Archive for June, 2011

New Trade: Long Google (GOOG) & Short Adobe (ADBE)

By: ispeculatornew | Date posted: 06.20.2011 (5:00 am)

Before discussing this new trade, I’d like to congratulate all those who have been short Research in Motion (RIMM) in the past few months but even more in the last few days. I’ve discussed the company over and over, often calling it a failed company and while I did contemplate some scenarios where the stock could rebound, even in those posts I remained extremely skeptical that it could actually happen. However, like many others, I did not pull the trigger and did not short RIMM even though I had ample opportunities to do it. I have no regrets as I did consider it risky but I have to congratulate those who did, it has been a very profitable trade.

Last week, we were able to close out a trade on Google (GOOG) and AOL (AOL) that did not turn out very well but did at least give us the opportunity to open a new trade. Again, I found it difficult to find amazing opportunities out there because there are still quite a few stocks that I’m having a difficult time to judge such as Netflix. Today, we decided to open a new trade on two stocks that have similar P/E ratios but in my opinion, one stock has a much better outlook. It’s one of many different ways that I use to find good trading opportunities and while the two have had similar growth in recent months, I would expect Google to outperform Adobe over the medium to long term.

Before going further, let’s look at the numbers of the two companies that are being traded today:

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Long Google (GOOG)

Google has had a rather rocky ride since being turned over to Larry Page as its CEO and while it is still making a lot of money, most of it is stuck offshore. Contrary to what many seem to believe, I do think that Google still has a lot of growth left through its leader position in mobile, its display advertising and, its leader position in the cloud computing. I think Google’s new more aggressive approach will pay off. I have been wrong about Google in the past though so hopefully I’m not blinded by the company.

Short Adobe (ADBE)

Adobe is a company that has a few very solid products that generate cash flow and it is a company that has been recently known mostly because of its war with Apple about flash. It is losing that war slowly but surely as companies continue to move increasingly towards HTML5… but that is a very small part of Adobe’s future and certainly not the reason why I am shorting Adobe. That being said, I doubt the company will be able to keep up with Google and given the choice between the 2 at similar valuations (P/E), I would go with Google any time.

Disclosure: No positions on Google (GOOG) or Adobe (ADBE)

Adding Pandora (P) To Our Stock Radar

By: ispeculatornew | Date posted: 06.17.2011 (5:00 am)

This Wednesday was another interesting day for tech investors as Pandora (P) went public. Not only does it have a “cool” 1 letter ticker but its also a very interesting company that could possibly change the world. It’s not Facebook, but it still offers something that could have quite an impact over the next few years. If you have never heard of the company, Pandora is an “internet radio” that offers a viable alternative to Sirius. (SIRI). The big difference of course is that Pandora is free to use and relies on both advertising and selling “premium memberships” to become profitable.

Yes, I did say that right, it aims to become profitable. Currently, Pandora does have climbing revenues but also rising losses as it continues to look for more revenues. What are its financials like? Pandora’s most recently disclosed earnings were a loss of $6.75 million on revenues of $51 million. Those revenues were up over 100% from the same quarter one year prior but so was the loss.

Valuation

What is Pandora currently being valued at? After its first day of trading, that number was over $2.7 billion. That is a ratio of 13.6 times… its revenues. Since the company is losing money, a P/E ratio is much more difficult to estimate. As you can see in the chart below, Pandora’s stock has declined a fair bit since then. At this point, I think it’s too early to determine how much Pandora will be able to make per share.

Pandora vs. Facebook

Pandora does not have much revenues or profits but one thing it does have is users. It currently has over 90 million users although only about one third of them connect to the service more than once per month. Very encouraging is the fact that Pandora is basically absent from countries outside the US because of copyright issues. If it were able to reach agreements, that number could rise dramatically. The problem of course remains that those licenses are very complex and costly making it difficult for Pandora to count on these being done quickly.

Expected Growth?

