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Would an Apple Share Buyback Make Sense – why they should take a play out of Amgen’s and Home Depot’s playbooks

Feb 072013

Apple (AAPL) has lost the excitement out in the investing community. Even with a record 4th quarter earnings of $13.81 that beat most estimates, the stock plunged around $60 per share, and the stock is down $250 from its high. Sure there is news that there wasn’t the amount of sales expected for many products, some due to material issues and others due to just lack of sales. But with a current PE of about 10.5, most would agree that Apple is as strong as ever. Here is one way I believe that Apple can generate more profits and excitement, An Apple share buyback program.

Let me highlight some very good reasons for an Apple share buyback. The biggest item I believe is that it shows the public that the company supports the stock. If announced on a sell off or a low point, it can show that the company believes the stock is cheap and it’s a great investment currently. Fewer shares will also increase the current shareholders value, increase EPS, increase the float %, and can save a dividend paying stock money. This is an investment in your company, if as a CEO you believe you are a better investment than anything else currently available.

There are also possible negatives to a stock buyback. First off, if you cut departments in your organization that could contribute to future growth. Amgen (AMGN) did this with their R&D department while buying back shares. I wrote an article on this last March:http://seekingalpha.com/article/418481-amgen-real-earnings-growth-or-just-a-mirage

Amgen also issued debt to buy back the shares as well. However, the stock has taken off after I wrote this article, from $67 a share then to around $86 today. They will be listed below in the positive examples. Other reasons to avoid a share buyback could be to buy competitors out, grow your existing business, buying shares when they are overpriced or issuing debt to buy back the shares. One other negative could be what some people call fake EPS growth, where the public believes that the company is growing, but in reality, they are not. However, I think this could be a positive for Apple.

Let me highlight a couple great examples of where the share buyback has been extremely positive for a company.

Amgen’s most recent major stock buyback happened late in 2011, where they bought back $5 billion in shares. This equated to about 83.3 million shares at $60 per share. They also had a $2 billion offering in 2011 and another one late in 2012. In this article from businessweek late last year, they stated that Amgen had bought back $9.5 billion in stock since October 2011, and had $500 million left to continue the purchase.

So let us do some simple math for Amgen. At October 2011, Amgen had around 932 million shares of stock outstanding. Today, they have around 767 million shares outstanding.

932 million – 767 million = 165 million shares purchased

$10 billion / 165 million = $60.61 per share

Seeing that Amgen is at $86 a share currently, it looks like a wise move.

Home Depot (HD) has also participated in a few share buybacks, and was quite aggressive in buying back shares in 2006, 2007, 2010 and 2011. Were these buybacks a solid investment?

In June 2007, Home Depot announced a $22.5 billion share repurchase, after selling their construction supply division for $10.3 billion. This was hoped to help a stock that was falling fast with the housing downturn. Later they decided to only buy back 289 million shares at $37 a share, which amounted to just over $10 billion.

However, Home Depot has continued towards that initial $22.5 billion in share repurchases, though in hindsight they missed great buying opportunities in 2008 and 2009. In 2010 and 2011, another 160 million shares came off the market, 2.5 billion in 2010 and with 3.5 billion allocated in 2011 to buy back shares. These shares would have all been repurchased at under $40 per share.

Today Home Depot is sitting close to an all-time high at $67 per share. They continue to buy back shares.

Apple currently has around $137 billion in free cash in reserve. Apple announced last March that they were going to start share buybacks of $10 billion, which is a drop in the bucket of at that time, $97.6 billion in cash. The reasoning for these buybacks was to offset stock issuing to employees. I believe it’s time for Apple to be extremely aggressive and buy back shares of their company as a significant discount. Apple currently has 939.06 million shares. Let’s say for example that Apple launches an aggressive $70 billion dollar share buyback. At $450 per share, that would equate to 155.55 million shares.

Let’s look at some numbers:

Date	Shares	EPS	Income
2012	939.21 million	44.15	41.73 billion
2013(projected)	939.06 million	46.22	43.40 billion
2013(buyback)	783.51 million	55.39	43.40 billion
2014(projected)	939.06 million	53.35	50.10 billion
2014(buyback)	783.51 million	63.94	50.10 billion

With this aggressive buyback, this would drive Apple’s forward PE to 8.1, and would also save the company $1.65 billion each year in dividend payments. The company would not have to take on any debt to do this, or cut spending on research, etc. Also on their current rate of acquiring cash, they would make this cash back in two years. This will also send a message to the public that Apple believes in themselves and the value of their stock and product.

