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Tim McPartland  

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  • A 6.4%+ Yielding Preferred From Citigroup That Can Benefit From Rising Rates [View article]
    Wow Josh--you missed on this one. With what we know and see today this issue will be instantly called when possible.
    Apr 18, 2015. 01:27 AM | 1 Like Like |Link to Comment
  • 4 Critical Notes On Farmland Partners [View article]
    Excellent observations Bram. Thanks for the critical look. This management team is full of pixey dust stories that appear to be quite arrogant. You are on the mark to look with a critical eye instead of accepting their spoken word.
    Apr 14, 2015. 11:10 AM | 3 Likes Like |Link to Comment
  • Farmland Partners: 2 Things You Need To Know About Farmland Investing [View article]
    Thanks Reuben-

    One should not even consider FPI unless they are planning to hold for a very long time--farm land values can go through extremely long cycles of valuation (as long as 10-15 years) and thus rents can vary substantially--over longer terms. The current commodity prices do not justify the rents being paid to FPI and while a contract in place for land rents holds more value than a new lease, just like oil and gas contracts, leases 'roll off' and new rents are negotiated--in the current market at a lower price. The next 12 months will be critical to the farm economy as many (most) farmers are losing money with every acre planted.

    I believe that FPI will be coming to market pretty soon with more common shares as they will need more cash if they are going to grow. Their recent acquisitions have been combinations of shares and cash. They have recently started borrowing longer term from Farmer Mac -- recently at somewhere around 3.7%, which while seemingly a low rate is being used to buy land at a cap rate of maybe 5%. They have promised a 60% leverage level which means they are going to have to sell shares or buy for all shares. Additionally their approved buyback was an attempt to jawbone share prices higher since they haven't bought a single share in the since October when they announced the buyback.

    You would think I was negative on FPI from my comments, but really I am just negative at this price as the risk/reward proposition isn't favorable---I'm a buyer at $8/share.
    Apr 10, 2015. 10:34 AM | 3 Likes Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    Hi puck--thanks again for stopping. Yes the old 2014 portfolio here

    http://bit.ly/1CaTy8J

    that we just liquidated had a short S&P500 hedge that cost us thousands as the market went up and up. We have never had luck with hedges--just costs. Just the same that portfolio performed exceptionally - up over 13% in 15 months.

    We personally don't have hedge (but we have tried some--unsuccessfully) and wouldn't have any that we could mention--BUT don't use ultra (2x, 3x) issues that are out there---very painful when you are wrong (wrong or bad timing)
    Apr 1, 2015. 06:00 PM | 1 Like Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    Hi Bernie--thats for stopping. I am a capital preservation guy--the coupon is not the first factor. You better have a high pain tolerance if you buy for just yield---I know of some folks that put everything in upstream MLPS last year--they are much poorer now.

    Yes we are aware of the situation of first call dates and prices above par. We are making folks aware of the instrument that is available. It takes some patience and months and months to nail down just a few good.

    On the other hand if one has a point of view that rates will move higher in the next year or two they will have more options
    Apr 1, 2015. 05:52 PM | 2 Likes Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    We will check this one out. Sounds interesting.
    Mar 31, 2015. 03:55 PM | 1 Like Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    hi buffett--you are correct. We have corrected on out website where we had a mix of 2015 and 2050.

    Thanks
    Mar 31, 2015. 03:55 PM | 1 Like Like |Link to Comment
  • Fixed Income: KISS Strategy With Preferred Stock [View article]
    Vinyl1--there are 12 Term Preferreds out there that trade well with minimized volatility and mandatory redemption dates in the next 12 years. On the other hand perpetual preferred could react violently to higher rates.
    Mar 31, 2015. 03:09 PM | Likes Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    newguy40--thanks for stopping. Glad you are dipping your toes in the water.

    Good luck
    Mar 31, 2015. 02:59 PM | Likes Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    Thanks for stopping Panjaj
    Mar 31, 2015. 02:58 PM | Likes Like |Link to Comment
  • Exploring Investment Grade Baby Bonds [View article]
    Hi 49er--not this one specifically, but the entire list of preferred and baby bonds are available in one spreadsheet on our spreadsheet sharing page here.

    http://bit.ly/1GdggD3
    Mar 31, 2015. 02:58 PM | 1 Like Like |Link to Comment
  • A Canadian REIT That Says Buy Me [View article]
    fourys2005--you are correct on this point. The strength of the dollar has held Canadian shares traded in the U.S. are much lower levels.

    One we own is Leisureworld Senior Care. Not too long ago shares in the U.S. and in Canada traded at parity. In the last year Canadian shares show a 22% gain while the dollar denominated shares are up 6%.

    Regardless exchange rates will always fluctuate and a long term holder probably shouldn't let that factor determine their action.
    Mar 30, 2015. 08:15 PM | Likes Like |Link to Comment
  • Term Preferred Stocks Provide A Conservative Income Stream [View article]
    dendv--thanks for stopping by. I only wish I had more time to work on these 'projects'
    Mar 28, 2015. 01:33 PM | Likes Like |Link to Comment
  • Business Development Company Update 3-25-15 [View instapost]
    Thanks for the fresh update.
    Mar 26, 2015. 01:30 PM | 1 Like Like |Link to Comment
  • Term Preferred Stocks Provide A Conservative Income Stream [View article]
    Hi Bruce---Gabelli funds have numerous preferreds available, but they are perpetual. Nuveen untilizes a 1 year preferred vehicle for their leverage--which I have looked at somewhere--they are typically 1% or so.

    And yes--certainly their holdings can have leverage and this could equate to a larger degree of risk than it appears like on the face of it.

    You ask some good questions relative to distributions which I will have to read more closely to give a response to.

    Thanks for commenting.
    Mar 25, 2015. 03:19 PM | Likes Like |Link to Comment
COMMENTS STATS
302 Comments
232 Likes