One major problem is that it’s difficult to imagine Pandora’s revenues and profits rising very quickly. It has important costs for each user and revenue growth has been slowing down. I am far from convinced of how Pandora will be able to increase its profitability. In fact, the company expects to continue losing money for at least the next 18 months. That is not great news for investors. Is it a bubble? Perhaps not. But seeing companies with no specific plan to reach profitability is certainly one sign that things could be getting out of hand.

Final Thoughts

Do I think Pandora will be a bust? No, not necessarily. It does remain a gamble to some extent to invest in Pandora and I unfortunately feel like its current valuation makes it an expensive gamble. Like most recent tech IPO’s, I do not expect to trade it in the near future but if I did, I would hesitate greatly to be long unless using it as a major gamble. However, I am starting to get worried seeing stocks like LinkedIn (LNKD) and Pandora become public at such high valuations making it unlikely that I will be able to get any type of bargain on Facebook’s anticipated IPO offering.

Closing Trade: Long Google (GOOG) And Short AOL (AOL)

By: ispeculatornew | Date posted: 06.17.2011 (3:00 am)

In the recent past, it has generally been good news when I’ve been able to close out a trade. Unfortunately, that is not the case today as I have to close out the trade where we were Long Google (GOOG) and Short AOL (AOL). The markets have been very volatile recently and I’ve had 3 trades hovering around +20% or -20% (1 being on the good side and 2 not so much). Today, one of them finally ended the day over the stop loss so I will be closing it out. The trade was initiated in February and as has often been the case, trading Google did not turn out so well. I had hesitated going short on AOL. I’ve been much more positive about AOL this year, especially after its acquisition of the Huffington Post. It’s not clear how that purchase will turn out for AOL but the blog has just passed the NY Times website as the most visited news website.

The trade currently stands at -21.76% and will be closed out this morning which should also mean a new trade on Monday. For those curious, our annualized year-to-date return still stands at a very strong 64.17% before fees.

Covered Call ETF’s

By: ispeculatornew | Date posted: 06.16.2011 (5:00 am)

As many of you know, IntelligentSpeculator is part of a network of websites that includes many different types of properties. Some are blogs (such as this one), we also have non-finance related websites and also smaller “niche” websites. One of those has just been launched, it is an introduction to Covered Call ETF’s.

What Are Covered Call ETF’s?

Obviously, I recommend that you visit CoveredCallETFs.com for more detailed information but in short these are similar to standard equity indexes such as XIU in Canada or SPY in the US. One difference however is that these funds sell call options in order to generate additional income for their investors.

Does It Work?

One reason why so much attention has been geared towards these ETF’s recently has been the launch by Alphapro of 4 such Covered Call ETF’s including HEX which is a Covered Call on the S&P TSX60, Canada’s main index. How well is the strategy working? So far, the ETF is paying out a dividend yield of nearly 15%. Only time will tell if the fund managers will able to keep things up but I do think that demand for these products is likely to stick. Why? Because dividend/income investing has been gaining a lot of popularity in recent months and Covered Call ETF’s are built specifically for these types of investors.

What Are The Differences With Standard Index ETF’s?

#1-More income/dividends
#2-Less upside if the market increases quickly

Have you tried any of these? If so, what are your thoughts so far?

Find out more about Covered Call ETF’s at CoveredCallETFs.com

image credit

Improving My Trading Results

By: ispeculatornew | Date posted: 06.15.2011 (5:00 am)

Investing requires a lot of discipline and there are many different reasons why. I think one of the biggest tests for an investor is when things start to head downhill.  If you have not had these moments, they will happen. Sooner or later, you will feel like you are losing much more than winning on your investments, that your timing is off, or you are buying too high and selling too low. It can last a few days, a few weeks and sometimes much more. Some of the best investors have gone through slumps that lasted for months and sometimes even years. That is when the ultimate test occurs and when it’s important to ask yourself some questions.