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Seeking Alpha Certified

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Jun 012012

Hello loyal readers. As I stated in a previous post, I have not added as many new articles to the website as I have previous. I have focused most of my attention on the website http://seekingalpha.com/ where my author page is http://seekingalpha.com/author/jonathan-wolfe

I recently became Seeking Alpha Certified, and I believe currently my exposure on there will help traffic and ideas for my personal website. Hang with me as I improve my writing and this website and feel free to comment or email if you have any questions about anything stock market related!

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Dog of the Dow #8, Intel (INTC)

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Mar 272012

The #8 dog of the Dow for 2012 is Intel, (Ticker symbol INTC). Intel is an American semiconductor manufacturer. They are the largest and most profitable chip maker in the world. Intel is a 133 billion dollar cap company; and had a record 54 billion in sales in 2011. Intel is headquartered in Santa Clara California. The company was founded in 1968. Intel is the youngest Dog of the Dow.

A theme of most of these Dogs of the Dow has been their stock history with growth. However Intel has not followed that same pattern. Intel saw a giant boom from 1998-2000 with the tech stock run up. However, the stock fell off a cliff, so to speak and went from over 75 bucks a share in 2000 to 13 in 2002. Since then, Intel has gone from a high PE tech stock to a solid blue chip company.

Since 2002, Intel has shown some growth, and is now around 27 dollars a share. Intel has shown significant dividend growth during this time. In 2003, the quarterly dividend was 2 cents a quarter and today it is 21 cents a share.

As mention above, Intel has continually increased their dividend for over the last 10 years. The current quarterly dividend is 21 cents a share. Its current dividend yield is 3.10%. I fully expect that Intel will keep their dividend solid at this value and more than likely even increase this dividend before the end of 2012.

Intel’s earnings were reported at $2.44 for 2011 and projected to be $2.44 for 2012 and $2.62 for 2013. This is a company that is continuing to grow, even with strong competition from other chip companies such as AMD. All of this equates to an average P/E ratio of around 10.5. Forward PE for 2012 is holding steady at 10.5.

My unofficial estimate is that INTC will increase in value as one of the Dogs of the Dow. This Dog of the Dow will be at $32 a share by the end of the year, and the quarterly dividend will pay you 84 cents or maybe even a little more for the year. Intel reminds me a lot of Microsoft, which was a tech stock that has been held down over the past many years until it established itself as a strong blue chip stock. Intel stock will continue to provide solid earnings for the next many years, and could be a great buy and hold stock. I expect Intel to break it open as the economy improves.

Disclosure: I currently do not own any shares of INTC.

Go back to my original post for 2012 Dogs of the Dow. 2012 Dogs of the Dow

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Exelon Corporation – Wolfey’s Stock Pick of the Month for March 2012

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Mar 122012

Exelon Corporation (EXC) is Wolfey’s Stock Pick of the month for March 2012. Let me tell you some background about Exelon:

Exelon Corp has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. It is the largest owner/operator of nuclear plants in the United States. Exelon delivers electricity to approximately 5.4 million customers in northern Illinois via ComEd and southeastern Pennsylvania via PECO, as well as natural gas to approximately 494,000 customers in the Philadelphia area via PECO. Exelon is headquartered in Chicago.

Exelon was the #1 U.S. utility for the second year in a row on Forbes Magazine’s 2011 list of the world’s 2,000 largest, most powerful public companies. Exelon has been the top-ranked electric and gas utility on the FORTUNE 500 for four years running. Exelon was the #1 U.S. electric utility on Platts’ Top 250 Global Energy Companies list in 2011.

Exelon stock has been flat for a long period of time now, and recently it has been trading in the 39 dollar range. Exelon pays a dividend of 2.10 a share, which equates to a 5.4% yield. People are bearish on Exelon based on depressed generation prices and projected EPS decreases for 2012 and 2013.

