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Robin Heiderscheit

Robin Heiderscheit
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  • The VIX And The Pre-FOMC And Post-FOMC Trades [View article]
    not sure exactly what you mean . . . vvix has been a bit elevated the past several weeks relative to previous months but is well within historical norms . . . can you be more specific about what you are seeing?
    Jun 18 11:14 PM | Likes Like |Link to Comment
  • The VIX And The Pre-FOMC And Post-FOMC Trades [View article]
    Thanks for the update Bill. Your work in this area continues to be the gold standard.
    Jun 18 05:43 PM | 1 Like Like |Link to Comment
  • Forget The Hindenburg Omen, This Near-Perfect Deleveraging Indicator Is Omen Enough [View article]
    Interesting data point but two of the four previous experiences were excellent times to buy stocks and two were excellent times to sell. So not sure there is much basis for a conclusion.
    Jun 17 06:02 PM | Likes Like |Link to Comment
  • Five Oaks Investment (OAKS) declares dividend of $0.16/share for the month of July, August and September.Forward yield 14%. (PR[View news story]
    forward yield is actually about 14%, note should be corrected
    Jun 17 05:54 PM | Likes Like |Link to Comment
  • Friedman Industries: A Microcap Steel Company Selling At Net Book [View article]
    Ray, here is a link to the 2010 proxy. It shows the pay cut.

    I used to follow this on a day to day basis. You can trade it pretty well if you follow the trade rags. There is alot of scuttlebutt that the current quarter is going to be really, really bad, which you touch on a bit in your piece, so I am not in it now.

    Anyway, after twenty five years of investing I ONLY put money in companies (like FRD) where management and ownership have alot of overlap.

    http://1.usa.gov/11jwRlo
    Jun 17 11:24 AM | 2 Likes Like |Link to Comment
  • Friedman Industries: A Microcap Steel Company Selling At Net Book [View article]
    I have been in and out for ten years. In a picked over market you could certainly do alot worse.

    One thing I would add is that management slashed their salaries to almost zero during 2009 when business was tough. That was very cool.
    Jun 17 09:52 AM | 3 Likes Like |Link to Comment
  • The Market Is Mispricing Prospect Capital [View article]
    "Prospect Capital typically achieves a high ROE on its assets"

    ROE since IPO is around 8%.
    Jun 17 09:49 AM | Likes Like |Link to Comment
  • Bill Gross Is Buying Closed-End Funds Again [View article]
    I don't know if it is a "great" entry point. So far the pullback is only about half of what the late 2010 pullback was, so there could be a couple of years worth of interest left yet to the downside easily.

    That said, I like the BBB credit quality of ACG. Losses will remain low unless there is a severe recession. The 7.5 yr effective duration is about where I am focusing, too -- you aren't going to get crushed unless we see a very rapid increase in rates.
    Jun 16 09:33 AM | Likes Like |Link to Comment
  • GE's 5.25% Preferred Is A Good Place To Store Cash [View article]
    It should. GEB matures in 2052 so the duration is massive. Of course IG could be better that interest rates fall in the years ahead. If they do GEB will do quite well.
    Jun 15 06:35 PM | Likes Like |Link to Comment
  • CEF Strategies: Is It Time To Buy Municipal Bond CEFs? [View article]
    User I get what you say about taxation but I think that risk is already in the prices of munis relative to treasuries. If you taxed munis today the yields would still be better than treasuries.

    Like you I have profitted from following DA.
    Jun 15 09:57 AM | Likes Like |Link to Comment
  • The Mortgage REIT Business Doesn't Work ... [View article]
    Yeah, that was my problem with the article . . . there are about a hundred MREITs now with about a hundred different strategies . . . some will work, some won't.
    Jun 14 04:12 PM | Likes Like |Link to Comment
  • Bill Gross Is Buying Closed-End Funds Again [View article]
    George, wish you would have helped out your lazy readers (like me) with the effective durations on those CEFs you mentioned. These days, that statistic seems just a tad more important than a couple of months ago!
    Jun 13 12:36 PM | 1 Like Like |Link to Comment
  • Interest Rates Up - Variable Loan CEFs And BDCs Down, What's Up? [View article]
    got it, you mean alot of selling from one party to another going on, can't argue with that, just was confused by use of the term "redemption" which only applies to open ended funds and etps
    Jun 11 11:31 AM | 1 Like Like |Link to Comment
  • 3 BDCs Selling At Deep Discounts To NAV [View article]
    I don't see a catalyst for the price to close to NAV in the next "year or two" for any of these. The MVC discount has been there forever. ACAS has a good catalyst for a price increase -- the rising NAV that you have chronicled well many times -- but not necessarily for the discount to go away. As for GAIN, I think people just don't trust Gladstone BDCs at this point because their poor track records. That perception isn't going to change overnight.

    A discount IMHO more likely to close in the next year or two is SAR. On the last CC they strongly hinted that 2014 will see a move to a more traditional cash dividend that matches NII.
    Jun 11 11:19 AM | 1 Like Like |Link to Comment
  • Interest Rates Up - Variable Loan CEFs And BDCs Down, What's Up? [View article]
    CEFs do not have "redemption pressure," right?
    Jun 11 10:58 AM | Likes Like |Link to Comment
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