Chesapeake Energy (CHK) preferred stock is one of the largest positions in my portfolio and with the recent sell-off in energy names, I considered adding CHK common stock but instead chose to open a position Devon Energy (DVN). The two companies share a similar profile: Headquartered in Oklahoma, operating in the onshore North American market [...]
Just took advantage of this market drop to buy Devon Energy (DVN) at $56.75. Market action feels like stocks could drop further but I’m less concerned about timing than insuring I get these shares selling too cheaply. Hopefully it does drop further so I can average down into a large position. I briefly laid out [...]
A few weeks back, I penned an article questioning Chesapeake Energy’s (CHK) management and their ability to deliver value for shareholders, despite amassing a wealth of assets. While these doubts do not preclude me from holding my long position in CHK preferred D shares, I hesitate to add to my position, as CHK already comprises [...]
To my knowledge, it was Seth Klarman who first invoked the classic 80/20 rule as it pertains to investing: 80% of useful information to an investor will come in the initial 20% of research. Beyond that, investors face diminishing returns in terms of knowledge affecting an investment. The success of an investment usually hinges on [...]
THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET Enlightened-American Portfolio: +7.2% through August 1st, 2011 (my actual IRR, including cash balance) DJIA: +4.8% Nasdaq: +3.5% S&P 500: +2.3% DJ Wilshire 5000: +2.2% Russell 2000 (smallcap): +1.2% I must admit some pleasure at walking away from the portfolio for a month only to return to YTD results showing us outperforming [...]
HBO is running a new documentary on fracking (shorthand for hydraulic fracturing), a key technology in the current US natural gas boom. Readers can find more information on fracking here but in brief, it is the process of injecting fluids into wells to break up earth and allow better well flow. Since Chesapeake Energy (CHK) [...]