Projected Earnings for Exelon are as follows:

2012 EPS: $3.02

2013 EPS: $2.86

These are significant decreases even over 2011 EPS, which was $4.16. However, there is light at the end of the tunnel for Exelon. Exelon is merging with Constellation Energy, and Constellation brings a diversified portfolio to Exelon. Exelon believes with Constellation in the mix, they can also produce a combined cost savings of 5% by 2013, which would move 2013′s EPS into the 3 dollar a share range, even after the dilution of stock from the merger.

Exelon provides one of the strongest dividends for utility companies, with a 5.4% yield. They also have a solid PE ratio of 10.38, with a forward PE of just over 13. I am in on Exelon and I believe it’s a solid utility with growth potential for your portfolio.

Read my article here if you want more in depth about my thoughts on Exelon. Hope you can benefit from this stock pick of the month!

I am long EXC.

Originally posted March 10, 2012

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Dog of the Dow #7, Johnson & Johnson (JNJ)

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Mar 072012

The #7 dog of the dow for 2012 is Johnson & Johnson, (Ticker symbol JNJ). JNJ is a multinational pharmaceutical, medical devices and consumer packaged goods company. JNJ is a 176 billion dollar cap company; and had nearly 62 billion in revenue in 2011. JNJ is headquartered in North Brunswick New Jersey. The company was founded in 1887. A neat fact about JNJ is that they registered hundreds of prized domain names during the 1990’s before the real large internet boom.

A theme of most of these Dogs of the Dow has been their stock history with growth. JNJ had extensive growth from 1984 to 2002, where the stock went from around 2 dollars a share to 65 dollars a share. The stock is still at that price today. Since 2002, JNJ has mostly stayed in the 60-65 dollar range, minus a period in 2003-2004 and the 2009 crash.

Though JNJ has not shown any real growth in the last 10 years, it has shown significant dividend growth during this time. In 2002, the quarterly dividend was 18 cents a quarter and today it is 57 cents a share.

As mention above, JNJ has continually increased their dividend for over the last couple decades. The current quarterly dividend is 57 cents a share. Its current dividend yield is 3.50%. I fully expect that JNJ will keep their dividend solid at this value and more than likely even increase this dividend before the end of 2012.

JNJ’s earnings were reported at $4.80 for 2011 and projected to be $5.11 for 2012 and $5.44 for 2013. This is a company that is continuing to grow, after a year of beating earnings every quarter. All of this equates to an average P/E ratio of just under 13. Forward PE for 2012 is looking closer to 12 at the current projections.

My unofficial estimate is that JNJ will hold pretty steady as one of the Dogs of the Dow. This Dog of the Dow will be at $68 a share by the end of the year, and the quarterly dividend will pay you 2.28 or maybe even a little more for the year. JNJ’s growth numbers look strong, but the stock did not break through even with consistently beating earnings in 2011. This stock will continue to provide solid earnings for the next many years, and could be a great buy and hold stock. I just would not expect a large breakthrough gain from JNJ.

Disclosure: I currently do not own any shares of JNJ nor do I plan to purchase any in the near future.

Go back to my original post for 2012 Dogs of the Dow. 2012 Dogs of the Dow

Originally published March 3, 2012.

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Wolfey’s Dividend Articles on Seekingalpha.com

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Mar 052012

For frequent viewers of my site, don’t think I have slacked off because I’m not producing the 2-3 dividend articles a week that I was, I have just shifted some attention to the website http://seekingalpha.com/

I am hoping to build a larger audience and following through a site which will republish my articles on major sites and hopefully be able to provide exclusive content here for my readers. I will continue to write the “Dogs of the Dow” series, and some other tips and hot picks.

If you want to view my dividend articles on seekingalpha, view my profile on there: http://seekingalpha.com/author/jonathan-wolfe

Thanks!

Wolfey

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Dog of the Dow #6, DuPont (DD)

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Feb 212012

The #6 dog of the dow for 2012 is DuPont, (Ticker symbol DD). DuPont is the 3^rd largest chemical company in the United States, and is a 47 billion dollar cap company; DuPont is headquartered in Wilmington Delaware. DuPont is an extremely old company, established back in 1802 as a gunpowder mill. DuPont’s main items are manufacturing polymers, paints and refrigerants.

A theme of most of these Dogs of the Dow has been their stock history with growth. DuPont had extensive growth from 1985 to 1998, where the stock went from around 8 dollars a share to 77 dollars a share. The stock has not seen this value again. After 1999, DD fell and settled around the low 40 dollar a share range with no growth. After the 2009 crash, the stock went below 20 dollars a share, however DuPont finally had a great growth period, reaching values above 55 dollars a share.

