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Rubicon Associates  

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  • Rubicon's REIT Roundup [View instapost]
    click on it, then right click on it and select open in a new tab. I am trying to find a way to post the spreadsheet.
    Jul 25, 2015. 12:46 AM | Likes Like |Link to Comment
  • RSO Preferred Stock - Why Did It Decline Recently? Consider This 10%+ Yielder [View article]
    Not to mention it is long term funding for the REIT. The inclusion of preferred (which can be deferred without default) is a credit positive and only helps them.
    Jul 22, 2015. 11:54 PM | 2 Likes Like |Link to Comment
  • Rubicon's REIT Round-Up [View instapost]
    I will add it.
    Jul 20, 2015. 11:06 AM | Likes Like |Link to Comment
  • Bank Preferred Rundown - JPMorgan [View article]
    was a typo, I will fix
    Jul 20, 2015. 11:02 AM | Likes Like |Link to Comment
  • 8% Yields Without Equity Volatility In Mortgage REITs [View article]
    John, I like IVR and not including them was/is not a reflection on their ability or their appropriateness. I am considering creating a sector focused mREIT preferred spreadsheet and posting it to my instablog every Friday (as I have been doing with bank preferreds). Haven't seen much interest in it as of yet, but I continue to believe it has value to investors (my instablog is almost a free newsletter if you will - the economics are so compelling for me!!!!!)
    Jul 17, 2015. 09:57 AM | Likes Like |Link to Comment
  • 8% Yields Without Equity Volatility In Mortgage REITs [View article]
    NRF is, and has been (despite recent weakness), one of my top picks. While it is a diversified REIT, it is not so complex as to warrant its current valuation. I started buying it back in the mREIT days, and added to it as it transitioned. Looking forward to the European spin and I have continued to hold NSAM.
    Jul 17, 2015. 09:53 AM | 1 Like Like |Link to Comment
  • Fitbit surges above $48; shorts pile in [View news story]
    FIT - count your steps and count the days till it tanks
    Jul 15, 2015. 01:07 PM | 2 Likes Like |Link to Comment
  • American Realty jumps as activist remains a bull [View news story]
    they said the divvie would be lower, it isn't a guess. Corvex has been silent on this, not shaking the trees like with the old Commonwealth. I like the portfolio (red lobster included) but management has been silent as well. difficult times call for bold action.
    Jul 15, 2015. 01:05 PM | 1 Like Like |Link to Comment
  • Orchid Island Capital Cuts Its Dividend And Falls 14% [View article]
    What happened to:
    "My article was published on the morning of June 19th. I called for investors to short ORC and buy Bimini Capital Management (OTCQB:BMNM). As a secondary trade for investors wanting more mREIT exposure rather than exposure to the illiquid external management company, I suggested that investors should short ORC and buy American Capital Agency Corp."
    BMNM since 6/19/15: -25.93%
    ORC since 6/19/15: -25.66%
    The AGNC trade was a SECONDARY trade. At least take the lumps for the failed BMNM trade you recommended rather than just the trade that worked.
    Jul 10, 2015. 02:33 PM | 8 Likes Like |Link to Comment
  • My Bet On Seeking Alpha's Future [View article]
    David, introspection often leads to the best decisions. The recognition of where you are in life and the decisions that must be made can be humbling and hard, but you have made them and decided to play the long game by not selling and bringing Eli to the CEO office. Both great choices. Enjoy the well deserved change and Eli, huge congrats.
    Jul 2, 2015. 09:40 AM | 2 Likes Like |Link to Comment
  • Orchid Island Capital Plummets, One Analyst Predicted It [View article]
    And the cost of shorting a 20% div yield ORC?
    Jun 29, 2015. 03:42 PM | 2 Likes Like |Link to Comment
  • Bank Preferred Rundown - Morgan Stanley [View article]
    I didn't select any of the trust preferred (despite the fact they are cumulative) due to the capital treatment provision. We have been seeing firms redeem the trust preferreds due to the change in what is considered tier 1 capital.
    Jun 28, 2015. 11:36 PM | Likes Like |Link to Comment
  • Bank Preferred Rundown - Morgan Stanley [View article]
    excellent point. I will include the calcs going forward. It is stripped yield divided by adjusted duration.
    Jun 28, 2015. 01:33 AM | Likes Like |Link to Comment
  • Bank Preferred Rundown - Morgan Stanley [View article]
    there is nothing immoral about the non cumulative nature of bank preferred - no more so than an equity dividend that gets cut. The possibility of a dividend stop is a risk, and one that you should get compensated for based on the probability of a stoppage. yes, you can buy all REIT preferred (and I am a fan and have written extensively on them), but this is simply taking a different form of risk. a preferred stock portfolio should not be singularly invested in REITs. Anyone involved in preferreds cannot simply nix non-cum. while I understand your point, I could never advocate a portfolio solely focused on REITs (unless you have a portfolio mandate that calls for it and has a balance elsewhere).
    Jun 28, 2015. 01:32 AM | 2 Likes Like |Link to Comment
  • Bank Preferred Rundown - Morgan Stanley [View article]
    preferred stock trades with accrued dividends, so the price reflects the price of the instrument and the accrued dividend. the stripped yield takes out the accrued dividend and shows what the yield is on the preferred stock at its "clean" price. this allows for comparison between preferred with different accounts of accrued dividends.
    Jun 28, 2015. 01:24 AM | 1 Like Like |Link to Comment
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