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Jonathan Liss

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  • DB announces a halt in new creations on 26 ETNs it is the indexer or issuer on (effective 3/29), meaning the potential for the notes to trade at significant premiums to NAV as redemptions will still be available. DB expects to resume creations by mid-April. The affected notes follow: BDD, BDG, BOM, BOS, BUNL, BUNT, DEFL, DGP, DGZ, DOD, DTO, DZZ, INFL, ITLT, ITLY, JGBD, JGBL, JGBS, JGBT, LBND, OLO, SBND, SZO, UDNT, UUPT, WMW[View news story]
    It means no new shares will be issued between March 29 and mid-April essentially turning these funds into Closed-End Funds. The way ETFs and ETNs trade so close to NAV is by allowing authorized participants to come in and create or redeem baskets of 50,000 shares at Net Asset Value, allowing them to arbitrage any differences to NAV that may exist. Without the ability to create new shares investors may bid these Notes above their NAV during this period with no ability for authorized participants to come in and bring the shares back down to NAV.
    Mar 19 02:06 PM | Likes Like |Link to Comment
  • Guggenheim announces it will shutter 9 ETFs "in order to focus resources on products that have demonstrated greater marketplace demand." Final day of trading to be March 15 with liquidation expected to be "on or around" March 22. The affected funds (with direct competitors in parentheses) are: ABCS (SDIV, VYM), EWEF, EWMD, EWSM, FAA, RSU (SSO), RSW (SDS), WFVK and WXSP. (PR[View news story]
    Pity indeed. There is another smallcap equal weight fund - http://bit.ly/15lWHTB - Guggenheim Russell 2000 equal weight (EWRS) - but the outperformance doesn't seem to be there.
    Mar 19 09:39 AM | Likes Like |Link to Comment
  • iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.100. 30-day SEC yield of 5.54%. For shareholders of record Mar. 05. Payable Mar. 07. Ex-div date Mar. 01. [View news story]
    That is correct. It was taken directly from the issuer site at the time the market current was published and as such would be accurate for the prior day's close (2/28/13) only.
    Mar 19 09:28 AM | Likes Like |Link to Comment
  • iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.100. 30-day SEC yield of 5.54%. For shareholders of record Mar. 05. Payable Mar. 07. Ex-div date Mar. 01. [View news story]
    This is what SPDR writes on their fund pages: "An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price."
    Mar 19 08:21 AM | Likes Like |Link to Comment
  • Guggenheim announces it will shutter 9 ETFs "in order to focus resources on products that have demonstrated greater marketplace demand." Final day of trading to be March 15 with liquidation expected to be "on or around" March 22. The affected funds (with direct competitors in parentheses) are: ABCS (SDIV, VYM), EWEF, EWMD, EWSM, FAA, RSU (SSO), RSW (SDS), WFVK and WXSP. (PR[View news story]
    No affect on SDIV except that it's maybe gained some slight additional AUM/liquidity
    Mar 19 08:10 AM | Likes Like |Link to Comment
  • Baidu Is A Buy, Dude [View article]
    I think the original is pretty darn sweet. And fun! Like yours too though
    Mar 15 03:54 AM | Likes Like |Link to Comment
  • iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.100. 30-day SEC yield of 5.54%. For shareholders of record Mar. 05. Payable Mar. 07. Ex-div date Mar. 01. [View news story]
    BTW, the 30-day SEC yield is as of March 1, so based on the past distribution. As several of you have pointed out, the 30-day yield on the March distribution will likely be significantly lower.
    Mar 4 03:24 PM | Likes Like |Link to Comment
  • Why Apple Should Ignore Its Shareholders [View article]
    Well since I have no crystal ball, I let the fundamentals determine when I add to a position or lighten up.
    Feb 12 12:41 PM | 1 Like Like |Link to Comment
  • Why Apple Should Ignore Its Shareholders [View article]
    Yep, brilliant analysis - not only for Apple product lovers but for investors. I believe Apple will continue to focus on making great products - if they do the stock price will eventually bounce back. That should be their focus as a company. Ironically by ignoring creating 'shareholder value', they actually are much more likely to increase it. This longer-term view is the reason I bought more shares of the QQQ for both myself and my kids (which is heavily weighted to Apple - we can't really buy individual stocks here at SA due to the obvious conflicts of interest that could create) when Apple fell below $500 - we don't need the money anytime soon. It's always better to buy low ;-)
    Feb 12 03:08 AM | 5 Likes Like |Link to Comment
  • Facing the same pressure to obtain yield as the rest of us,, corporate treasurers - including Google's - are moving cash into junk bonds and emerging market paper. It's a new direction for the group which usually sticks with short maturities and investment-grade debt. [View news story]
    LOL
    Jan 17 09:55 AM | Likes Like |Link to Comment
  • Facing the same pressure to obtain yield as the rest of us,, corporate treasurers - including Google's - are moving cash into junk bonds and emerging market paper. It's a new direction for the group which usually sticks with short maturities and investment-grade debt. [View news story]
    The chase for yield has the marking of a 'bubble' all over it
    Jan 17 07:48 AM | Likes Like |Link to Comment
  • Vanguard's recent expense reduction means 9 of its 10 sector ETFs are now the cheapest available to U.S. investors. With an annual expense ratio of just 0.14%, VOX, VPU, VCR, VDC, VDE, VHT, VIS, VGT, and VAW stack up favorably vs. the 0.18% charged  by State Street's Sector SPDRs (XLU, XLY, XLP, XLE, XLF, XLV, XLK, XLI, XLB and XTL which charges 0.35%) and the 0.47%-0.48% iShares sector ETFs (RXI, KXI, IYE, IYF, IYZ, IYH, IDU, IYW, IYM, IYJ) charge. At 0.19%, Vanguard Financials (VFH) is still slightly more expensive than the Financial SPDR (XLF). [View news story]
    I wonder why their Financials sector fund costs significantly more than their other sector funds? I know they're an at-cost fund provider but it's especially interesting when you consider that the sector SPDRs are all the same 0.18%. Is SSgA taking a loss on XLF? Is their index easier to build/maintain? Curious if anyone knows?
    Jan 9 04:09 AM | Likes Like |Link to Comment
  • 5 Best U.S. ETFs For 2013 [View article]
    This article explains it perfectly: http://bit.ly/U1qVIi
    Jan 8 01:30 PM | Likes Like |Link to Comment
  • 5 Best U.S. ETFs For 2013 [View article]
    'options'? I see only a single non-leveraged option here
    Jan 6 05:45 AM | Likes Like |Link to Comment
  • Larry Swedroe's 'Think, Act, and Invest Like Warren Buffett' [View article]
    Agree David - I read Larry's latest book and his philosophy is not that of Buffett's imho. Still, the book is a great read for self-directed investors looking to avoid making typical mistakes in managing their own money.
    Jan 3 07:30 AM | Likes Like |Link to Comment
COMMENTS STATS
458 Comments
427 Likes