Nice! Which one?

Faction Brewing in Alameda, CA

http://factionbrewing.com

I'm a small partner :happy23:

Dave, if you've read to page 57 already, you should have the basics down. Now, it's just time to start applying that info to various stocks/companies that interest you. Analyze them to see if they are worth owning. You can give us a report on your choices and why you like them. From there, we can see if you're thinking things through correctly. It's the method that matters.

You may want to see if you can consolidate some of your accounts, too. It could help you save some fees and simplify what you're looking at. I love Roth accounts.

That's awesome. I just took my wife and son there last weekend and had a couple beers and lunch (from Scolari's) on the patio there. Killer scenery.

I must say the people working the bar need to turn over the customers quicker... leaving lots of dollars on the table. :D

Good beer! Hope it works out well for ya. :cheers:

Nice! The beer and view are pretty hard to beat. I know what you mean about the bar tenders, although it can be outside their control i.e. people ordering samplers, growlers or picking up kegs. My brother said one time a bus with 50 people from Google showed up half hour before they were supposed to close :drowninga: The business is doing very well though!

Would love to talk more beer but I've gotta go find out what my money is doing.

Thanks to Greg and everyone sharing in this thread, what I learn here will no doubt help not only me but my family and friends as well.

Dave

SBDave....


You can read this thread as your time and interest permits... it's quite repetitive... and as Trey (WSSix) said... you've probably got the basic info by page 57. As in most of these threads - they wonder about as people ask questions etc... and there are "details" regarding various philosophies etc. But basically it's about NOT trying to time the market - trying not the 'trade' the market and about buying best of breed companies that you understand and trust them.

The rest is about various ways to do research - and from time to time - individual stocks are discussed in a ways (the intent) to help people "THINK". It's about teaching how to fish rather than "buy this and don't buy this" (catching you a fish).

The other thing you'll see here repeatedly - is myself and others - goading people into getting into "investing/saving" so their lives will be better down the road - regardless of the ability/amounts.

Put a buck in a jar for each page you read.... LOL


Feel free to chime in, add, ask, discuss.... some of us are as hooked on this stuff as we are on cars.

Thanks for your reply on this Greg

A friend of mine recently opened "The World War 2 Aviation Museum in Colorado Springs, CO. Not something to many of your friends do and being a huge WW2 aviation geek, Laurie and I drove over the hill to take the tour and get caught up with my friend. While there we also toured his restoration shop and got a pretty up close look at a few "special" aircraft that are being restored. One being a P-38 Lightening called "White 33". It was flown by both of WW2's leading aces and will be part of Paul Allens collection when finished. The history attached to this particular P-38 increases the value greatly. One would think that a person like Paul Allen would be first in line for an aircraft like this, but he actually got lucky. Another client started the project. He was a rich man when he went to bed one night and woke up the next day to find that he was penniless.

This really got me thinking. There's a lot that can go wrong in the world, but assets that play on a global scale (such as a priceless WW2 airplane) would be a good investment....wouldn't they?

There's two kinds of assets. Liquid and Illiquid. You need more liquid assets in order to be able to hold on to, and buy, illiquid assets.

Houses - art - cars - planes - property - etc are illiquid. They can be very tough to sell in "down" markets. When that happens the value sinks. You want to be a BUYER of illiquid assets in down markets. BUT.... There's always the big butt in the room.... in order for that to take place you have to have plenty of liquid assets. Liquid assets are stocks and bonds and cash. These also have down markets so even liquid assets such as stocks and bonds - while being liquid - creating the liquidity can create losses.

So -- what you always strive for is to have enough INCOME (cash flow) so that you never have to sell in down markets... you can just buy in those markets - hold on to the asset - and continue to have fun.

That's why rich people get richer and poor people get poorer.... Poor is a relative term and doesn't have to describe those that are destitute. Poor can be "cash poor" or "cash flow negative".... thus forcing sales of assets at below market value.

To me -- being "poor" could / does - describe someone that has to sell one car to buy another... or to fund the next project. That's not good management of assets. Because it often leads to the loss of both. That's "cash poor". A person should be able to fund these kinds of assets during good and bad times out of cash flow.

It's funny because all assets FALL in unison. Think of this last "big recession".... car values went south at the same time as housing... and the stock market. The folks that didn't survive - or took big losses - where the ones that didn't have adequate liquidity or liquid assets. Those that did - bought stuff at huge discounts and are now making a killing.

