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Brad Kenagy  

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  • A New ETF That Is Like The VIX For High Yield Bonds [View article]
    NO you are incorrect, HYG owns the INDIVIDUAL high yield bonds and when those pay bonds dividends, HYG passes those onto investors. SJB does not short the individual bonds, it uses Swaps, so there are no dividends from its underlying holdings to be passed onto holders of SJB.
    Aug 12, 2014. 04:08 PM | Likes Like |Link to Comment
  • A New ETF That Is Like The VIX For High Yield Bonds [View article]
    SJb tracks the inverse of the INDEX that HYG tracks, and not the inverse of the performance of HYG. According to the SJB page:

    "ProShares Short High Yield seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Markit iBoxx $ Liquid High Yield Index."
    Aug 12, 2014. 03:14 PM | Likes Like |Link to Comment
  • A New ETF That Is Like The VIX For High Yield Bonds [View article]
    Thank you for the comment, but I am not wrong. I Never said I was using Total Return, I was using price return NOT Total Returns. SJB is supposed to be -1x the PRICE performance of HYG, not -1x the total return.

    Since you asked the about the total returns:

    SJB Total Return since inception: -30.37%
    HYG Total Return Since inception: +26.57%
    Aug 12, 2014. 02:48 PM | Likes Like |Link to Comment
  • A New ETF That Is Like The VIX For High Yield Bonds [View article]
    Thank you for the comment. I agree with you the details will matter, that is why I believe it is best to wait and see how the fund trades before jumping in.
    Aug 12, 2014. 02:03 PM | Likes Like |Link to Comment
  • A New ETF That Is Like The VIX For High Yield Bonds [View article]
    According to ETF.com "WYDE will pay out that yield over time (like a short-equity seller owing dividend payments), and will go up in NAV should spreads widen, or should there be some sort of crazy rash of defaults."

    http://bit.ly/1r7fBhs
    Aug 12, 2014. 02:03 PM | Likes Like |Link to Comment
  • Three Chart Alarm: The Fed Has Set-Up The Corporate Bond Market For A Big Fall [View article]
    I am long PHB which fundamentally screens high-yield bonds, and it has been a big winner for me. I really dont want to sell PHB since it has been such a good performer and pays a stable 4.43% yield. However, I have been looking at some new high yield bond funds that hedge by shorting treasuries. Funds like:

    First Trust Tactical High Yield ETF (NASDAQ:HYLS)
    ProShares High Yield-Interest Rate Hedged ETF (BATS:HYHG)
    iShares Interest Rate Hedged High Yield Bond ETF (NYSEARCA:HYGH)

    Or a fund that targets a specific duration for high yield by shorting US treasuries.

    WisdomTree BofA Merrill Lynch High Yield Bond Zero Duration ETF (NASDAQ:HYZD)
    WisdomTree BofA Merrill Lynch High Yield Bond Negative Duration ETF (NASDAQ:HYND)
    Aug 4, 2014. 09:53 PM | Likes Like |Link to Comment
  • Berkshire Share Class Ratio As A Buy Point Indicator [View article]
    Thank you for the comment. The spread between the 19.03% vs 11.35% [7.68%] is almost the same difference as the average spread I found in the previous occurrences a buy signal was triggered 27.15% BRK.B vs 19.46% for the SPY [7.69% difference]. I will keep you posted if a buy signal is triggered again. Maybe I will look and see if a pattern for a sell signal exists.
    Aug 4, 2014. 08:52 PM | 1 Like Like |Link to Comment
  • Potential Targets For Activist Investors [View article]
    The takeover defenses are only 1/4 of the criteria I set which were:

    -Stocks that had similar characteristics to past Icahn targets
    -Overall poor corporate governance
    -Weak Takeover Defenses
    -Under performing the market

    I guess I should have communicated my thoughts more clearly on takeover defenses. Even if a company has strong takeover defenses that does not mean an activist investor could still come in attempting to create value, for example advocating for a spin-off, sale of non-core assets, capital return policy, etc.

    I have addressed the issues you have brought up. Please move on and harass someone else.
    Jul 31, 2014. 01:07 PM | Likes Like |Link to Comment
  • Potential Targets For Activist Investors [View article]
    I eliminated FDO from consideration because it was an activist target prior to my article.
    Jul 31, 2014. 11:02 AM | Likes Like |Link to Comment
  • Fed tapers as expected, sees economy gaining speed [View news story]
    Different language, "the likelihood of inflation running persistently below 2% "has diminished somewhat." Tells me inflation is coming!
    Jul 30, 2014. 11:56 PM | Likes Like |Link to Comment
  • Constructing A Simple Defensive Portfolio [View article]
    Thank you for the comment. I tend to be somewhat conservative too in my own personal portfolio. My top holdings are MLPs (NYSEARCA:AMLP), Fundamentally screened Corporate bonds (NYSEARCA:PHB), and low volatility stocks (NYSEARCA:SPLV). I have individual stocks I own that are growth stocks, I would say my portfolio is about 2/3 defensive/conservative 1/3 growth.
    Jul 30, 2014. 11:18 PM | Likes Like |Link to Comment
  • Potential Targets For Activist Investors [View article]
    Pretty much any stock could be a target for activist investors, AAPL was even a target for Carl Icahn. With these having under performed the market, and having governance issues besides shareholder rights issues, Yes I believe they are potential activist targets.
    Jul 30, 2014. 11:16 PM | Likes Like |Link to Comment
  • Potential Targets For Activist Investors [View article]
    @erpichtauf Yes it may be true that they have STRONG takeover defenses but to break through those, at the four under performing companies in my article it would likely take an activist investor, to accomplish and change in board seats, or advocate for a sale.
    Jul 30, 2014. 09:00 PM | Likes Like |Link to Comment
  • Constructing A Simple Defensive Portfolio [View article]
    Thank you for the comment, glad my article was informative for you.
    Jul 30, 2014. 02:32 PM | Likes Like |Link to Comment
  • To ETF Or To Not ETF [View article]
    Im sorry but no where did I say anything about annualized yield, my data is percentage changes. I used the $10000 just as a round even number to compare apples to apples. Yes the beginning price of ITA is the same, BUT the prices of PPA, BA,UTX, GD, and LMT are NOT the same since the start price you used way 6 months older, and because of that it is not a Apples to Apples comparison.

    Also, you never mentioned anything about how your portfolio of Top holdings was weighted in your article? Are they market cap weighted, equal weighted, price weighted, dividend yield weighted, risk weighted?

    I'm not changing the data to fit my data, i'm fixing what is wrong with yours.

    Overall I like the premise behind the article, however your data is incomplete and inaccurate, and you still have alot to learn about properly researching data.
    Jul 30, 2014. 10:05 AM | Likes Like |Link to Comment
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