Alice TsangLightstream ResourcesLTS.TOCOMMENTNov 23, 2012

(Market Call Minute.) An over levered balance sheet, and he has concerns the stock could go to zero.

He would sell this and take a tax loss, and take your money and put it into almost any other name. This company has no equity value in his opinion.

(Market Call Minute.) This is a terminal company with zero equity value and you should blow this out and move on.

(A Top Pick Feb11/15. Up 75.52%.) *Short* Has a lot of problems and will probably tumble another $0.30 towards zero. This was a stock that was very much linked to this whole energy weakness. He has bought back in much of his position, so doesn’t hold very much anymore.

(A Top Pick Jan 2/15. Up 82.11%.) *SHORT* The whole Short thesis has been a positive one. He still has a tiny bit left, but has closed essentially 99% of his Short.

(A Top Pick Jan 2/15. Up 80.08%.) *SHORT*. A company that has been really struggling for some time. Balance sheet issues. He still likes this as a Short.

(Market Call Minute.) Take your tax loss. In his opinion there is zero equity value in this company.

The short term risk is to the downside with the whole sector. You want to be buying into the sector on pullbacks, however. He tunes it out when a stock is in the $1 range. It means there are some kind of problems. It is down 90%.

Earnings have vanished and are expected to be minus $0.72 in the coming year. The quality of its balance sheet is pretty good, so it looks to have some defensive firepower. Trading at an 80% discount to BV. If you own, put it away and cross your fingers. Very cheap.

Stay away. Lots of debt on the balance sheet. The dividend was cut.

At these prices, you are betting that the company doesn’t have to restructure before oil prices recover. He thinks we are in the middle of a bounce in oil that will retrace a little bit. In the near term he is cautious on oil, but in the 2^nd half of the year thinks we are going to get a sustainable recovery in oil prices. This company is going to be challenged, but you are at about $1.50 right now. It is like a bit of an option right now, in that you are betting on a recovery before a restructuring.

(Short) A debt heavy oil producer. It is up against its bank lines. Have covenants of 4X net debt to EBITDA. Bonds are selling at less than $0.60 on the dollar.

SHORT. This has come down a lot already and he thinks it continues to drift down to $0.20, and maybe even lower. Their big problem is that they have a lot of debt. They are trying desperately to shore up their balance sheet and sell their south east Bakken lands, with no real luck. Debt to cash flow is 7.1X. Have already slashed their CapX budget by 61% and the dividend by 63%.

Unless you are a real bull on the price of oil, they are too cavalier with capital on the balance sheet. There are multiple other better names.

A very speculative name. At this level, it’s debt to cash flow at $75 oil is 5.2%. Investors start to get nervous at around 3%. He models its payout ratio at 152%.