I've got a customer that has a pretty impressive car collection, cars that have real history or are "1 of" some low number. I'm not sure what the collection is worth but like anything else it rises and falls with the tide. I'm not sure how it came up but we got on the subject of the bozo in the White House and all the great things he's done for this country....:snapout: Apperently with one swipe of Obamas pen, the ivory business took a dump, as in doesn't exist anymore. Illegal to trade, ship, sell, legally you can't give it away. What does this have to do with anything? My customer took a multi million dollar hit overnight with a portion of his business, he still has the cars, the big house and a successful business because all his eggs weren't in one basket. The people in the industry that all they dealt with was ivory...have nothing or very little. These guys aren't street vendors selling goods to tourist but high end art dealers trading globally.
DIVERSIFY!

You know that's a good point. The ivory deal wasn't meant to cause any problems for collectible art pieces that have a history, but unintended consequences can be a bitch. You definitely have to keep your eyes open and diversify.

Eggzactly!!!

One of my early investments was in HCP, it was my way to enter the healthcare field in a way that was supposed to take advantage of the aging population. It's a dividend champion and has been for a long time but like Greg likes to point out, it seeming more and more like there are fundamental changes happening within the company and I believe I'm going to step away. Anytime there are Judicial investigations into 25% of the company and senior executives leaving the company, the handwriting may be on the wall.

Read this article but more importantly read the comments below the article and see if you get the same feeling.

http://seekingalpha.com/article/3243...nc-safe-to-buy

Hardest decision may be trying to decide which other dividend champ to buy to replace it.

Good choice Lance.... better to stand on the side than to get run over. If in doubt bail out. You can always buy it back - or as you have stated - buy something similar.

Remember when buying or selling -- you never have to buy in or sell out all at once... Some times I'll just sell half or a quarter of a position. That way if the shares snap back I capture some of that. But if you think they're going down - then I'll sell all.

I just read a stock market report on China - and what has been happening to that market in recent weeks. Seems that 85% of the market is "retail" investors (what we are) and that much of the market is speculation and "margin" buying. With their market selloff - down some 25% in the last couple weeks... many are now only waiting for the market to climb back to "even" before they get out. My bet would be that they'll bail before that - and thus lock in their sizable losses.

My point? Retail investors buy high and sell lower... they fail to understand the risks... and pile in with ever more capital (borrowed when it's margined) when things are going their way... and bail the minute it's not. They're not "INVESTORS" -- they're gamblers. Idiots really... because the ones with the most to loose are probably in the deepest financially... and understand what they're doing, the least.

This all reminds me of the housing market crash here - which also sent the stock market reeling. Borrowing money on their houses - refinancing every other day - buying stuff that depreciates (pro touring cars.... LOL).. and generally living large on money they don't have. That is a recipe for the disaster it eventually became. Don't be "that guy".

The people that stayed in the market - either with houses or the market - eventually did just fine. Those that sold did not. Those that stepped in and bought from the losers (weak handed sellers) - did even better! Be that guy!

I cut and pasted this piece because it was so important in it's total value that I didn't even want to post the link thinking that you might not click thru!

Why is it important? Because it's discussing the THOUGHT PROCESS that people must go thru with investing. It's very similar to thoughts we've discussed in here many times.... i.e., it's real easy to think you're going to sell at the top and buy at the bottom or wait and get in at lower prices and blah blah blah... to which I've said how many times???? Just get in and think longer term. Okay -- here it is.

Forget that he is discussing a "style" switch from a Total Return to Dividend Growth Investing -------- because his version of T/R is just really a "GROWTH" portfolio (growth of capital without dividends). For me - TR - is growth of capital AND dividends... what's important is the thought process he discusses and he's spot on!!



+++++++++++++++++++++++++++++++++++++++


So, You'll Switch To Dividend Growth Investing After You Have Your Millions, Eh?
Jul. 8, 2015 6:02 AM ET | 20 comments | Includes: BRK.A, BRK.B, CELG, CVX, GOOG, GOOGL, JNJ, KMB, KO, MO, PG
Disclosure: I am/we are long CVX, JNJ, KO, MO, PG. (More...)
Summary

Some investors who focus on total return say they plan to switch to DGI when they are in or near retirement.
It sounds viable, but it's not as easy as some make it sound.
In addition to trying to make major decisions about allocations and valuations, there would be all kinds of psychological factors involved.
Spend decades building the most wealth possible and then - Bingo! Bango! Bongo! - switch to a Dividend Growth Investing strategy upon retirement. Easy-peasy, right?

