Old and still drinking water and eating dry white toast.
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In the US we build homes (garages) for our cars whereas Chile does not. My latest job I'm only 10 miles away from work whereas other jobs I was about 25 miles. The 25 miles added about 3 hours of bus commuting time every day and deducted 60 hours from my personal life every month.
Shifting 2 hours/day of commuting time to billable work times adds about $21,600 dollars to my retirement account.
This consumer tax burden is only about $2,592/year (total mileage times 54 cents/mile)
I would agree that the bad news is the good news.
It's been our family traditions to always save for the rainy days, never spend more than you make, and preserve the principal and only spend the interest.
I bought two boxes of Green mountain coffee Keurig 16 vue packs for 49 cents discounted from $14.99. Office Depot discount the coffee to keep from paying the inventory tax since the coffee only had a shelf until 1/24/2014.
Only four cents for a cup of coffee.
I do the same math with engineering companies. Max out the 401K retirements ($24.5K and a company match of 3 to 5 percent)then walk away after two to four years for another 10 percent pay-raise.
My latest jump gave me a 9 percent pay-raise, no state taxes, 11 percent bonus, and free medical benefits package. I shift the wife to Medicare with another saving of $7800/year and rented the Ca house out for $1000/month.
I normally do not take vacation when I work, so when I left my old job my vacation payout was $7700 and the unemployment checks total about $4500.
My vacation ends on the 27th of this month then it's back to work for another three years.
Seeing the city limits of seniorhood Muni, CD ladder, and bond funds are the stable plays for me.
I'm planning on working the private sector until I can jump back into the government sector.
The government is more protective of the older workers than the private sector when you reach your 50's and 60's, you need to always keep one step ahead of the bear.
It helps that the US and Chilean agricultural seasons are reversed.
My primary goal is capital preservation, no more hail mary investment plays or financial advisors this year.
The IHub membership is good if you post everyday, sometimes you need to support the company instead of riding it's coat-tails.
Watch the Chilean Peso (CLP) against the US Dollar.
I prefer the Ihub mobile notification than the email, you have to be careful of leaving bread crumbs for others to follow.
In the process of accepting a $100K job offer, so I wanted to share a little kindness and goodluck to others, what goes around comes around....
Early XMAS gift for temp luvs amy an IH Quarterly Gift Subscription
Looks like somebody is painting the tape with your 300 shares of TEU.C.
No disrespect but women do love bony leg men. Go DCM
I may just flip TEU-C thru-out the year for a easy safe twenty percent play.
Selling and going to cash on my TEU and TEU.C shipping stocks....will wait from the sidelines for another pullback.
Received the TEU.C div cash today.
Getting to the 52 week high. Time to take profit?
Shipping overcapacity will continue into 2014: DVB Bank
Source Link
I agree, but if he or others traded on the BK insider information then that's another story. It's a material event that the company should have responded to the news article but never did.
I will report the event to the SEC and see how the chips fall.
I sold EGLE on the prepackage BK news and took a $15K loss and now it's running like a bat out of hell...
I'm planning on sending a letter to the SEC regarding the Bk news
Yep, looks I got screwed on my other shipping stock. May have to write a letter to the SEC.
Looks like Santa came late this year.
TEU Harpex Index
Thanks for the ex-date info, I will pull the order on Fri if it does not fill. It's in retirement account so no need to worry about paying taxes.
I placed a order for 490 shares @ $23.35; it only needs to fill by December 31, 2013 for me to get the div.
I'm planning on buying about 500 TEU-C shares and increase my TEU to 3000 shares.
Landed in Seattle, cold and cloudy for the next three months.....GO DCM.
Harpex TEU shipping Index
I would agree with you on $TEU, attached is the Box Fleet Employment and the Harpex TEU shipping Index.
$TEU Fleet Employment
TEU rates
I would agree, I'm a slow learner....been taken to the wood shed to many times.
Society needs these leeches to clean the investment world for the retail investors to sleep better at night after working a honest day...If we loose are retirement money we are told to work at little harder and a longer.
TEU books are much better than EGLE and should be able to handle the shipping industry musical chairs play....
I will just have to eat dry white toast and drink free coffee during my retirement years to make up the losses...
I posted on the $DCM message board regarding closing out my EGLE position today for a $15K loss. I've been down this road on other BK play's and it was time for me to fold...need to keep chips for another play.
Good-luck on your bulk-shipping play
Yep that sum up the hedge fund turnaround shipping play for the next three years...
The Lloyds Banking Group has been off loading it's shipping portfolio of distressed shipping loans to U.S. hedge funds to clean ups it's books to handle the EU bank stress test.
It's cheaper and quicker for the bank and hedge firms to buy the debt then to build new ships. As soon as the shippers default on the loan terms then the creditors can call the loans due and force the company into BK...
I've been that road, I closed out my position for a $15K loss. Waiting for the funds to settle before opening up another position in another stock.
