Some Thoughts Last night at our place in the mountains in southwest Spain and headed to a Norwegian friend's penthouse condo on the Mediterranean for another week. Was a hiking week as opposed to a cycling week.
Anyway - great discussion Obscure and Analog....
Analog and Obscure - your posts illustrate a point I have made many times before and that is that split share stocks are trading vehicles not long term investments. As well, as part of this perspective it is wise to only buy them at or near NAV and not at a significant premium to NAV. As trading vehicles there are often short term trading inefficiencies which can be exploited (something you have alluded to Obscure)
Obscure - I share your long term view regarding ENB. Longer term they are doing the right thing on many fronts - NG distribution and lower costs of running their pipelines. Short term they have some challenges associated with the short term debt they are assuming with their recent purchase and hence the planned equity raise. With that in mind, I must admit that I think there may be opportunities to buy ENS at cheaper prices in the next few months following the raise
I own ENS but not at a full position that you have for this reason. In the meantime, for that portion of my portfolio allocated to splits I am trading others. Should the ENS SP fall in sympathy to the upcoming raise by ENB, I may well take advantage and buy more if a price inefficiency emerges.