It is a sentiment frequently presented within Seeking Alpha comment streams. For example, as "hahaha48" said in response to David Van Knapp's recent article, "Measuring The Success Of Your Dividend Portfolio":

You can always sell everything and buy something different with the same total value.

DGI guru "Chowder" noted that such a strategy wouldn't have worked very well during the 2007-09 market meltdown, when the S&P 500 fell nearly 60% from peak to trough. Another commenter, "glinsight," pointed out the potential tax nightmare of hahaha48's plan.

As much as I agree with both counterpoints, I'm going to give hahaha48 and those with similar views a break. Let's say such an investor makes the conversion from a growth-oriented strategy to DGI when the market is going well (as opposed to when recessionary times have brought severe pain). And let's say most funds are held in IRAs or other tax-favored accounts.

So what's not to like about hahaha48's idea?

Tough Choices

Let's look at a fictitious stock portfolio that reached $2 million, thanks to prudent, long-term investments in blue-chip, non-dividend companies, such as Google (GOOG, GOOGL), Celgene (NASDAQ:CELG) and Berkshire Hathaway (BRK.A, BRK.B).

With retirement looming, the holder of that portfolio wanted to switch to Dividend Growth Investing early in 2014. However, articles on this site and others warned about dividend-paying stocks being so richly valued they were in "bubble" territory. Psychologically, how easy would it have been for the investor to sell everything and then turn right around to fund a DGI portfolio featuring Chevron (NYSE:CVX), Coca-Cola (NYSE:KO), Kimberly-Clark (NYSE:KMB), Johnson & Johnson (NYSE:JNJ) and Procter & Gamble (NYSE:PG) - the five companies selected by all 10 of my DG50 panelists last year?

OK, so those stocks were overvalued then. The investor could have sold everything and gone all cash while waiting for "opportunities" to invest, right?

Well, the market kept going up, up, up as Year 5 of the bull run turned into Year 6, which subsequently turned into Year 7. In other words, it wasn't the best time to be Johnny Cash.

So, after sitting in cash for awhile and watching the market run without him/her, should the investor return to his/her familiar growth-investing strategy - knowing full well that if there is a major correction, the market will punish those companies (and that there won't even be dividends to ease the pain)?

Should the investor go all-in on DGI, with most dividend-growing companies even more richly valued?

Should the investor exchange his/her growth stocks a chunk at a time for dividend growth companies? That's probably how I would try to execute the strategy... but it would take quite some time to complete the income stream I'd need during retirement, and it would make me second-guess myself constantly.

Psychology $101

I usually chuckle when someone says he or she simply will sell everything one day and then put hundreds of thousands (or millions) of dollars right into DG companies, as if it's something your average retail investor does all the time.

"Altria (NYSE:MO) might be the best DGI company out there. It's overvalued? So what! I'll take 2,000 shares!"

Yeah, right.

I'm bemused by those who say they will merely wait for the next Great Recession-style market meltdown so they can get amazing buys on wonderful companies.

One, nobody knows when the next near-catastrophe will happen.

Two, once such a meltdown does happen, nobody knows when the market will bottom out. I mean, yeah, we know today that March 2009 was a great time to invest... but going all-in then took nerves of steel.

Conclusion

The main reason I settled on DGI after trying other strategies is that it fits my "investing personality."

Building an income stream over years gives me comfort because I need not pay attention to the daily gyrations of the market. I like that history suggests the high-quality portfolio I'm constructing will lead to a good total return, too. I enjoy charting my "Divvy Dollars," watching them grow as I approach my income goals.

And I'm happy that I will not have to guess the right time to sell a six- or seven-figure portfolio, and then guess the right time to buy a totally different six- or seven-figure portfolio.

Because that sure doesn't sound easy-peasy to me.

I'm having a hard enough time deciding to sell MCD when it's only a couple thousand dollars. I can't imagine selling my entire portfolio only to turn around and by back in. If I didn't step in gradually, I'd be terrified of making a mistake. Hell, I'm terrified of making a mistake now with my pennies.

I do like the comfort of the dividend though. It's helped cushion the falls and sweeten the gains.

