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rickevan

rickevan
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  • Risk Versus Reward For High Income, Preferred Stock Funds [View article]
    Just finished the book. All in one day ! Overall, a good read and excellent for a novice or for someone with some experience. A more challenging area to write about, for the more experienced investor, would be to talk about all the current 1940 Act Alternative Investments. This is where portfolio construction and correlation would really shine ! Send me an e-mail when the next book is available and I'll give it a shot.
    Feb 1, 2015. 05:09 PM | 1 Like Like |Link to Comment
  • Nuveen Credit Strategies Income Fund: A Solid Core Holding For CEF Investors [View article]
    Good article. I own JRO at the present time. At some point, with such a high discount, it pays to either open end the fund or sell the assets and liquidate ! Guaranteed profit. I wonder why it doesn't happen on a regular basis. Any idea ?
    Feb 1, 2015. 01:28 PM | Likes Like |Link to Comment
  • Risk Versus Reward For High Income, Preferred Stock Funds [View article]
    Thanks for the response. Your book is teed up as next in line for reading on my iPad.
    Feb 1, 2015. 11:41 AM | Likes Like |Link to Comment
  • Closed End Funds: Where Does That Discount Go? [View article]
    Good article Reuben. I own a substantial amount in CEF's which were all purchased at a discount. I am still amazed that anyone would buy a fund at a 50% premium ! I believe the burden on management to outperform on total return is too great to count on annually vs a similar fund available at FMV, even greater for a fund trading at a discount.
    Feb 1, 2015. 06:18 AM | Likes Like |Link to Comment
  • Risk Versus Reward For High Income, Preferred Stock Funds [View article]
    Hi John. Very good article. Your points, and graph regarding correlation are very good additions to the article. I don't believe that you should have included PDT in the article since 31% of the assets are in equities. The TLT and SPY lines were most appropriate. I have approx 7% of my assets in various closed-end preferred funds and this is my only "fixed income" holdings. I suspect the greater volatility vs ETF's is due to a lack of institutional holding in the funds and the premium/discount factor. Why do you think the funds are much more volatile. Finally, while you mentioned the Sharpe ratio when discussing PFF no figure was provided. I would love to see the Sharpe ratio in a table or graph format for the funds discussed with total return side by side. I think that most investors would be surprised to learn that overperformance is due to risk taking, not alpha ! Thanks for another good article.
    Feb 1, 2015. 06:06 AM | Likes Like |Link to Comment
  • Realty Income: Is This REIT (And Perhaps All Others) Overvalued? [View article]
    Reuben, thanks for responding. The low rate levels are exactly my point. I don't have the metrics, however, with a 10 year bond yielding approx 1.7%, O trading at 20 times FFO may not be an overvaluation. A comparison of price to the relationship between dividend / treasury yields would probably be needed. Regardless, I believe that blue chip Reit pricing is heading towards extreme overbought. Just not yet.
    Feb 1, 2015. 05:32 AM | Likes Like |Link to Comment
  • U.S. Tobacco Industry Suffers Slow Death: Altria Trading At Premium Despite Major Headwinds [View article]
    This is a good article with some valid points being made. Regarding valuation, please provide a per share value for the SABMiller stake to back out of the current price to really see the metrics of the remaining MO. I realize that the wine business would still be included, however, it is immaterial.
    Feb 1, 2015. 05:06 AM | 2 Likes Like |Link to Comment
  • Kinder Morgan Is Primed For Acquisitions In 2016 [View article]
    I guess the real question will be, if prices stay low enough at the pump will that drive consumption higher at the consumer level which will be great for KMI ? Maybe even increased air travel.
    Jan 30, 2015. 02:29 PM | 2 Likes Like |Link to Comment
  • Altria Does It Again: Q4 Results Show Management's Capital Allocation Skill [View article]
    Good article. very long MO. Also, don't forget that the interest paid is a tax deduction. Dividends are not.
    Jan 30, 2015. 12:18 PM | 4 Likes Like |Link to Comment
  • Boeing To Bound Higher Over Time [View article]
    Good article Brett. Does BA hedge their FX exposure or are their sales made to customers in US Dollars and let the foreign companies worry about hedging ?
    Jan 29, 2015. 10:43 AM | Likes Like |Link to Comment
  • Microsoft Severely Undervalued After Earnings Dive [View article]
    Accelerate the buy-back !!!
    Jan 29, 2015. 05:28 AM | 1 Like Like |Link to Comment
  • How Will Windows 10 Impact PCs And Tablets? [View article]
    Your last sentence sounds like strong support for going very long INTC !
    Jan 27, 2015. 05:36 PM | 2 Likes Like |Link to Comment
  • Realty Income: Is This REIT (And Perhaps All Others) Overvalued? [View article]
    Good article. I am very long Reit's and absolutley believe they are overvalued. They are in my Roth so taking a profit would be tax free. If possible, could you provide a metric to be used vs the yield on a 10 year treasury. Does the " overvaluation" shrink or expand when interest rates are factored in ? Thank you.
    Jan 27, 2015. 05:27 PM | 1 Like Like |Link to Comment
  • Vanguard Natural Resources - The Distribution Remains Intact For Now, Though Expect A Cut Next Month [View article]
    Maturity is April 1, 2020. Coupon is 7.875 %. Last trade price I show in my account is 87. Yield now just over 9% plus gain at maturity. I don't think that you can be higher up the food chain on this one. Cusip # 92205CAA1.
    Jan 27, 2015. 01:28 PM | 1 Like Like |Link to Comment
  • Vanguard Natural Resources - The Distribution Remains Intact For Now, Though Expect A Cut Next Month [View article]
    Good article. I recently purchased the bonds at 76 which gave a yield of approx 10% plus a large gain potential at maturity. I believe they are still a good deal even though i saw a recent price of approx 86. Thanks to the author of the article alerting us to the opportunity.
    Jan 27, 2015. 08:54 AM | 2 Likes Like |Link to Comment
COMMENTS STATS
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