A bit distracted today by the events in Egypt. Trying to assess how it impacts Apache. Don’t think anyone knows but the stock was sharply lower. Pulte also continued its descent but not much different than the homebuilders today. Fortunately we had a good trade in Apple which we sold around the $500 mark and a nice run-up in PAY, Verifone which we are still long. Unfortunate small trade in Cisco but I think the market is over-reacting and expect the stock to bounce back or wait for Carl Icahn or somebody to say its cheap.
TransMontaigne Partners, LP, controlled by Morgan Stanley. I don’t like the idea of buying a business controlled by Morgan Stanley yet the public owns 70% of it. If you are going to control it , own it.
ATLS Atlas Energy incredible stock returns, owns 2 MLPs very sharp presenter Edward Cohen, 74 years of age, and a Ph.D. Does not want to issue additional shares. Has a very savvy shareholder base. He is religious about not issuing new shares. General partner takes first hit if distribution decline but is a big win when things go right. And have they ever – $3 billion from $20 million capitalization.ATLS distributions have grown from .11 to .44 acquisitions typically finance with 50-70% equity preserving capital structures. Lots of opportunities in the E&P space in gas. People are giving up on gas. Will most likely go back into the Marcellus after their noncompete with Chevron.