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tom field

tom field
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  • What's Wrong With The mREITs? - MORL Now Yields 29.4% [View article]
    When something looks too good to be true, that's apt to be the case. As yields rise, those with that generally reasonable view are more likely to be turned off than on, particularly when much rise in yield comes from drops in share price.
    Jul 28, 2015. 01:56 PM | 2 Likes Like |Link to Comment
  • MORL's Still Attractive Dividend Yield May Exceed 30% [View article]
    Was this intended: "Thus, in the long run, higher short rates accompanied by lower short rates would erode the earnings ability of mREITs." ?
    Jun 23, 2015. 06:42 AM | Likes Like |Link to Comment
  • CEFL Still Attractive As Yield Approaches 19% Discounts Widen [View article]
    As usual, I appreciate your analysis, but, this time, I find the most compelling point to be: "[T]he fastest-growing occupation in the USA... is making dubious and fraudulent disability claims." I must live a cloistered life. I don't dispute what you say, but I've seen nothing along those lines elsewhere.
    Jun 1, 2015. 04:22 PM | 1 Like Like |Link to Comment
  • QQQ Is A Good Long-Term Investment [View article]
    I don't understand the fixation on 5000. I understand that 5000 in 2000 dollars would be about 6900 in 2015 dollars. If so, at 5000, the NASDAQ in 2015 is 38% lower than the 2000 bubble. If it were 7000, we might have cause for concern.

    P/Es seem more meaningful. Hard to see how their utility would be compromised by inflation.
    May 27, 2015. 06:59 AM | Likes Like |Link to Comment
  • MORL Yielding 24.7% Based On Projected June Dividend [View article]
    I hold those equities in an IRA from which I am obligated, being past 70.5, to make withdrawals based on portfolio value. Because withdrawals are taxed as ordinary income, as long as the cash keeps pouring in, I'm more happy than not to see low prices.
    May 19, 2015. 07:34 AM | 2 Likes Like |Link to Comment
  • MORL Still Attractive With 23.3% Dividend [View article]
    I understand the math, Bert, but most people seem to ignore (deny?) the concept.

    I track it, but details get complicated. I bought MORL at the end of March for 20.84, then I bought more (varying amounts) @ 20.12 (4/6), 20.25 (4/9), 20.4 (4/17), and 20.42 (4/23). Currently, I am down .99% on average share price. Counting interest as return, I'm already up over 1%, with a substantial amount yet to pay anything. I started buying BDCL and CEFL much earlier. After averaging down, share prices are still short about 15% for each, but, counting interest since last June, parity is close at hand.
    Apr 26, 2015. 08:19 AM | Likes Like |Link to Comment
  • MORL Still Attractive With 23.3% Dividend [View article]
    Another way of framing the issue. GAAP aside, if you regard payouts as return of capital, nominal cost goes down very quickly. How long until payouts equal purchase price? At that point, what is your continuing risk? (What you do w/ payouts is a different issue.)
    Apr 25, 2015. 02:59 PM | 2 Likes Like |Link to Comment
  • MORL Still Attractive With 23.3% Dividend [View article]
    No doubt, CO..., but it would be useful to see some kind of broad, generic analysis and not have to deal with individual issues, rates....
    Apr 25, 2015. 10:18 AM | 1 Like Like |Link to Comment
  • MORL Still Attractive With 23.3% Dividend [View article]
    Excluded securities aside, FRIP is better than DRIP. Income in the latter may be used to purchase only the security that paid. Earnings from ETNs are large enough that I don't mind commissions, and I like even more flexibility in choosing when and what to buy. I wonder how often the savings on commissions are more than offset by less than optimal prices paid w/ FRIP funds.
    Apr 25, 2015. 10:13 AM | Likes Like |Link to Comment
  • MORL Still Attractive With 23.3% Dividend [View article]
    Another useful article, but I still don't get the net effect of interest rate increases. Although the cost of leveraging will go up, it seems that income generated by held securities will also go up. Why isn't it a wash?
    Apr 25, 2015. 08:25 AM | 4 Likes Like |Link to Comment
  • MORL Still Attractive With 23.3% Dividend [View article]
    Scottrade has a Flexible Reinvestment Program (FRIP). Income from acceptable securities go into a pool from which any acceptable securities may be purchased w/o broker fees. In that respect, it can beat DRIP. Looking only at what I hold, I see that income from BDCL, CEFL and MORL do not go into the pot, nor can shares be purchased using those funds. BIB, however, qualifies (not that it pays anything), so I don't understand their rule.
    Apr 25, 2015. 08:18 AM | Likes Like |Link to Comment
  • Nasdaq 5,000 And Media Sensationalism [View article]
    Thus, in constant dollars, the 5000 in 2000 would be matched by 6815. Seems like a long way to that bubble.
    Apr 5, 2015. 07:21 AM | Likes Like |Link to Comment
  • Nasdaq 5,000 And Media Sensationalism [View article]
    Actually, given inflation, the picture is less attractive than it appears superficially. That said, the equities responsible for the picture in 2000 deserved to be hammered. Most didn't and weren't.
    Apr 1, 2015. 12:20 PM | 1 Like Like |Link to Comment
  • BDCL April Dividend Brings Yield To 18.1% [View article]
    Thanks, again, Lance. This and your comments on CEFL are very helpful. I'm particularly interested to see that both BDCL and CEFL correlate well with SPY, whereas MORL does not. Although I've ignored it to this point, that prompts a closer look at MORL.

    You say, "Even though it is highly correlated with SPY, problems with specific [BDCs] in the index and that sector in general have caused BDCL to underperform...." UBER's potential effect on TAXI might illustrate the former, but I wonder if you might have anything to add about the latter. I recall that removing BDCs from most, if not all, indices had that effect. Do you have any sense of whether, as some have suggested, they might be reinstated?

    I also wonder about the observation that BDCS (or BIZD?) might match BDCL if leveraged with money cheaper than margin rates. Holding a loan (floating at 2.4% as it has been for several years), I prefer investing the principal in higher-paying equities over paying it off. Moreover, any part invested in, e.g., BDCL or CEFL, would seem to be doubly leveraged. If not, what am I missing?
    Mar 30, 2015. 07:17 AM | Likes Like |Link to Comment
  • CEFL Still Attractive With 17.6% Yield [View article]
    Ditto and ditto. That said, I bought more CEFL yesterday.
    Mar 28, 2015. 07:31 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
72 Comments
92 Likes