John Gerard Lewis's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.com/user/1131491/comments http://seekingalpha.com/article/922061/comments?source=feed#comment-10629891 10629891 Wed, 17 Oct 2012 14:40:45 -0400 http://seekingalpha.com/article/715221/comments?source=feed#comment-7290931 7290931 Wed, 11 Jul 2012 16:36:02 -0400 http://seekingalpha.com/article/715221/comments?source=feed#comment-7290881 7290881
Oh, he's a very bright guy, but at 84 there's a reasonable likelihood that he'll be dimming before too long and won't be able to properly manage his huge number of holdings. (And it will be as nightmare for his heirs to unwind. Why would he want to unnecessarily burden them with that?) He's over-diversified because he holds more securities than anyone can properly manage, not because he's in the wrong investments. ]]> Wed, 11 Jul 2012 16:33:51 -0400
Oh, he's a very bright guy, but at 84 there's a reasonable likelihood that he'll be dimming before too long and won't be able to properly manage his huge number of holdings. (And it will be as nightmare for his heirs to unwind. Why would he want to unnecessarily burden them with that?) He's over-diversified because he holds more securities than anyone can properly manage, not because he's in the wrong investments. ]]> http://seekingalpha.com/article/715221/comments?source=feed#comment-7290621 7290621
Capital preservation means not losing capital to investment vagaries, i.e., a decline in value due to factors that you don't control. Extracting funds to live on is merely using your money as you see fit in a manner that you control.

We do seem to agree on his obvious need to consolidate. Anyone who has ever lost his parents knows that unwinding their investments can be a chore. In this fellow's case, it would be a monstrous one.]]> Wed, 11 Jul 2012 16:25:56 -0400
Capital preservation means not losing capital to investment vagaries, i.e., a decline in value due to factors that you don't control. Extracting funds to live on is merely using your money as you see fit in a manner that you control.

We do seem to agree on his obvious need to consolidate. Anyone who has ever lost his parents knows that unwinding their investments can be a chore. In this fellow's case, it would be a monstrous one.]]> http://seekingalpha.com/article/715221/comments?source=feed#comment-7290361 7290361
As to meeting with him in person, he expressed no desire to drive the 975 miles to my office.]]> Wed, 11 Jul 2012 16:19:41 -0400
As to meeting with him in person, he expressed no desire to drive the 975 miles to my office.]]> http://seekingalpha.com/article/704201/comments?source=feed#comment-7118551 7118551 Fri, 06 Jul 2012 09:17:17 -0400 http://seekingalpha.com/article/704201/comments?source=feed#comment-7117971 7117971 Fri, 06 Jul 2012 09:07:01 -0400 http://seekingalpha.com/article/676821/comments?source=feed#comment-6681971 6681971 Fri, 22 Jun 2012 07:54:41 -0400 http://seekingalpha.com/article/561591/comments?source=feed#comment-5130961 5130961 Sat, 05 May 2012 10:16:49 -0400 http://seekingalpha.com/article/561591/comments?source=feed#comment-5130951 5130951 Sat, 05 May 2012 10:16:15 -0400 http://seekingalpha.com/article/561591/comments?source=feed#comment-5130871 5130871 Sat, 05 May 2012 10:14:52 -0400 http://seekingalpha.com/article/510741/comments?source=feed#comment-4611791 4611791 "The results were inconclusive as to a clearly preferred route, but not as to answering the question. That neither strategy was patently better was an answer in itself ... For my purposes, the question was wholly and definitively answered, to wit: Sometimes making the trade is better than holding through the ex-date, and sometimes it isn't."]]> Fri, 20 Apr 2012 09:22:26 -0400 "The results were inconclusive as to a clearly preferred route, but not as to answering the question. That neither strategy was patently better was an answer in itself ... For my purposes, the question was wholly and definitively answered, to wit: Sometimes making the trade is better than holding through the ex-date, and sometimes it isn't."]]> http://seekingalpha.com/article/510741/comments?source=feed#comment-4602251 4602251 Thu, 19 Apr 2012 22:25:18 -0400 http://seekingalpha.com/article/463171/comments?source=feed#comment-4051541 4051541
Re: Your paragraphs 2 and 3...
Clearly. No. Yes. Hyperbole. Too late.]]> Mon, 02 Apr 2012 10:03:58 -0400
Re: Your paragraphs 2 and 3...
Clearly. No. Yes. Hyperbole. Too late.]]> http://seekingalpha.com/article/463171/comments?source=feed#comment-3928151 3928151 Wed, 28 Mar 2012 21:19:55 -0400 http://seekingalpha.com/article/463171/comments?source=feed#comment-3927881 3927881 Wed, 28 Mar 2012 21:10:31 -0400 http://seekingalpha.com/article/420191/comments?source=feed#comment-3332331 3332331
The original headline read, "Annaly's Capital Management Inspires Confidence". Now the editors at Seeking Alpha have changed it to "Annaly Capital Management Inspires Confidence". With all due respect to the editors, the latter headline mischaracterizes the thesis of the article.

