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Richard Shaw

 
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  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    Yes, that is my understanding
    Jul 18 09:29 AM | Likes Like |Link to Comment
  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    The BuildAmerican bonds are a specific example. In exchange for issuing fully taxable muni bonds, the Feds agreed to reimburse part of the interest expense, BUT they get to pick and chose which purposes get funded with BuildAmerica bonds, and there has been at least one example in Florida where the Feds said they don't have to honor the reimbursement if there are other financial issues between the state and the federal government that are in dispute
    Jul 16 12:19 PM | 2 Likes Like |Link to Comment
  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    You muni CEFs may be dropping in part due to the fact that they use leverage and interest rates are rising.

    Must laws are instituted prospectively (but not always), however the market anticipates, and could have the same effect as retroactive law (just look at what the suggestion of future tapering did to Treasury rates)
    Jul 16 10:25 AM | Likes Like |Link to Comment
  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    In a world where the Constitution was not violated in many other ways
    Jul 16 09:58 AM | 2 Likes Like |Link to Comment
  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    Counterpoint: if major tax reform were to reduce top tax rates, muni bonds would see less demand, and have to raise raise rates on new issues, and old issues would decline --- although I doubt it has a chance, if we were to move to a sales tax (with negative tax subsidies for low income), muni bonds would have to pay the same as taxable bonds, because there would be no income tax to shelter -- states an local debt financing would be come much more expensive, and state and local income and property taxes would rise (whatever tax form they had then would extract more than taxes do today)
    Jul 16 09:32 AM | 1 Like Like |Link to Comment
  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    OOPS! The word NO is missing. We have no positions. That will be fixed. Thanks
    Jul 15 03:03 PM | Likes Like |Link to Comment
  • Be Watchful: Muni Tax Exemption Under Continued Attack [View article]
    One would hope so, but retroactive tax law does happen. In the 1989 tax revision, the depreciation rules for real estate where changed retroactively, which changed the economics on which some investments were made.

    And let's not forget breaking the promise to convert paper money to gold, nor the violation of bond holder's rights during the auto industry bail out. Those were not tax laws, but they are government deciding to take money from some in the name of the "common good". If the "common good" is invoked, retroactive tax law changes will not be impossible or even unlikely.
    Jul 15 11:14 AM | 3 Likes Like |Link to Comment
  • DVY Has Highest Expected Total Return Among 5 Largest Dividend ETFs [View article]
    Once again you show you have no idea what you are talking about. I did not make a recommendation. I reported the views of the Street Consensus. Try thinking before writing.

    Try reading the second sentence.

    Nor is is a copy and past. It is a gathering of diverse information, calculation of data from the gathering and presentation.

    You say "now if you truly believe". I expressed no belief of any kind. I told you what the Street says and implies. If that bothers you that just too bad.

    I'm done talking to you about it, because you don't seem to care to read what it says, rather preferring to pick a bone on a point that was not made in the article. You really aren't worth any more bother, and you certainly are not interested in a discussion -- you just want to fight. Take it down road pal!

    bye-bye and good luck.
    Jul 9 03:24 PM | Likes Like |Link to Comment
  • Consider Infrastructure MLP Credit Ratings As Interest Rates Rise [View article]
    http://bit.ly/13JB4AM

    This link defines infrastructure as used by the index provider.
    Jul 9 02:58 PM | Likes Like |Link to Comment
  • DVY Has Highest Expected Total Return Among 5 Largest Dividend ETFs [View article]
    Absurd comment. I did not recommend it, I pointed out it's recommendation status among the analyst community. This is a compilation report. If you were a more careful reader, or more thoughtful, that might have been apparent to you.
    Jul 6 10:12 AM | 1 Like Like |Link to Comment
  • S&P P/E's Versus 10-Yr Treasury Rates From 1957 [View article]
    Yes. We included the operating P/E instead of trailing as reported for the red line plot.

    The corrected images should appear shortly There is no change in article conclusion.

    Forward operating multiples vary widely. We are using operating P/E put out by S&P. Others have higher or lower estimate 2013 operating multiples.

    Thank you.
    Jun 23 11:48 AM | Likes Like |Link to Comment
  • S&P P/E's Versus 10-Yr Treasury Rates From 1957 [View article]
    You are correct. We pulled the operating P/E instead of trailing as reported for the red line plot. Corrected images have been submitted. There is not change in the message, however.

    The forward operating multiples range substantially. We are using the one put out by S&P. Others have higher or lower estimate 2013 operating multiples.

    Thank you.
    Jun 23 11:36 AM | 2 Likes Like |Link to Comment
  • S&P P/E's Versus 10-Yr Treasury Rates From 1957 [View article]
    Wrong maybe. "dillusional" is a bit over the top for a comment.
    Jun 23 10:06 AM | 11 Likes Like |Link to Comment
  • Fed Targeting 4% To 5% Nominal 10-Year Treasury Yield And Baa Corporates Approaching 7% [View article]
    Here is my answer to that in a Tweet
    http://t.co/qvs2HQlypk
    Jun 22 01:17 PM | Likes Like |Link to Comment
  • Fed Targeting 4% To 5% Nominal 10-Year Treasury Yield And Baa Corporates Approaching 7% [View article]
    I may be flawed on what will happen, but I don't think I am flawed on what the Fed is targeting, which is the topic of the article. They, I believe, are betting on mean reversion. Also, I do think the US will avoid the Japan and Europe scenarios (but only time will tell).
    Jun 22 11:23 AM | Likes Like |Link to Comment
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