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wkirk500

wkirk500
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  • Closed-End Fund Return Of Capital: Good, Bad, Or Other [View article]
    Good for you Gastro4! I don't have to write a rebuttal. Indeed if the portfolio of securities making up NAV declines then it may say nothing about ROC. Likewise an increasing NAV as a result of the portfolio increasing in value does not tell you if you have destructive ROC. So using a decline in NAV as an indicator of destructive ROC just doesn't cut it as an indicator. Regards, W.Kirk
    Jun 11, 2015. 09:04 AM | 2 Likes Like |Link to Comment
  • GDO Vs. PKO: Safety Or Excitement? [View article]
    Why is the only negative non destructive ROC. This is a definite positive as it converts income to capital gains over time thus increasing after tax return??????? Regards, W. Kirk
    Apr 10, 2015. 09:07 AM | Likes Like |Link to Comment
  • Is Buying A Tax-Managed CEF Worth It? [View article]
    You are missing the point. When you combine the tax managed fund with option income you can produce significant after tax yields( distributions) far beyond what is available in CEF muni funds. As to those who put these funds in non tax accounts I won't comment. Regards, W.Kirk
    Mar 31, 2015. 01:29 PM | 2 Likes Like |Link to Comment
  • Municipal Bonds Closed End Funds - How To Find The Best Values [View article]
    Does Eurkus also manage MAV? Regards. W. Kirk
    Mar 5, 2015. 09:00 AM | Likes Like |Link to Comment
  • Municipal Bonds Closed End Funds - How To Find The Best Values [View article]
    Im not prepared to comment about Pioneers bond picking ability. I would note that when a fund is originally invested ( after original underwriting) a clock is sent with new yields and credit risks. This timing might say more than many realize. I know it is a fact on CEF taxable funds of which a have run a couple and I see no reason it wouldn't be the same here, Keep up the good work. I still think you should have included MAV and MHI. Just sorting by yield would lead anyone to that conclusion. Regards, W. Kirk
    Mar 4, 2015. 01:45 PM | Likes Like |Link to Comment
  • Municipal Bonds Closed End Funds - How To Find The Best Values [View article]
    Eli, Great work, It should be the entry requirement for all pundits who write here. Is there a reason you excluded MHI or did I just not see it in the jumble? Also,adjusting yields for AMT might alter your conclusions especially with PMX and PMF having none and your best choice of VGM having 10% or so. In VGM the concentration of CA, ILL, and NY at over 30 % should be a cause for concern. It was only two or three years ago that an x-retail analyst turned Muni expert exacerbate a steep decline in Muni prices all based on not so much individual issue credit quality but on a perception that some states would not stand behind all their obligations. Credit does matter even if it is just negative perception. Look at Illinois today with pension obligations looming over a mayoral election.  Finally if you consider writing about covered call please become ROC knowledgeable. I have put you on my follow list, Regards, W.Kirk
    Mar 4, 2015. 11:24 AM | Likes Like |Link to Comment
  • ETB Vs. ETV: What's The Difference? [View article]
    mjtroll1, There is always someone who doesn't get the memo nor does the homework. Regards, W.Kirk
    Feb 28, 2015. 09:06 AM | Likes Like |Link to Comment
  • ETB Vs. ETV: What's The Difference? [View article]
    Paying out ROC does not imply a fund is liquidating, W. Kirk
    Feb 25, 2015. 08:10 AM | 1 Like Like |Link to Comment
  • Assessing High-Income Covered Call CEFs [View article]
    It is always a pleasure to read an author who gets ROC right. I would point out that there are other elements in measuring NAV movement which changing portfolio securities values is by far the most important not ROC of any kind. So in a declining market NAV would generally decline along with it even though a CEF is producing positive non destructive ROC. This makes NAV change as a measure of destructive or nondestructive ROC tenuous. In regard to UNII a fund is required to distribute 90/95% of its income every year in order to qualify under IRS Regulation M to remain a non taxed pass through entity. So using UNII as a longer measure would be difficult under these regs, Best Regards, W.Kirk
    Feb 10, 2015. 10:15 AM | Likes Like |Link to Comment
  • ETB Vs. ETV: What's The Difference? [View article]
    Nicholas, Good response. Why would JohnK own it in a tax free account is beyond me, There are much better alternatives, Regards, W. Kirk
    Feb 5, 2015. 09:37 AM | 3 Likes Like |Link to Comment
  • ETB Vs. ETV: What's The Difference? [View article]
    It is astonishing to me that you can compare/analyze these two funds and not mention the ROC component . Even in the lowest tax bracket ( whatever that is these days) it is of value and deserves inclusion in you comments, These funds were originally sold as tax advantages funds as I am sure you recall. Best Regards, W. Kirk
    Feb 4, 2015. 09:26 AM | 1 Like Like |Link to Comment
  • Why Muni Closed-End Funds May Not Do Well In 2015 [View article]
    Although I agree with you view of 2015 performance of Muni CEF's I am always uncomfortable mixing state and nation funds whether leveraged or un leveraged in any analysis . Would your analytical results be the same if you excluded state funds and added MAV CXE,PMF, NMZ,PMX? Regards, W.Kirk
    Jan 24, 2015. 12:49 PM | 1 Like Like |Link to Comment
  • Closed-End Funds Strategies For 2014 And 2015: CEFs For Buying And Selling [View article]
    Great to have you writing again. Hope you do more on individual funds as you did above, Regards, W.Kirk
    Jan 15, 2015. 08:42 AM | 1 Like Like |Link to Comment
  • In Search Of Income: Covered Call CEFs (Part I - Sector Analysis) [View article]
    Your ROC will be tax free income and your cost basis will be reduced by same amount. Therefore when you sell you will be subject to a larger capital gain. Assuming you sell at a profit. If your broker does not adjust automatically get a new one, Regards, W.Kirk
    Jan 8, 2015. 03:21 PM | 1 Like Like |Link to Comment
  • In Search Of Income: Covered Call CEFs (Part I - Sector Analysis) [View article]
    It is always rewarding to have a contributor properly illuminate the ROC issue but few go far enough in explaining tax advantages of essentially converting current taxable income into future capital gains. A simple comparison of closed end muni fund after tax returns further brings out the advantages. A 6-7% muni fund return vs. a 9-12% ROC return tells the story, and might be worth a premium, Regards W.Kirk
    Jan 7, 2015. 09:14 AM | Likes Like |Link to Comment
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332 Comments
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