Why? Because the alternative for many investors is to start changing their trading methods and that can often lead to disastrous results. What happens to some investors or managers when they’re on a losing streak? Just think about the casino when certain players become desperate after losing a few straight times. Panic is never the smart way to act. Of course, certain types of trading are much more likely to run into these types of problems.

In this blog, I have discussed ETF passive investing and any type of passive investing is not likely to lead you to serious slumps apart from the major market crashes. Passive income dividend investing is also less volatile and while you may have bad timing and bad selections, chances are that the downturn will not be as severe. However, for trades like our long & short trades, we are much more vulnerable. Case in point, the past two years, I’ve had terrific starts with returns well above my objectives. However, for 2009 and 2010, trades done later in the year have been much more problematic. They have been so negative as to bring my annual returns down to solid but not exceptional results.

Are The Results Significant?

It has only happened in two different years and it could be due to bad luck. The results for these trades has been so much lower than other trades though that I have my doubts that this is simply bad luck or coincidence.

Why Are Later Trades Not Performing As Well?

There is no clear answer. One thing I tried to figure out was: “Am I investing in a different way in trades done late in the year?.” One of the things that I believe is that it might be difficult to select trades towards the end. Why? Because while my stock picks are usually closed fairly quickly, they are made with fundamentals in mind and thus should be good in the medium to long term. Such strategies are much more difficult to execute in the short term as momentum and short term movements have a much more important impact.

What Should I Do Differently?

Once again this year, stock picks have been performing above expectations so far this year and I am very hopeful to be able to end the year better.  What I will do this year is not open any new trades after September 30th. That will mean less trading and thus less profit expectations. However, I do think it will improve the long term performance by helping me avoid short term gambles.

More thoughts on China – How Will Its World Role Evolve?

By: ispeculatornew | Date posted: 06.14.2011 (5:00 am)

After expressing serious doubts about investing in China in yesterday’s post, today we look at more general thoughts about the country. Although the U.S. has the largest economy in the world it is starting to lose its impact on the global stage. According to the International Monetary Fund (IMF), emerging markets account for more than 60% of global growth.

That is a lot of buying power and one group that we have our eye on is the BRIC nations. Recently we wrote about the investment opportunities in Brazil. The ETF, EWZ, continues to remain volatile but we recommend keeping an eye on it and wait for buying opportunities.

This week we want to talk about the giant of the group, China. Despite the global economic crisis, the Chinese economy has remained extremely strong.  In 2010 the country’s GDP grew by 10.3% (compare that to the U.S. growth of a measly 2.8%). The IMG is expecting China’s economy to grow by 9.6% this year and 9.5% in 2012– those are some very impressive numbers.

The stronger China gets the more influence they will have over the global economy. China is the number one customer of U.S. debt. According to the U.S. Treasury Department as of March 2011 China owned $1.14 trillion dollars. Japan came in second place owning $907 billion in U.S. debt and in third place is Great Britain, which owns $325 billion.

Although China keeps buying U.S. debt the government has said on a number of occasions that they are planning to diversify their holdings, which is a good sign that investors should be looking at doing the same. The one bright side to China owning so much U.S. debt is that the U.S. is almost too fail. China probably can’t afford the U.S. to default on its debt, if the U.S. fails then who will buy all the products made in China?

Investing in China can be a little difficult. Foreign investors are not able to access Chinese markets; however investors can access stocks through the Hong Kong Stock Exchange. Some of the larger Chinese companies are also traded in the U.S.

Baidu Inc is probably one of the most famous Chinese companies in the U.S. at the moment and it’s also a tech company that we follow and have traded a few times. The company is traded on the NASDAQ under BIDU. We can see the price is under some modest pressure but volume is starting to drop and it looks like $120 could hold as a good support area. A break below that could lead to test support at $115.

What makes BIDU so attractive is the fact that is the Chinese Google (literally it is the largest search engine in the country). China also has the largest population in the world so BIDU’s customer base is almost unlimited, which is why it attracts a lot of attention from long-term investors.

