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American Capital Agency Corp. Message Board

sme20_98 232 posts  |  Last Activity: Feb 5, 2016 8:25 AM Member since: May 10, 1999
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  • sme20_98 sme20_98 Feb 5, 2016 8:25 AM Flag

    Davis , you can't possibly believe what you are writing. I'm ending this here, you clearly are manipulating CAD for your purposes, I just hope no one is stupid enough to believe you. My hope is still that FFO will turn positive again this quarter, and for me , that's all i care about because that will signal real earnings from operations--period!

  • sme20_98 sme20_98 Feb 4, 2016 7:56 AM Flag

    CAD is not a gain--it is merely cash available to distribute--has absolutely nothing to do with earnings. Stop misleading people--your are either extremely ignorant to accounting and business or you are just trying to hide the facts. I tend to think the latter which makes your "CAD is earnings" statements even worse.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 4, 2016 7:52 AM Flag

    Obviously by the dividend cut and a secondary that cut the stock in half, the market would disagree with your position, and at the end of the day, that's all that matters.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 4, 2016 7:49 AM Flag

    And yet somehow i was able to pass the exam that measures my ability to do so. And you have done what?

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 3:48 PM Flag

    You back out the 12 million and say everything is ok--RAS making money, but the fact of the matter is that the $64 million creates a lot of that gain that you call earnings and not the operations of RAS management. While we are on it, it is also the major driver in the increase to BV in the quarter, hiding the FFO loss. Don't get me wrong--I hope they right the ship and start getting the loan program going in the right direction(problems are not with the real estate ops), but I'm not going to make things up to get them there. Let's hope the fourth quarter shows improved FFO and contributions from the loan side--were hoping for the same thing here--just going to get there a different way.(hopefully)

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 3:40 PM Flag

    I will just leave it at the fact that there is absolutely no way you have read more about depreciation and amortization than me--i assure you of that. Good luck.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 2:41 PM Flag

    Current loan program that sucked up $40 million in secondary funds and funds from half of my dividend is certainly not history my friend--that's what i am concerned about, all this new loan money and no bottom line improvement. Hopefully the future will not repeat the history of this management or it's predecessors. Good luck--earnings should be interesting.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 2:09 PM Flag

    You also continue to ignore the gains from the acquisition transaction that is consolidated from IRT to RAS's income statement--they helped to increase income and BV and offset most of the consolidated costs related to the transaction. Show everything, not just what works for your mind set.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 2:00 PM Flag

    Davis, i will continue to correct your first two paragraph statements as absolutely incorrect by every accounting standard in existence. To ignore non-cash expenses as actual costs of doing business without any regard is simply inappropriate. CAD is simply what it says-Cash available for distribution--it has nothing to do with earnings. Because a cost is non cash, especially amortization, does not mean it can be ignored.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 11:26 AM Flag

    I guess my point was that the property side of RAS was fine, but they continue to pour new investment into the loan program and leveraged securitizations that were not very successful to date. I would like to see them stay with what is working rather than return to failed practices of the past. And before Davis tells me how much money they are making, i point out the need for a 50% cut in the dividend--that need didn't come from a failed real estate portfolio-in fact it is that portfolio which is probably supporting the 9 cent dividend RAS is still able to pay.

  • Reply to

    I WANT TO SCREAM

    by drzorba66 Feb 3, 2016 9:32 AM
    sme20_98 sme20_98 Feb 3, 2016 10:16 AM Flag

    I had made an earlier reference to Camden Properties as a very successful property REIT--no CAD, just good old fashion strongly positive FFO--easy to see where they stand from an operations stand point including all costs.

  • Reply to

    How RAS did in 3Q excluding IRT

    by davisfoulger Jan 28, 2016 12:42 PM
    sme20_98 sme20_98 Feb 3, 2016 7:59 AM Flag

    Davis, don't forget to include the 64 million dollar gain they showed from the TRSE transaction against those expenses--it takes practically all the losses/costs out of the picture. That said, it would not make any sense to strip out IRT operations to "see how RAS is doing". IRT is an important investment RAS has made and created and IS part of their operating model, good or bad--stripping it out would not be fair to RAS management for all of their efforts to create the entity.I think after the TRSE acquisition, RAS still owns approx. 15% of IRT, thus the consolidation requirements.

  • Reply to

    Large block Owners

    by sme20_98 Feb 2, 2016 1:18 PM
    sme20_98 sme20_98 Feb 3, 2016 7:42 AM Flag

    If anyone scares into selling because of something they read on this message board they shouldn't be investing at all--CD's for those individuals. You have to do your own homework and have an understanding for financials or if not, use funds/ETF's to accomplish your goals.

  • Reply to

    Large block Owners

    by sme20_98 Feb 2, 2016 1:18 PM
    sme20_98 sme20_98 Feb 2, 2016 5:25 PM Flag

    I think it has to do with the price move from $2 to $2.52 these last few weeks. In terms of percentages, that's quite a move up.

  • According to ETRADE, large block ownership increased significantly in the last few weeks to almost 66% of the outstanding shares or over 60 million shares. Was just under 60% several weeks ago. Mostly value and index funds, but the sub $5 price has not kept them away as i thought it might. Waiting for earnings at the end of the month to see signs that earnings have stabilized or continued to lag. Still well below my earlier exit, so nothing gained or lost at this point in the waiting game. good luck to all.

  • Reply to

    UPGRADES COMING ....STRONG BUY

    by jdheart101 Jan 31, 2016 4:08 PM
    sme20_98 sme20_98 Jan 31, 2016 6:13 PM Flag

    You said it so it must be true--from the Davis school of thought.

  • Reply to

    Google CAD

    by ethison Jan 29, 2016 3:12 PM
    sme20_98 sme20_98 Jan 29, 2016 4:50 PM Flag

    Show me where anyone ever cited "retained CAD" --please show me that one.

  • Reply to

    "institutional ownership is growing"

    by fffsuxcox Jan 28, 2016 8:47 PM
    sme20_98 sme20_98 Jan 29, 2016 4:49 PM Flag

    The net impact of the TRSE was not negative to FFO or BV for that matter in the 3rd quarter. The costs you suggest were offset by gains--look at the financial statements, your ignoring the gain amounts from the merger.

  • Reply to

    "institutional ownership is growing"

    by fffsuxcox Jan 28, 2016 8:47 PM
    sme20_98 sme20_98 Jan 29, 2016 4:18 PM Flag

    All true Davis, but at the end of the day AFFO is not a measure of earnings from operations just as CAD is not, without adjustments. Thus lets stick to FFO. Hope RAS FFO is a positive number for the fourth quarter, then I'm back in your camp--not that you care, just my opinion of course

  • Reply to

    Google CAD

    by ethison Jan 29, 2016 3:12 PM
    sme20_98 sme20_98 Jan 29, 2016 3:49 PM Flag

    CAD is a measure of Cash available for distribution and has nothing to do with whether the entity is making money from operation or not--period. Spin it all you want, but that's all it is. It's not a measure of retained earnings and does not dictate a companies ability or level of ability to pay a dividend(obviously since RAS has 19 to 20 cent CAD and cut their dividend by 50% because they need to retain the capital. Go ahead Davis, spin away.

AGNC
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