DuPont had their stock fall back to the 38 dollar range just back in October. The stock was clearly undervalued at that point and it has been on the run, back up to 51 dollars a share here at the end of January 2012.

DuPont has kept a solid dividend since 2008. The current quarterly dividend is 41 cents a share. Its current dividend yield is 3.23%. I fully expect that DuPont will keep their dividend solid at this value.

DD earnings were $3.68 a share for 2010, and were just reported at $3.93 for 2011 and projected to be $4.26 for 2012 and $4.78 for 2013. This is a company that is continuing to grow, after some years of slow growth. All of this equates to an average P/E ratio of just under 14. Forward PE for 2012 is looking closer to 13 at the current projections.

My unofficial estimate is that DD will grow slowly as one of the Dogs of the Dow. This Dog of the Dow will be at $55 a share by the end of the year, and the quarterly dividend will pay you 1.64 for the year. DD’s growth numbers look strong, but chemical stocks are not favored in the market currently. However this would be a great buy and hold stock for a multi-year period. Just don’t expect huge gains here in 2012.

Disclosure: I currently do not own any shares of DD nor do I plan to purchase any in the near future.

Go back to my original post for 2012 Dogs of the Dow. 2012 Dogs of the Dow

Originally posted February 21, 2012

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Dog of the Dow #5, General Electric (GE)

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Feb 162012

The #5 dog of the dow for 2012 is General Electric, (Ticker symbol GE). General Electric is the 6^th largest company in the United States, and is a 200 billion dollar cap company; General Electric was founded in Schenectady New York. GE is a very old company, established back in 1892. GE is currently split up in four segments, Technology Infrastructure, Energy, Capital Finance and Consumer & Industrial.

In 1896, GE was one of the original 12 companies to be listed on the newly founded Dow Jones Industrial Exchange. It is the only one that remains today from the original 12.

GE went through a 20 year period of exceptional growth, where the stock value went from 1 dollar a share (split adjusted) in 1980, to a high of 59.88 in August of 2000. However after 2000, GE has experienced a significant drop in their stock value. Over the next two and a half years, GE lost over half of their value, as the stock fell in the 22 dollar range, during the 2003 recession.

GE once again came back, experiencing strong growth into 2008, with share prices going over 40 dollars a share. A solid dividend of 31 cents a quarter made it a strong stock during this period. Then 2009 happened, and the stock fell all the way to 7.06 a share. GE had to change course of their company.

During 2009, GE cut back their dividend from 31 cents a quarter to 10 cents a quarter. GE has come back from 7.06 a share to just over 19 dollars a share today. The dividend has also been increased, though not back to levels in 2008. The current quarterly dividend is 17 cents a share. Its current dividend yield is 3.6%. However, I would believe that GE will probably boost their dividend once again in 2012, working it back towards the levels we seen in 2008.

GE earnings were $1.24 a share for 2010, and were just reported at $1.37 for 2011 and projected to be $1.56 for 2012 and $1.75 for 2013. This is a company that is continuing to grow, even though it’s already huge. All of this equates to an average P/E ratio of about 15. Forward PE for 2012 is looking closer to 12 at the current projections.

My unofficial estimate is that GE will be the big winner in the Dogs of the Dow. This Dog of the Dow will be at $25 a share by the end of the year, and the quarterly dividend will be increased to 19 cents. GE has made money for its investors for almost a century, and minus the 10 years which have been up and down, its ready to be a top stock once again.

GE was a Dog of the Dow back in 2009. Even with their poor year in 2009, if you bought the stock the first week of January, then sold it the first week of January in 2010, you would have still made a profit. This is why, as I stated above, I will bet on GE making you a profit for 2012.

Disclosure: I currently do not own any shares of GE. However, I may place a limit order on the stock during the month of February.

Go back to my original post for 2012 Dogs of the Dow. 2012 Dogs of the Dow

Originally published February 16, 2012

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High Yield Utility Stocks (Electric Sector)

High Yield Stocks, Main No Responses »

Feb 122012

A strong dividend play is investing in high yield utility stocks. Most investors are aware of this strategy, much more than the investments in Business Development Companies or Real Estate Investment Trusts, which I have written articles on here in the past. Utility stocks are usually considered safe dividend stocks, due to the constant demand for their services (electricity, water, gas, etc). This article is going to focus on high yield utility stocks in the electric sector. I am going to even focus even deeper and talk about electric companies with generation and distribution pieces.

