality that my wording in it was half meant to spew realities about the earnings report, and half meant to help the stock move down into a better buying range for me.
ACAS is about 2 things: decent potential, and deep value. Transparency is challenged because their portfolio companies are not traded, but their mark-to-market on it is well audited. NAV was hammered by ACAM, but that clears the deck for future m-REIT challenges (while hammering NAV)... just as LVS was goosing VIP bad debt reserves at MBS during it's "throw-away" quarters 15 and 18 months ago.
There is angst about current operations (not so with debt restructuring and overall balance sheet work), but that is to be expected with the "current state" of a "contrarian" investment... it's all about "potential", and how they're setting themselves up to exploit it... otherwise the stock wouldn't be this far below NAV.
I want ACAS to be my #2 behind LVS, and I have plenty of dry powder to make it so, but I havn't been chasing the share price into the $14s... thus the more subliminal intent of the post... to help talk the PPS down into my preferred buying range... under $13.50.