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Jeffrey Gall

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  • mREITs' Golden Era Is Over - Part I [View article]
    Where is the analysis for why the golden age is over? This is one of the worst articles I have read on SA. Shame on SA for publishing this.
    Feb 21, 2012. 11:00 PM | 9 Likes Like |Link to Comment
  • Armour Residential REIT Will Maintain A Big Dividend Through 2014 [View article]
    How was this article well written? No comment on any of the metrics relevant to how REITs make money - net interest spreads, sensitivity to interest rates, book value, dividend covered (or not covered) by earnings, etc. Who looks at P/E when valuing REITs?!?
    Aug 20, 2012. 09:14 AM | 7 Likes Like |Link to Comment
  • Annaly Capital - The Slippery Slope Continues [View article]
    Was there any worthwhile analysis in this article? No, not really.
    Nov 15, 2012. 10:39 AM | 6 Likes Like |Link to Comment
  • Want a 14% Annual Distribution Yield? Try This Pair Trade [View article]
    Todd --

    Nice article. Enjoyed it. Thanks for bringing my attention to GGN.

    One comment re AGNC. Their risk isn't exactly tied to short term interest rates, but rather, the difference between short and long-term rates. Thus, if long-term rates increase at a similar amount relative to the short-term rate, AGNC theoretically should not be materially impacted. You allude to this in your description of AGNC but do not explicitly make such a comment.

    May 23, 2011. 10:00 AM | 5 Likes Like |Link to Comment
  • Mortgage REITs: Let's See What's Behind Door #1! [View article]
    I have an issue with your comment that "While these options won't necessarily protect you in a rising rate environment either" as it relates to PSEC.

    Read PSEC's latest earnings call. They have upside to rising rates - as interest rates rise so will their earnings because they are floating rate loans.
    Aug 29, 2013. 05:11 PM | 3 Likes Like |Link to Comment
  • High Yield Canadian Oil And Gas Dividend Cuts Are Looming [View article]
    I want to echo Livingstone's comment. You assume that because the stock price is declining that a dividend cut is coming. How about some actual analysis? What impact does a 10 dollar decline in oil have on PGH/ERF/PWE/BTE's cash flow? etc etc.
    Jun 25, 2012. 08:58 PM | 3 Likes Like |Link to Comment
  • My Diversified, High-Yield Portfolio [View article]
    what do you own that you would recommend? Id like to see how these compare...
    Apr 18, 2011. 10:04 PM | 3 Likes Like |Link to Comment
  • The Consequences Of Prospect Capital's Secondary Offering [View article]
    PSEC is paying out 10+%. The divy alone provides outperformance relative to S&P given a flat stock price.

    Questions to ask:

    Is PSEC growing book value? Ans: Yes. Check out the NAV movement the last 5 quarters.

    Is PSEC covering its divies with NII? Yes. Check out the latest earnings release for this piece of info.

    They havent written down an investment in something like 2+ years. The fact that they can price this SPO above the most recent book value is a positive in that it increases book value on a per share basis.

    My cardinal rule for buying BDCs is make sure to buy at or below NAV. I always keep some powder dry for drops below NAV. By holding and reinvesting the divies, you can easily outperform the market.
    Jul 12, 2012. 08:48 PM | 2 Likes Like |Link to Comment
  • Getting Into Enterprise Product Partners's DRIP at a Discount [View article]
    Update: EPD's 5% discounted DRIP price is 39.71950 as found here:
    May 10, 2011. 10:24 PM | 2 Likes Like |Link to Comment
  • 3 Business Development Companies: The Good, The Bad, And The Maybe? Part 1 [View article]
    Jan 24, 2013. 12:38 AM | 1 Like Like |Link to Comment
  • Armour Residential: Strong Dividends Set To Continue [View article]
    This is a fluff article. Where's the analysis?
    Jan 21, 2013. 08:27 PM | 1 Like Like |Link to Comment
  • Time For A BDC Swap: One Stock To Sell And Another To Buy [View article]
    you're right. It should read 102 cents on the dollar. Apologies for the typo
    Jan 7, 2013. 10:51 AM | 1 Like Like |Link to Comment
  • High Probability Of A Special Dividend Or Dividend Increase From Prospect Capital [View article]
    Don't mean to say I called it, but...
    Dec 7, 2012. 09:44 AM | 1 Like Like |Link to Comment
  • Are The Companies In Prospect Capital's Portfolio Healthy? [View article]
    you are right. Should be thousands USD. Thanks for letting me know
    Nov 12, 2012. 02:23 PM | 1 Like Like |Link to Comment
  • Preferred CEF Showdown, Part 1: Flaherty & Crumrine - My Top Pick [View article]
    My first rule of CEF investing: There are no rules in CEF investing.
    Mar 23, 2012. 05:15 PM | 1 Like Like |Link to Comment