	Q3 (Sep ’11)	Q4 (Dec ’11)	2011
EXC -Exelon
Net profit margin		14.26%	13.01%
Operating margin		24.98%	23.35%
EBITD margin			30.31%
Return on average assets		4.45%	4.65%
Return on average equity		16.91%	17.86%
Employees		19,214
P/E Ratio			10.67
Dividend Yield %			5.24%

DUK – Duke Corporation
Net profit margin	11.83%		9.25%
Operating margin	19.35%		16.17%
EBITD margin			28.69%
Return on average assets	3.12%		2.27%
Return on average equity	8.33%		5.95%
Employees	18,440
P/E Ratio			15.52
Dividend Yield %			4.66%

SO – Southern Company
Net profit margin		7.49%	12.84%
Operating margin		15.94%	23.96%
EBITD margin			33.69%
Return on average assets
Return on average equity
Employees		25,940
P/E Ratio			17.26
Dividend Yield %			4.23%

D – Dominion Resources
Net profit margin	10.41%		19.61%
Operating margin	21.90%		37.51%
EBITD margin			44.45%
Return on average assets	3.63%		6.98%
Return on average equity	13.49%		25.56%
Employees	15,800
P/E Ratio			19.03
Dividend Yield %			4.26%

TE – Teco Energy
Net profit margin		7.10%	8.16%
Operating margin		17.37%	18.59%
EBITD margin			28.30%
Return on average assets		2.92%	3.74%
Return on average equity		9.42%	12.29%
Employees		4,233
P/E Ratio			14.12
Dividend Yield %			4.94%

PPL – PPL Corporation
Net profit margin	14.39%	9.60%	11.44%
Operating margin	25.13%	20.37%	23.71%
EBITD margin			33.42%
Return on average assets	4.42%	3.89%	3.86%
Return on average equity	16.49%	14.88%	15.17%
Employees	13,809
P/E Ratio			10.85
Dividend Yield %			5.05%

PGN – Progress Energy
Net profit margin	10.67%		8.51%
Operating margin	25.12%		20.16%
EBITD margin			29.19%
Return on average assets	3.52%		2.70%
Return on average equity	11.58%		8.83%
Employees	11,000
P/E Ratio			20.61
Dividend Yield %			4.55%

FE – First Energy Corp
Net profit margin	10.79%		5.70%
Operating margin	21.66%		13.53%
EBITD margin			19.12%
Return on average assets	4.33%		2.20%
Return on average equity	15.74%		9.17%
Employees	13,330
P/E Ratio			17.75
Dividend Yield %			5.16%

Exelon – EXC is the largest power producer in the United States. Not sure if its merger issues or what, that has the stock stale at about 40 dollars a share. EXC has extremely positive numbers with over a 5% dividend yield and a PE ratio of just over 10. The other numbers above show a positive trend and larger profit margins than most over utilities listed.

Duke Energy – DUK is approaching a price high they haven’t seen since late in 2006. The stock is approaching 22 dollars a share. DUK has a very strong dividend yield of 4.66% and a PE of 15.52. DUK is also showing positive growth in net profit margin and operating margin, but not the same margins that Exelon is showing.

Southern Company – SO has just came off of an all-time high and their stock is sitting just below 45 dollars a share. SO continues to show strong net profit and operating margins as well as increasing dividend payouts. SO yields 4.23% with a PE of just over 17.

Dominion Resources – D just like Southern Company is coming off of an all-time high, and their stock is sitting just below 50 dollars a share. D has shown some of the strongest margins over the past couple of years, but their margins have slipped the past couple quarters. D yields the same as SO, with a 4.23% yield and a slightly higher PE of just over 19.

TECO Energy – TE, is the smallest company I have listed here. I have included TE here due to their high dividend yield, 4.99% and their PE of 14. But buyer beware as they just missed earnings for the 4^th quarter, with lower revenues. However, they did increase the dividend once again, so keep an eye on TECO.