It is not the company, itself, that inspires confidence, as the stock price, earnings and other empirical evidence certainly are not inspiring at the present time. Rather, it is the management of the company that inspires confidence in spite of that evidence.

I regret that the headline is now a misleading one, and I have asked (so far to no avail) Seeking Alpha to restore the original headline.]]> Fri, 09 Mar 2012 12:27:22 -0500
The original headline read, "Annaly's Capital Management Inspires Confidence". Now the editors at Seeking Alpha have changed it to "Annaly Capital Management Inspires Confidence". With all due respect to the editors, the latter headline mischaracterizes the thesis of the article.

It is not the company, itself, that inspires confidence, as the stock price, earnings and other empirical evidence certainly are not inspiring at the present time. Rather, it is the management of the company that inspires confidence in spite of that evidence.

I regret that the headline is now a misleading one, and I have asked (so far to no avail) Seeking Alpha to restore the original headline.]]> http://seekingalpha.com/article/420191/comments?source=feed#comment-3306391 3306391 Thu, 08 Mar 2012 17:27:45 -0500 http://seekingalpha.com/article/420191/comments?source=feed#comment-3305861 3305861 PAA) in September and thought the model could absorb a bit more mREIT exposure. ]]> Thu, 08 Mar 2012 17:02:32 -0500 PAA) in September and thought the model could absorb a bit more mREIT exposure. ]]> http://seekingalpha.com/article/420191/comments?source=feed#comment-3295041 3295041 Thu, 08 Mar 2012 12:40:07 -0500 http://seekingalpha.com/article/420191/comments?source=feed#comment-3294741 3294741 Thu, 08 Mar 2012 12:34:03 -0500 http://seekingalpha.com/article/420191/comments?source=feed#comment-3294651 3294651 http://bit.ly/wlY0i4). That portfolio consists of 40% mREITS and 38% extremely low-beta short-term bond funds.

That ratio exists for precisely the reason you cite...it would be foolhardy to overload in mREITS. The short-term bonds are meant to mitigate the risk of the mREITS component. The balance of the portfolio consists of other income securities.

The fee to subscribe to the model (in which your portfolio automatically mirrors ours) is just 0.8%, so I invite you to do so.]]> Thu, 08 Mar 2012 12:29:48 -0500 http://bit.ly/wlY0i4). That portfolio consists of 40% mREITS and 38% extremely low-beta short-term bond funds.

That ratio exists for precisely the reason you cite...it would be foolhardy to overload in mREITS. The short-term bonds are meant to mitigate the risk of the mREITS component. The balance of the portfolio consists of other income securities.

The fee to subscribe to the model (in which your portfolio automatically mirrors ours) is just 0.8%, so I invite you to do so.]]> http://seekingalpha.com/article/420191/comments?source=feed#comment-3294101 3294101 Thu, 08 Mar 2012 12:18:20 -0500 http://seekingalpha.com/article/348231/comments?source=feed#comment-3044931 3044931 Wed, 29 Feb 2012 17:25:04 -0500 http://seekingalpha.com/article/401441/comments?source=feed#comment-3042401 3042401 Wed, 29 Feb 2012 16:10:41 -0500 http://seekingalpha.com/article/359211/comments?source=feed#comment-2626001 2626001
As to the spread, I am finding that many people seem to believe that it is an all-or-nothing matter. Tightening spreads do not mean that the mREITS become unprofitable; it simply means that the profits would presumably be lower.]]> Tue, 14 Feb 2012 08:53:39 -0500
As to the spread, I am finding that many people seem to believe that it is an all-or-nothing matter. Tightening spreads do not mean that the mREITS become unprofitable; it simply means that the profits would presumably be lower.]]> http://seekingalpha.com/article/359211/comments?source=feed#comment-2625811 2625811 Tue, 14 Feb 2012 08:46:57 -0500 http://seekingalpha.com/article/359211/comments?source=feed#comment-2625721 2625721 Tue, 14 Feb 2012 08:44:01 -0500 http://seekingalpha.com/article/359211/comments?source=feed#comment-2625611 2625611 Tue, 14 Feb 2012 08:41:22 -0500 http://seekingalpha.com/article/340531/comments?source=feed#comment-2423681 2423681
The potential yield (based on the arbitrage) might well be reduced, but to say that losses would be incurred isn't necessarily true.]]> Mon, 06 Feb 2012 15:21:36 -0500
The potential yield (based on the arbitrage) might well be reduced, but to say that losses would be incurred isn't necessarily true.]]>