Just for giggles this morning -- I checked the Year to Date performance of a couple recent IPO's... I've said in the past that I avoid these not because I don't think they're good products or good companies.... but because of the vicious losses they can deliver once they cool off. The HYPE and the market get together and have EVERYBODY wanting to say they are in the name... then the TV cameras go away (they quit talking about them on TV)... and the air goes out.

Sure enough - or true enough - if you're lucky enough to buy at or near the IPO price... and ride them up - and then sell.... oh yeah - you can double your money in a month or two. But.... are you really that good of a trader? My guess is NOT.


GoPro (GPRO) YTD down 19%

Alibaba (BABA) YTD down 25%

Shake Shack YTD up 12% - but it's down 33% this month! OUCH

I'm not saying people shouldn't buy these names... that depends on your stomach - your wallet - your age - your overall financial health - your longer term horizon. I'm just saying WOW.... What a ride.

IPO's are hit and miss. Perfect for the gamblers.

What about CMG and FIT. Both doing well. CMG open was $37 and FIT was $30.

CMG and FIT are not the same CMG is much cheaper based on P/E and PEG Ratios and the best in class in fast casual dining. FIT is still out there fighting for position with Apple Watch and others, too early to tell who will win. Just my worthless $0.02 but after looking these up think I'm going to buy some CMG, thanks! I eat there all the time and once my food was free because I had to wait 5-10 minutes for more chicken to cook and once it was free because I was a regular and they "just like to take care of their regulars". Plus if it starts going south I will certainly know about it.

#1 --- Erik --- Chipotle Mexican Grill (CMG) is "expensive" now - but 10 years from now you'll look back and wish you'd bought more of it. They have lots of room for growth - their stores a PACKED - their prices are higher margin - it's healthy compared to a burger and shake... and it's super tasty! I'm a fan.



#2 --- LOTS going on around the world... 15 years ago I'd have been "reacting" to all of it... I'd certainly have sold or been in and out multiple times in recent days and weeks. Now days I read, and listen to the talking heads on TV, and I shrug my shoulders and yawn... Then I open up my account and see a bunch of dividends have been paid and I go play golf or polish a hot rod.

Here's an interesting comparison of what $100 buys PER STATE.... Sucks to live in California!! LOL



https://patch.com/california/walnutc...-go-california

I'm still pretty green at this. How the heck does Chipolte demand $600 a share where say CVS demands $100? Or Starbucks demands $80? Is that an indication that it may split?

Share price = firm value divided by shares outstanding

So it could simply be a matter of CMG having fewer shares outstanding and isn't necessarily indicative of likelihood of a split. I always say share price is arbitrary. A 10% gain on your investment in a stock is the same amount of $ regardless of share price. That said, firms understand the psychological impact of having a high share price, and they are incentivized to have people buy, so it could be indicative of a higher likelihood of a split.

So to answer your question...maybe ;)

Chipotle Mexican Grill (CMG) has a Price to Earnings (P/E) ratio of 41 --- so people are paying 41 dollars for each dollar of earnings (currently) for this stock. A high P/E ratio often reflects the "EXPECTED" growth of the earnings in the FUTURE of the stock.

Spits are more about whether or not the BOARD is prone to splits. Some boards are and some aren't. If the shares split - it doesn't increase (or decrease) value - there's just more shares at less value per share. People get excited about them and sometimes that drives new money to the shares. Netflix (NFLX) is splitting 7 for 1 --- it trades for $700 a share - so if you had 100 shares at $700 each - you'll just have 700 shares worth $100 each. This often "fools" small investors into finally getting into the shares because they're now "affordable" - which is complete nonsense....


CVS Health Group (CVS) has a P/E of 26... which just means (or can mean) that it still has a quite high expected growth rate of it's earnings. The average P/E is "normally" closer to 15..... and the "pros" start talking about the market being overvalued when it starts to hit 17ish. In a Bear market period - you'll see average P/E's in the 12's...


Starbucks (SBUX) P/E is 32.... a still "high" expected earnings growth rate.


Now -- so as not to confuse -- let's see how many SHARES each of these three have 'outstanding'.



SBUX - 1.5 BILLION shares.... Earnings PER SHARE $1.70

CVS - 1.13 BILLION shares.... Earnings PER SHARE $4.10

CMG - 31 MILLION shares.... Earnings PER SHARE $15.38



The key is --- what do you think a company will be earning in the years ahead --- or what their growth rate is etc. Like any "market" - how many people want to OWN something versus SELL something.

