EGLE, a Slow Boat to China Kicking Off 11%

Early on I realized two of the great icons of America, apple pie and motherhood, were the worst experiences in the world. Apple pie has fat, cholesterol and too many calories. A good mother is to be revered, loved and admired. At least one out of five is a good mother. I think I make myself clear.

--Seth Glickenhaus

This guy is no jackass. But it is important to start from the begining, and long before:

• Warren Buffet finished his Master's Degree with Benjamin Graham
  
• Wall Street Wizards made Time Magazine covers in the 1960's, or
  
• Ivan Boseky was on top of the world in the 80's, or
• Dan Dorfman's noontime reports on CNBC in the 90's, or
• Jim Cramer's Home Gamer, Mad Money syndrome,

Seth Glickenhaus was hitting tripples and smaking home runs in the equity markets like Babe Ruth. Maybe better.

In fact, long before Jim Cramer got his first wedgy, Glickenhaus began the longest unbroken record of beating the benchmark of any professional investment manager on record. Now, we don't know if that is strictly true, but everyone says so, which makes him a living legand.

He was out there banging the drum for PGH a few years back, which kicks off a massive yield from its natural gas sales, and is worth a look; but more recently he got behind a shipping company called Eagle Bulk Shipping, which does a lot of trade in China, complete with modern boats that unload before they ever get to the docks. What's more, they stand by a policy of paying high yields to investors, which is our kind of special situation. The yield on EGLE is massive (11.70 today), and looks almost TGTBT. Almost, were it not Seth Glickenhaus who has been talking the smack.

By some apperances, it looks just plain good, but will it remain so, even if their slow boat to China gets even slower, as Americans slow down their hand over fist buying of products made there.

If you're into the cold comfort of Wall Street analysts, Cantor, Fitzgerald cut wind today, which was printed as the following:

09:44 am Eagle Bulk Shipping: Cantor Fitzgerald upgrades Hold to Buy. Target $18 to $21. Cantor Fitzgerald upgrades EGLE to Buy from Hold and raises their tgt to $21 from $18 noting the co announced that it secured three attractive long-term charters at rates above current charter rates. The firm also raised their rate renewal expectations for other contracts ending in 2007 given the ongoing strength in the dry bulk market.The firm says the co has secured roughly 93% of its 2007 fleet operating days, which should provide visibility to Eagle Bulk's revenue stream and support the co's high dividend payout policy.

How is it trading? It's Bollinger Bands are outside it's price right now, and its MACD moving averages suggest a buy. Stay tuned, we will.