Investors can also jump into the Chinese market through ETF. Two of the most popular Chinese ETFs are iShares FTSE/Xinhua China 25 Index Fund (FXI) and the iShares MSCI Hong Kong Index Fund (EWH).

Similar to BIDU, both of these ETFs are under some selling pressure. For FXI, volume is also strong on the selling pressure so we could see another drop. There appears to be some initial support at $41.50.

Although EWH has dropped sharply in the last few days, we have not seen the strong volume spike similar to FXI. If volume picks up the price could drop to $18.

Investors should also be careful and fully investigate any potential investment in a Chinese company. There are a lot of Chinese penny stocks in the market that sound better than they are. The IMF also warns that although emerging markets are leading world growth, there is a risk that if the countries don’t get their monetary policies under control, it could lead to a boom/bust scenario.

Starting To Have Serious Doubts About Investing In China (FXI)… Was Google (GOOG) Right?

By: ispeculatornew | Date posted: 06.13.2011 (5:00 am)

China is still considered an emerging market by most but it is quickly becoming a leader both in the world economy but also in the financial markets. There are so many different angles to look at it and most of them are fascinating: the population, size, economy, the yuan, etc. China’s influence is already up there with the US and few doubt that it will soon be the one market that matters above all others. This blog discusses technology stocks quite a bit and we’ve certainly had our share of writing on both Chinese broad names but also its internet companies.

Baidu (BIDU), China’s top internet brand was the name that helped us win the first annual stock picking competition 2 years ago and we have traded the name along with others very often. In fact, I made a very broad claim recently that leading Chinese internet stocks would greatly outperform US internet stocks in the next few years. To this day, I do stand by that claim. However, given some recent events, I’m having a lot more doubts about the idea of trading Chinese stocks, either long or short. Here are a few things that I currently have on my mind regarding Chinese stocks:

Google And Others Struggling In China

Google did a move that few other companies would even consider when it challenged the Chinese government, refusing to abide to its censorship laws. We had found out that a big part of the problem was the fact that Google was constantly being attacked from inside China with little help from the government. Pulling out was certainly a risky alternative. However, Google recently confirmed that these attacks are still happening and while it is easier to combat these now that Google has pulled out. Its recent announcements and complaints towards the Chinese government are something that very few companies would dare attempt. I’m not sure how involved the Chinese government is in these attacks but it is certainly worrying to see what is happening. If Western companies are having so many issues (I’m sure that others are having as many complaints but they are staying quiet), can you imagine what kind of guidelines and restrictions are put on Chinese internet firms?

Intellectual Property

It’s no secret; China is a land where intellectual property laws have little influence as copycats are openly sold. The situation has improved in recent years but it is still the Wild Wild West compared to any other “Western” country. That has some advantages for Chinese companies that compete with Western ones like Baidu against Google. Why? Baidu can offer illegal music downloads to its users without much fear. However, this becomes a problem when Chinese companies start thinking about moving to foreign countries. Another problem is that given the “quasi absence” of the rule of law in China, it becomes much more difficult for companies to protect their own turf at home.

Scams

If you have been to China, you know very well that scams are a dime a dozen in China. Go to the Imperial City in Beijing and you might be invited for some tea. I say invited but you will be asked to pay a hefty price once it is over. These types of scams happen a lot and it’s difficult to imagine that the same thing is not happening online. The recent issue between Yahoo and Alibaba could probably never happened in any Western country and while they might agree on a settlement, be sure that Yahoo has learned its lesson about doing business in China the hard way.

Accounting Standards

Can info be trusted? Given everything that we know about the rule of law, do you really trust the balance sheets of companies that are solely listed in Hong Kong or as pink sheets in the US? A company like Tencent Holdings (TCEHY) is publishing its financial statements based off of Chinese laws. Should these be trusted? I don’t pretend to know the answer but it’s certainly very questionable. If companies like Enron were able to go through massive frauds with the much more strict US system, should we be worried?