Beware high multiple P/E stocks IF they manage to not live up to the expectations.... you get killed overnight!

Good stuff, thanks for the insight fellas.

Greg brought the "tech" for sure. I didn't want to look up all the data on my phone he quoted above. As usual, he brought great info. Really shows how a share price can vary just because of the shares outstanding, not necessarily because of a fundamental superiority in the company.

Greg's point about "expected" growth is what it's all about, for better or worse. Can't emphasize enough how important that observation is.

thats what im hoping for.

So let's touch on the OUTSTANDING SHARES issue.


Like most things in life... when something is "rare" - that rarity creates value - unless it's an Edsel - in which case it's rarity stems from it being FUGLY - Nobody wanted them when they were new - and for the most part - nobody wants 'em now either - so let's discount some things that are/could be classed as "rare"..... let's stick with RARE AND COVETED.

Microsoft (MSFT) has the highest number of shares outstanding of any publicly traded company. The number of shares outstanding is 8.09 BILLION shares. It's P/E is 18.

Let's compare that to Chipotle Mexican Grill (CMG) which has a whopping 31 MILLION shares outstanding.


8,090,000,000.00 --- NINE Zeros vs
31,000,000.00 --- SIX Zeros



Lots of people and institutions own MSFT.... but in order for MSFT share price to "move" -- there has to be more people wanting to buy than wanting to sell. It's a well established company with a long historical growth and track record of earnings. Using well established "metrics" such as P/E etc... it should trade for "normal" prices given it's size and growth rate.

Here's where we get a variance --- take a Chipotle (CMG) --- it's a relatively new company - has a very high growth rate - has lots of opportunity to open more locations - they're all company owned (this is not a franchise opportunity) - so all the growth flows directly to the company - as well as quality control etc. Add to this the smallish "float" of company shares.... and the demand placed on those shares by people willing to bet their money that there's more growth ahead... and you get the 41 P/E reflected in the share price.

There's two ways for shares to become more valuable (in it's most basic description as there are OTHER ways for them to increase/decrease in value).

#1 - Expansion of the P/E. If people are willing to pay 40 times earnings per share vs 20 times earnings... then the price of the shares increase.

#2 - The company's EARNINGS increase. So if they made $1 per share and they suddenly announce that they're going to make $1.50 per share this year - and think they're on their way to making $2 per share next year.... guess what?? The CURRENT P/E (let's say it was 16 times) - will suddenly expand to reflect NEXT years earnings.

You'll hear this expressed on TV as "TRAILING" earnings (P/E based on history) versus "Forward earnings" (based on the projections/possiblities).

Thanx Greg. Put in layman's term for us (like me) who need that. Listening on TV is too fast for my brain to absorb what their saying, and some of them use big words to feel "bigger" and they miss the true explantion/meaning to their audience...

For you I should have done all this on a chalk board....



LOL

It's true though Greg, you do have a knack for sharing fundamentally sound information on this subject in a way that makes sense to people without compromising the important details.

I'm confident your thread has/will indirectly create an unbelievable amount of wealth for the guys in this community. Truly an award-worthy contribution. Keep it up!

PEG Ratio is another good and easy way to see how a company is valued, especially smaller faster growing ones. I stay below 2.0 in just about all cases. A couple good explanations:

https://en.wikipedia.org/wiki/PEG_ratio

http://www.fool.com/investing/value/...peg-ratio.aspx

Since we just talked about stock splits and high P/E ratios - and whether or not EARNINGS were important etc....

NetFlix (NFLX) just split it's stock 7 for 1 - meaning for each share you owned - you'd now own 7 times as many -- but that also divides the price by 7 as well.

They had an EXTREMELY high P/E.... IIRC -- 181 !!! Which is just a WOW number.

But let's remember how it got that kind of a P/E... It's because people (buyers) have very high expectations for GROWTH of the business and therefore the EARNINGS.

THEIR EARNINGS just announced today after the close - which beat the street estimates... and they added 3 million new subscribers in the quarter....

The stock spiked after hours by 10%.

Now - let's also take into account that everyone that owned the shares... now has 7 times MORE shares in their accounts! Sometimes - people sell off some of the shares and we know what happens when there's more sellers than buyers... you see a price drop. BUT --- the split is supposed to drive demand from the smaller investor who's willing to pay (in this case) $100 a share versus $700 a share. So perhaps there's buyers coming in, to acquire new shares of the stock. Who the heck knows.

