More than likely, most UNIT holders are upset, given the MS downgrade yesterday. And as a fellow board member points out in a pm--- the cut to $16 is steep, isn't it?
Yes, it is steep. Too steep? That depends upon how dependent we are on outside analytical agencies. And then we'd need to mine beneath the surface in search of greater understandings regarding MS and also MS's history.
I'll try to keep this as brief as I can, given that the market will be opening in forty minutes and I've not yet begun my daily routine---searching for things potentially upsetting our investible apple carts.
1. I almost frantically searched for creative ways by which I might be able to add to my UNIT position.
2. MS is---for me, at least---a voicing opinion. Each of us is no more, no less.
3. Ordinarily, analytical agencies go into the chambers (books) of the innermost vaults of companies covered. They must sign NDA's prior to gaining entry. These are: Non-Disclosure Agreements binding them to absolute secrecy, else they face severest penalties and possibly jail time for using the trust to gain through public disclosure.
4. Ongoing litigation based on a face-off between UNIT and WIN has yet to be decided. The judge is swamped with other pressing work.
5. UNIT has been aggressively acquiring additional assets (fiber optic coverage---many thousands of additional miles).
6. In a message from Tim Plaehn yesterday this MS move clearly did not bring on a shift of position in Tim's mind.
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Things tend to hinge on one thing or another when it comes to determining where multi-pieced contraptions will ultimately self-assemble. Some call it the break point, others---Lady Luck.
My view is this:
Until we know what the judge decides, nothing changes for me. The judge is the only one in position to force my own hand. Moreover, I really like what I'm seeing out of UNIT. Their acquisitional stance has been perfect, they've given no indication of debatable or dereliction of concern for us shareholders---and that's no small consideration inasmuch as they have clearly been under terrific pressure from all angles.
Last week I managed to add just a few units (70). My total holding is only 500 so it's extremely small for me as I favor massive (for me) positions as a rule. My NGL holdings remain my primary holding.
Bottom line:
This is about one voice as opposed to another. I don't believe MS has anything on me because the judge is the only one whose opinion will outweigh my own. And it you mine MS's history you will find all manner of questionable tactics suggesting to some investors that there's a mouse in the living room, curled up somewhere, and it hasn't moved in awhile.
Hmmmmmmmm…………………..!
I hope this helps clear the air a bit.
AI