Questionable Structures

Honestly, this part is a bit complex but I’ve been reading about the different structures used by many Chinese companies listed in the US, including many internet ones. They have a very unconventional structure that makes it unclear what could happen and what control the shareholders actually do have over the critical company assets. You can see an interesting example about one stock that we discussed recently, Youku (YOKU), on StoneStreetAdvisors. It’s quite complex and certainly a bit scary. I’m sure that there are fiscal reasons behind these structures as well but could there be other motivations?

Fraud

There have been numerous reports of fraud in Chinese listed stocks. You can see some reports from business insider. Some issues have occurred because of the lax Chinese regulations, trading issues in China, outright fraud, etc. These are clearly issues in some Chinese stocks but it’s very difficult to predict where the issues will come from.

Not Only Chinese Stocks

At the start of June, we got another reminder that these issues did not only impact Chinese listed stocks. Many Chinese companies were able to get listed in the US or Canada using reverse takeovers which makes it much easier to get listed than going through more complex IPO procedures. Earlier this month, Sino-Forest (TRE), a Canadian listed company which was trading at $20 suffered major stock price declines following a research report that valued the stock at less than $1 as the research described TRE as a massive ponzi scheme, a multi-billion dollar fraud, etc. It is far from the first time that this has happened as you can see in these charts. These are certainly worrying trends and I have to wonder if these things are happening on Chinese companies that ended up being listed on North American markets, how many of them are pulling off similar stunts while only being listed in China?

Government Official Figures

It’s well known that the public economic indicators reported by the Chinese government are often questionable. There are very few verifications being made by external parties and trading Chinese stocks based off of unreliable data is certainly a problem.

Is China Just Like Any Other Emerging Market?

I think one of the main questions I have is the following: Is China worse than any other emerging market? Is China simply being singled out because it is under the microscope or are things significantly worse in China? I really am not sold either way at this point but I would say that all of these aspects certainly make me think twice about making larger investments in China in any form (single stock or even index).

Is There Anything That Facebook Cannot Do?

By: ispeculatornew | Date posted: 06.10.2011 (5:00 am)

So far, no one has told me to stop raving about Facebook which explains why I have continued to pump up the stock is a huge bargain despite what many call its “bubble like” $70B market cap on the secondary markets. Following the big success of LinkedIn’s (LNKD) IPO, rumors are that Facebook might go public earlier than expected. What does seem certain though is that Facebook is taking on a whole lot of new projects and it’s unclear if anyone can stop them. Facebook is clearly the most “powerful” company in Silicon Valley these days and it has been using that influence to jump into many new sectors. Some of its more recent moves are not convincing yet but I wouldn’t call them failures either. For example, while many expected Facebook credits to become a serious competitor to Paypal, I would say that it’s not been convincing yet. Sure, Facebook Credits are very new and they are being used on many of Facebook’s apps, they have not yet gone to that next level yet.

The Next Big Steps?

Facebook has been very vocal in its belief that when given the choice between consuming almost anything with friends or doing it alone, most people prefer to do it socially. They have thus decided to use their social network as a platform for music, tv shows and books among other things. How so? One way is a recent alliance between Facebook and Spotify. Basically, it will become possible for Facebook users to listen to music on the network, share it with friends, discuss it, etc. Can it work? I would say there’s at least a possibility that Facebook could become a serious player. As for movies and books, I’m not convinced yet how these would be integrated since most people usually watch moves on their tv. A company like Netflix thus seems much better positioned to be a streaming leader. But would I discount Facebook? Obviously not.

The Place Where Facebook Will Start Making Big Bucks

The one area where Facebook is sure to make some decent revenues and profits in the near future is the “corporate pages”. Companies like Pepsi, Coca-Cola, and so many others that advertise their Facebook page heavily are doing a great job at getting consumers involved on these pages. There are many different things that Facebook could do in that area. First of all, one thing that has been discussed is helping merchants sell merchandise through those stores. It would be done through Facebook Credits which would make the experience very smooth for consumers and very profitable for Facebook (which seems to take a standard 30% fee on credits). The company could also charge for additional visibility, features, etc. Can you imagine how much multinationals would be willing to pay for such services? I think it’s very significant.