Have to know when to hold them and when to fold them. Hedge funds are buying the shipping debt and forcing the commons to walk the plank....
The problem with the prepackaged bankruptcy. .is the common's being wiped out
I may have to take a loss on EGLE, seem like it may go into BK early 2014. See the news that I posted on EGLE and tell me what you think?
TIA
Eagle Bulk Shipping, Genco Shipping Working With Advisers To Pare Debt
Shipping Companies Enlist Restructuring Advisers After Creditors Sold Large Blocks of Debt
Two shipping companies have enlisted restructuring advisers after key creditors sold large blocks of debt to distressed investors amid balance sheet concerns.
Battered by rough seas in the industry over the past couple of years, New York based dry-bulk shippers Eagle Bulk Shipping Inc. EGLE -7.53% and Genco Shipping & Trading Ltd. GNK -4.63% are working with advisers to pare down their debts, according to people familiar with the matter.
Eagle Bulk, with a debt load of about $1.2 billion, tapped restructuring advisers at investment bank Moelis & Co. and law firm Milbank, Tweed, Hadley & McCloy LLP within the past few days.
The hirings come about a month after Royal Bank of Scotland Group RBS +0.73% PLC sold its roughly $800 million debt position in Eagle Bulk at close to 90 cents on the dollar, people familiar with the transaction said, adding that investment firms Oaktree Capital Management, Centerbridge Partners LP and Canyon Partners LLC bought the majority of the debt.
It is unusual for investment firms to buy debt of distressed companies at such high prices, these people added, but a lack of activity in the distressed market could be a catalyst. Distressed investors are known for buying debt at very discounted rates, sometimes as low as pennies on the dollar and up to around 75 cents on the dollar.
Many shipping companies borrowed to grow their fleets when shipping activity peaked in 2008. They are now struggling to make loan payments since the rates they charge to transport goods have fallen, though there has been some pickup more recently. The shares of both Eagle Bulk and Genco have fallen dramatically in recent years, and they currently have market values of about $60 million and $110 million, respectively.
Though it is still early days, people familiar with the matter say an Eagle Bulk bankruptcy protection filing in early 2014 is a possibility, in particular a so-called prepackaged plan.
Genco, another vessel owner with around $1.5 billion of debt, has enlisted restructuring lawyers at Kramer Levin Naftalis & Frankel LLP and interviewed restructuring bankers weeks ago, these people said. It faces an amortization period on its term loan in early 2014 and may not have enough cash to make the payment, they said.
Roughly three weeks ago, Norwegian bank DNB AS DNB.OS +0.58% A sold around $600 million of Genco debt, also close to 90 cents on the dollar, these people said. Centerbridge was one of several investment firms that purchased the debt, some of these people said.
A DNB spokesman confirmed the bank sold its full Genco exposure but declined to comment on price or buyers. "This was a very large commitment for DNB given the long term challenges within the dry bulk market," the spokesman wrote in an emailed statement. "When the offer was on the table we could not let this opportunity pass."
Eagle Bulk, which owns 45 vessels built between 1997 and 2011, mostly focuses on "Supramax" vessels, large dry bulkers that typically transport coal, steel or ingredients like grain, sand and gravel. Vessel names include Thrush (2011), Crowned Eagle (2008) and Condor (2001), according to Eagle Bulk's website.
Genco, meanwhile, has a mixed fleet of dry-bulk carriers, ranging from smaller "Handysize" to larger "Capesize" vessels.
The average daily charter rates of Supramax vessels to transport goods has grown to nearly $16,000 per day, a level many hadn't seen since 2011, according to data from shipping service provider Clarksons reviewed by The Wall Street Journal. It dropped as low as roughly $7,000 earlier this year and had been hovering between $7,500 and $10,000 up until the fall, according to the data. In 2007, the rate peaked at $70,000, according to the data.
"The market as of late has improved tremendously," said Svein Engh, a managing director at lender CIT Group Inc.'s maritime finance unit. "The one thing a lot of people aren't certain about is whether this is sustainable improvement or just a seasonable blip again."
Shipping companies have been struggling over the last couple of years.
In July, Excel Maritime Carriers Ltd. EXMCQ -2.56% filed for bankruptcy protection with a plan to hand itself over to a syndicate of top secured lenders led by Oaktree.
A month earlier, the bulk-transportation unit of STX Group, STX Pan Ocean Co., filed for court receivership in South Korea, similar to a U.S. Chapter 11 bankruptcy-protection filing. The June filing was due in part to STX Group's failure to sell the unit amid a prolonged slump in the industry.
Overseas Shipholding OSGIQ -2.49% Group Inc., one of the largest publicly traded tanker owners, filed for bankruptcy in November 2012, sinking from a massive debt load and a big tax hit.
In November 2011, oil-tanker operator General Maritime Corp. filed for Chapter 11 bankruptcy protection in efforts to slash its debt and boost its liquidity. It emerged in May 2012.
I relocated the plant to China, American workers to lazy. BS and coal dust is growing tons of mushrooms.