PPL Corporation – PPL beat 4^th quarter earnings estimates by 8 cents a share. PPL like TECO decided to raise their dividend 1 cent per quarter to 36 cents a quarter. PPL has a 5.06% yield and a PE of 10.85.

Progress Energy – PGN sits in the same mold as DUK, SO, and D with its stock at an all-time high. PGN has a 4.54% yield and a PE of over 20.

First Energy – FE has been a stock laying around 40-42 dollars a share for quite some time. FE has a PE of just under 18, and a yield of 5.16%.

I could have written pages on each of these companies and reasons of why and why not to buy these stocks. I want to make this as simple as I could for everyone reading this.

Avoid SO, D, PGN, and DUK. All these stocks are at or near all-time highs. There are better stocks in this sector for growth. Double avoid SO and D as their profit and operating margins have fallen quite a bit.

Watch and wait on TE. TE has fallen from over 19 at the start of the year into the mid 17’s. As mentioned, their earnings report was well short this quarter, but I believe this is a stock to buy if it falls to 16 a share.

These are the stocks to buy from this article, EXC, PPL and FE. Why these three? All three have dividend yields over 5%. All three stocks are well below their all-time highs and they have room to grow. EXC and PPL show PE ratios that are under 11. FE has shown increases in profit and operating margins. These are the high yield utility stocks you should look to invest your money in.

Full disclosure: I own PPL, and DUK. After research/writing this article, I am planning to sell DUK, and placing an order on EXC. I will also place a limit order in for TE at 15.90 a share. I also work for PPL, and I am long in my position with PPL. I have not given any inside information on PPL in this article and all information in this article for PPL is readily available on their quarterly and annual reports available on their internet website.

Originally posted February 12, 2012

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A sin – Investing in high yield tobacco stocks

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Feb 072012

I know some people won’t want to even venture into these stocks, but there is money to be made in stocks that aren’t healthy or popular. I’m not talking about fast food today, I’m talking about tobacco stocks. I want to talk about the following high yield tobacco stocks:

These high yield tobacco stocks had a killer year in 2011, and are showing income gains for 2012 as well. Do I think tobacco stocks can duplicate their 2011 performance? No, I don’t think so, but I think a couple of them can outperform the market. Below I’m going to talk about the top high yield tobacco stocks for the near term.

RAI is Reynolds American Inc. They are best known for making Camel cigarettes. They had a monster year in 2011, going from 32 dollars a share to 41 a share, while also raising their dividend from 53 to 56 cents a quarter. Earnings are projected to increase 6% for 2012, while paying well over 5% yield.

PM and MO are stocks spun off from Philip Morris. PM is Philip Morris International, which basically sells tobacco products internationally. MO is Altria Group, and the parent company of PM. Altria sells to the domestic clients, plus owns a large share of SABMillerCoors. PM is showing a bit extra growth over MO, but has a smaller dividend yield than MO, 4.11 to 5.73% respectively. PM and MO also have the highest net margin of all the tobacco stocks.

VGR is Vector Group LTD. They manufacture Liggett cigarettes and also own real estate properties. VGR stock has not increased much year over year, but pays nearly a 10% dividend along with a 5% stock dividend. Please refer to my article about why to own dividend stocks where I talk about VGR and the profit you can make off of it.

LO is Lorillard Inc. They are best known for manufacturing Newport cigarettes. LO is highly institutionally owned, at 97%. LO also had a huge year, going from 74 a share a year ago, up to 110 bucks today. LO has a big dividend, at 5.20 a year, a yield of 4.7%. The only negative about LO is pending litigation against menthol cigarettes, and a decreasing net profit margin in 2011.

UVV is Universal Corporation. They are more on the side of growing the tobacco leafs, and not on the cigarette business. UVV pays a 4.3% dividend. UVV scares me based on their losses on gross income in the last quarter they have reported.

So I’m not here to convince you to be a sinner and buy any of these tobacco stocks, but I wanted to give you the pros/cons of them, and I personally believe there is money to be made off of them.

My picks, I would avoid LO and UVV. MO has been industry best for years. RAI still has room to grow. If you want to pick two to invest in for cash money, I would pick MO and VGR. If you want money and growth, pick PM and RAI. Hope this gives you a little insight to the options for high yield tobacco stocks for you.

Disclosure, I am long MO and VGR.

Originally published February 7, 2012

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