Other Areas?

I think there are plenty of other opportunities as well such as expanded use of classifieds, deals (Groupon like), etc. These are all part of the reason why Facebook has grown. This not only is likely to keep up but I think it could accelerate in the coming years. Do you agree?

Could Research in Motion (RIMM) Be The Next Apple (AAPL)?

By: ispeculatornew | Date posted: 06.09.2011 (5:00 am)

The Company will most likely not survive” “It needs to be saved”  “After a very promising start, the company started to face increased competition and started to fall behind” “Arguably one of the worst managed companies in the industry.” Just to be clear, these are quotes that are a decade old and they were all said regarding what is now the top tech company in the world, Apple Inc (AAPL). Ironically, those same quotes are now often associated with one of Apple’s rivals, Canada’s Research in Motion (RIMM), which produces the Blackberry. The company co-managed by Mike Lazaridis and Jim Balsillie that even we have been quick to pronounce dead and even suggested going long Apple against RIMM.

I recently tweeted that it has became easy to forget that Research in Motion is still a profitable, growing company that has over 20% of market share in one of the great industries of this era– Smart Phones. Why? Because RIMM used to be the dominant player only years ago and has been quickly falling behind as it faces competition from multiple angles but especially from Apple’s iPhone and Google Android powered phones. In 1997, Apple seemed doomed; “Apple was in very tough shape. In fact, most likely it wasn’t going to survive” – Bill Gates.

Apple’s (AAPL) Miracle Recovery

One day Apple was a major technology company with assets to make any self-respecting techno-conglomerate salivate. The next day, Apple was a chaotic mess without a strategic vision and certainly no future” – Time Magazine in 1996. It’s easy to look at Apple right now and forget that things were looking very bleak even a decade ago. The comeback has been spectacular by any measure and it all happened because of a few key launches. The iPod, iPhone, the revival of the Mac line and the recent arrival of Ipad tablets have all happened rather quickly and have helped Apple go from near extinction to being the most valuable and most admired company in the world.

Research in Motion’s (RIMM) Issues

Lack of Innovation: Apple and Google have both been able to generate hype regarding new features and new products. When is the last time you heard excitement about a RIMM product? Apple came out with an Ipad a couple of years ago that created a huge buzz. How did RIMM react? By launching an inferior product (by every possible measure) Playbook competitor over one year later, a product that was launched after Ipad’s 2nd generation started selling. It was a joke and remains so to this day in my opinion. Why would someone buy a Playbook? The only reason would be that the consumer is a dedicated RIMM client. That is not good enough. There is no way that RIMM can compete if it does not come up with products to generate buzz and hype. Copying whatever Apple and Google powered devices produce will be a losing proposition.

Lack of Vision: Both Apple and Google quickly understood that what would make the biggest difference in the mobile space was not the actual hardware but rather the applications that were being made available to users. It’s incredible that despite its huge user base, RIMM was never able to attract developers to make the Blackberry World App Store anything even remotely comparable to what is available on Android stores and Itunes. Getting an early start was key and in that regard, RIMM failed miserably. If the company does not recover, I will probably point to this lack of vision as the primary reason why it could not turn things around.

Erosion of Business Users: RIMM had a huge lead in the corporate side and still does have a lead to this day but it needs to show more innovation, more flexibility and commitment to being a solid player. That battle is still being played and RIMM could very well turn things around because these big corporate accounts are slow to change unless you give them too many reasons to do so.

Investors in Panic Mode: Investors are looking at numbers like market share and overlooking numbers like revenues, profits, and growth. RIMM does not have much momentum but it is far from a dead as well. I think it’s important for RIMM to focus on a few key areas (apps, innovation, vision, etc) and forget about investors, they will come around when other metrics become more favorable.