I'll tell you what I do.... I never trade *buy or sell - a stock based on a perceived or announced split. Splits in themselves do not add value. They might temporarily drive some excitement - but that's usually short lived.... In the long run - we want to INVEST in companies that we think will do well going forward. End of story.

I have a significant portfolio -- and I own a whopping 100 shares of NFLX (now it's 700).... because while I think it's a growth story -- it doesn't pay me a dividend - AND more importantly - the AIR / FROTH / PE will come down far faster than it goes up when they have 180 ish P/E!!!! These stocks work when they're working -- and they really really stink up the joint if they so much as whisper that their growth is slowing or their earnings aren't up to snuff.

As a footnote to the ongoing thread, an illuminating article on wealth mindset, hard work, choices and happiness.

http://www.nytimes.com/2015/06/06/yo...aire.html?_r=0

Good article!

If you go back a couple years in this thread --- You've heard me REPEATEDLY state something along the lines of "if your grocery store clerk is telling you about all the money they're making" -- or "if you turn on the talking heads - and all they're talking about every day is..." RUN!! Run away from whatever it is they're talking about as fast as you can!

How many remember the ENDLESS ---- GOLD bugs....


Okay pull up a FIVE YEAR chart of GLD -- a gold ETF.... Then add the QQQ (basically the NASDAQ) and the SPY (the DOW)....



https://www.google.com/finance?chdnp...BYn3jAGdhIL4Cg



I'll let you discover why I post this up. Oh -- and did you notice NOBODY mentions gold anymore. DOH!

So -- as I always point out in this thread -- I'm trying to give people food for thought... using real life examples - of which - in order to demonstrate what I'm talking about... it helps to use "an" example. In this case we're going to use Chevron (CVX).


Gas and Oil are in the tailspin of too much product - not enough usage. So it's a war on prices. This is a CLASSIC example of when there's too much of something - the price will reflect that. The old "more sellers than buyers". What happens when it's the reverse? Prices go UP. Given the worlds oversupply of crude oil right now - the US is in a battle of supply against the other producing countries. They'll give their's away in an effort to crush our producers. THEY only have one thing to sell (export).... their lives depend on the price of crude. Tough for them.

So more importantly - let's talk about DIVIDENDS. The dividend on CVX is up to 4.8%!! WHY?? Because the price of the stock has dropped some 22% year to date -- and 33% in the last 12 months!! As the price of the shares decline - the dividend PERCENTAGE goes up. This is fantastic IF and AS LONG AS they can remain profitable and continue to pay out the same dividend!!!

We discussed the P/E of some of the high fliers! Some are 181 ish and higher - or in the 40's and 50's!!! What's CVX at....... 9.7

What I'm pointing out here is the RELATIONSHIPS of these numbers. I'm not saying to buy CVX or any other stock... It's just a learning "item". We don't often get a chance to see this kind of phenomenon in such a short time span!

I picked on CVX -- because typically I like infrastructure plays over say - a producer. The producer has to get his product to market. As do other producers - so I like guys that pump it thru pipes to the other guy (the refiner). But when you see a CVX - which is a producer and a refiner go "on sale" - I start to watch. Remember that we don't want to try to catch a falling knife.... time to sit back - put something on your radar - and let it play out. But opportunity usually comes following the old "blood in the streets" scenario! When NOBODY wants to own something --- that's usually a good time to pick away at it. The world will continue to burn up oil and gas.... and as economies around the world stabilize (as ours has) and demand picks up... there CAN BE opportunity.

I'd like to see CVX get down to where the ratio is like 5% dividend or maybe even a little more... 5.5% or so would be OMG.... At that point I'll start picking at it. LOL

To me - it's like the housing market.... the guys that are killing it now - are the guys with the balls to have bought when nobody in their right mind was willing to buy a house! Now those people wished to hell they had bought a dozen of them!! LOL

Think long term! You might get killed for awhile - but if the dividend payout is worth it - it can work out nicely.

REMEMBER -- I'm not saying to buy "X" or "Y" or "Z" ---- I'm saying to be looking for opportunity and then have the balls to take advantage of it.

I don't understand, i need you to draw it on a chalkboard....:idea:

haha...you going to sonoma next weekend? (Greg)

And BP is at 6.6%... just saying.