Packaging Corp of America: Investing in Cardboard Boxes
Posted in Latest Reports, Stock Reports on February 18th, 2009Lee Eugene Munson and Patrick Kirts analyze paper companies. Published on Seeking Alpha
At Portfolio Asset Management, we love a good fire sale. However, we don’t want to get stuck holding the bag for an industry that is going broke. Remember, you can’t live under a worthless stock certificate. Last week on CNBC we were asked about the casual dining sector. Our response was that the only thing on the dollar menu was the price of the stocks, some of which will go bankrupt. The same thing has already happened with the paper sector. On Friday the 13th, the American Forest & Paper Association showed an unprecedented decline of 25.3 percent in January 2009 from a year ago. Smurfit-Stone went belly up last month and others are on their way.
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Lee Munson comments on the week ahead on TheStreet.com
Posted in In The Press on February 16th, 2009Lee Munson discusses dining stocks on CNBC’s “Closing Bell”
Posted in In The Press on February 9th, 2009Horizon Lines: Full Steam Ahead?
Posted in Latest Reports on February 5th, 2009Lee Eugene Munson and Patrick Kirtz analyze Horizon Lines. Published on Seeking Alpha
Horizon Lines, Inc. (NYSE: HRZ), the nation’s leading domestic ocean shipping and integrated logistics company, is an excellent example of a company with a strong economic ‘moat’. Portfolio Asset Management has been looking for some protectionism plays as the stimulus plans take form, as I mentioned on CNBC during my February 2nd interview on Closing Bell.
HRZ is the primary beneficiary of Congress’ 1920 Jones Act, which states that a vessel transporting cargo from one U.S. port to another, whether via wholly domestic or foreign ports, must be owned, built, and crewed by Americans. More than one billion tons of the two-and-a-half billion tons of annual maritime cargo in the U.S. falls under Jones Act control. Horizon’s competition, therefore, has an expensive barrier to entry into the domestic maritime shipping market. When was the last time you saw a cargo ship being made in the U.S.?
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