Lacks the “It” Factor: Smartphone users are young, connected and they do not have a clear and attractive vision of RIMM. That can be changed but it must be done soon because the brand is getting weaker every day. New marketing campaigns, a better integration of social media and other use of new technologies as well as solid and innovative products could be enough to turn things around.

There Is Only One Steve Jobs

Of all the leaders in the industry that I’ve worked with, he showed more inspiration and he saved the company.” – Bill Gates: Few facts are more agreed on then the fact that Steve Jobs has a huge part of credit and that without his return to Apple in 1997, the company might have ceased to exist much earlier. To say that Research in Motion could put the hand on someone of his vision and talent is probably hoping for too much. Many have been criticizing RIMM’s co-CEO model recently and calling for change but whatever happens, I doubt there is someone even close to his talent that would consider going to what seems like a sinking ship at the moment. Think about it– Would Steve Jobs have gone back to Apple if it had been any other company in a similar shape? Probably not. It was close to his heart. Who could possibly turn the ship around for the Waterloo based company? It’s unclear.

Is RIMM One Phone Away From Becoming Relevant Again?

I have been very negative about RIMM’s prospects and have certainly not seen anything to indicate that things are turning around. However, I think it’s important to consider the fact that the launch of a superior phone combined with a “smart” marketing campaign to make Blackberry “cool” again could be enough to reverse the tendency. It’s easy to forget how quickly things turn around and the launch of any one product could have a huge impact on RIMM’s momentum. Is it likely? No. But I still think it’s risky to short a company that still has so much going for it. RIMM has a huge user base, especially in the business world and it would need a “miracle” to turn things around in my opinion. It’s also easy to think of RIMM as a declining company because of its diminishing market share but it’s a company that has growth, it is simply being outgrown (badly!) by its two main competitors.

Will It Actually Happen?

I must admit, I am very skeptical and consider the possibility that RIMM could pull this off remote at best. That being said, going short on RIMM has its risks and I certainly think that one of those risks is seeing all of that money and resources actually come up with a solid product. It is an uphill battle but it’s certainly not possible. Would I bet a lot on it happening? No… I don’t see any real leadership and there doesn’t even seem to be much acknowledgement of how bad things are.

“Arguably one of the worst managed companies in the industry.”

A Free Dividend Ebook

By: ispeculatornew | Date posted: 06.08.2011 (5:00 am)

This is a great time. As many of you know, IntelligentSpeculator is part of a network of websites which include some financial websites, and many other moving parts (we give out much more information about those on TheFinancialBlogger). Dividend investing has been a major theme in the past 2 years and we are happy to announce the completion of our first ebook which we worked very hard on. It is what we consider to be the top dividend ebook out there and we’re offering it for free! If it sounds too good to be true? It probably is. But there is no catch, we are just gaining experience publishing an ebook and hope to gain exposure for our two main dividend properties:

TheDividendGuyBlog
WhatIsDividend

If you are interesting in finding out more and taking a deeper look into our free dividend ebook, you can download it right now on TheDividendGuyBlog.

If ever you have any comments or questions, we’ll be more than happy to receive them. If ever you want to thank us, one great way would be to spread the word!

Thanks again,

IntelligentSpeculator

 

A Free Dividend Ebook
This is a great time. As many of you know, IntelligentSpeculator is part of a network of websites which include some financial websites, and many other moving parts (we give out much more information about those on TheFinancialBlogger). Dividend investing has been a major theme in the past 2 years and we are happy to announce the completion of our first ebook which we worked very hard on. It is what we consider to be the top dividend ebook out there and we’re offering it for free! Sounds too good to be true? It probably is. But there is no catch, we are just gaining experience publishing an ebook and hope to gain exposure for our two main dividend properties:
TheDividendGuyBlog
WhatIsDividend
If you are interesting in finding out more and taking a deeper look into our free dividend ebook, you can download it right now on TheDividendGuyBlog.
If ever you have any comments or questions, we’ll be more than happy to receive them. If ever you want to thank us, one great way would be to spread the word!
Thanks again,
IntelligentSpeculator