Send Message
View as an RSS Feed
  • Time To (Re)Focus On AllianzGI's Convertible/Income Bond Fund  [View article]
    Perhaps, this laws of accounting do work - you should read their latest monthly earnings data on Allianz web site-shows latest 3 mons NII of $0.17/share vs. distribution of $0.09/share and a UNII of $0.1007/share
    Jul 9, 2015. 01:42 PM | 3 Likes Like |Link to Comment
  • ARCP: Don't Overlook The Risks Because The Books Are 'Fixed'  [View article]
    Mark, I agree, the first thing I though about with the "fixed" in title. I follow Reuben, like his commentary, and suspect this was not his choice of words, but rather the editor(s)-whomever, I think this tabloid type title is a poor choice of what the author is trying to convey.
    Mar 26, 2015. 07:56 AM | 4 Likes Like |Link to Comment
  • Forced Selling Of AmTrust Likely  [View article]
    "very serious article" ? You are kidding? This short has now posted 10 SA articles since Feb. trying to discredit AFSI, another one today, same old same old.
    Jan 14, 2015. 11:07 AM | 8 Likes Like |Link to Comment
  • Funding Shortfall, Foundation Selling, And Flawed Structure Likely To Result In Downward Spiral At AFSI  [View article]
    BBM, be aware that SA deleted my post on a prior Gotham Investing hit piece (I believe this is the fourth such article) when I hinted at a connection of Gotham Investing to GeoInvesting, perhaps even being one and the same-the latter authored the first hit article on AFSI last Dec. and was successful in getting the stock to temporarily tank
    Nov 29, 2014. 06:28 AM | 2 Likes Like |Link to Comment
  • AmTrust: Just-Released Statutory Filings Reveal Substantial Deterioration  [View article]
    It seems to me that you are on the other end of the critique spectrum, seeking to sink AFSI. You seem to have already assumed Amtrust's worth is only "illusory value". Do you also have any vested interest in shorting this company, such as the author ( this being his 4rth hit article)?
    Nov 21, 2014. 01:04 PM | 1 Like Like |Link to Comment
  • The Short Case For SLM Corporation  [View article]
    Very much appreciate your continuing SLM/Sallie Mae analysis. I note you are long SLMBP. My main focus is reliably secure income-I have good bit of SLMAP bought at the temp. downturn in the fixed income sector last fall. I always am a little nervous when I see the buffer of the common stock dividend, (which, if paid, I know there is no risk for my preferred dividend also not being paid), now in absentia (only one dividend earlier this year as you point out) despite what appears to be good earnings, and notwithstanding the longevity (and cumulative nature) of steady SLMAP dividend (like clockwork since IPO date 2005 for both SLMAP and your SLMBP)
    Nov 15, 2014. 08:02 AM | Likes Like |Link to Comment
  • AmTrust Financial Services' Excessive Cost Capitalization Masks De Minimis Tangible Book Value  [View article]
    As he states in his initial article, he is a short on AFSI, so obviously he has skin in the game in that he wants a fall in the stock price-he is throwing all his verbal weapons at AmTrust, this article being his third volley. Whether any will stick, it appears not much, particularly after AmTrust beat handily estimates on their just released Q3 financials, and then increased their common dividend by 25%. He has applied a huge amount of effort and a lot of "expert" appearing accounting dialogue in his articles- I can understand some reasonable debate about AmTrust's accounting numbers, but when this author sums up his articles - "As such, I reiterate my price target of $0 for shares of AFSI " - is simply beyond ridiculous IMO, maybe a target price of 10% or so lower, but "zero"???? . Note that his views are 180 degrees opposite the well respected insurance evaluating overseer, A.M. Best.
    Nov 8, 2014. 07:35 AM | Likes Like |Link to Comment
  • Questions For AmTrust's Q3 Earnings Call  [View article]
    Just curious if you think these apparently very good latest quarter earnings and company business expansion are smoke and mirrors? If so, can you offer a line by line rebuttal and document your rebuttal with sound insurance accounting principles?
    Nov 4, 2014. 06:18 AM | 2 Likes Like |Link to Comment
  • Capital One - 6.70% Yield In Your Wallet  [View article]
    Should trade beginning today OTC as CPFLP
    Oct 30, 2014. 05:05 AM | Likes Like |Link to Comment
  • Stocks Going Ex-Dividend The First Week Of September  [View article]
    Also, there is a required holding period by the IRS before you can claim the dividend as qualifed, otherwise your dividend is ordinary income, a potential significant difference in taxation if you are in the higher tax brackets. See below from the Fidelity site on claiming the dividend as QDI:

    You must have held those shares of stock unhedged for at least 61 days out of the 121-day period that began 60 days before the ex-dividend date.
    For certain preferred stock, the security must be held for 91 days out of the 181-day period beginning 90 days before the ex-dividend date"
    Sep 1, 2014. 01:25 PM | 1 Like Like |Link to Comment
  • Buy-Write CEFs Are An Alternative To An S&P 500 Dividend Fund  [View article]
    Dr. D has re-stressed a key point when investing in buy-write CEF's, not just excellent yield in such CEF's as ETV,ETW, ETB, etc, but rather for their tax advantaged properties, which translates into a considerably higher (for me, as I approach retirement) AFTER tax return. I am in an upper income bracket and always look at what all investors are interested in from our cash distributions-what you can pocket and spend after federal and state taxes. I don't think you can make a simple buy decision for one's taxable accounts in these days of high (and possibly higher) future taxes without consideration of the tax burden, unless you are in the a very low income bracket. To me, ordinary income distributions vs. the above CEF's ,such as ETV, distributions, equates to an almost 35% swing in my after tax pocketed income. It is important, as LB plans to do (I hope), give the % of calls written on the CEF's portfolio, as this will determine the % of ROC (and lower tax burden).
    Jul 13, 2014. 07:31 AM | 2 Likes Like |Link to Comment
  • Should You Sell ETW And Buy EXG?  [View article]
    A main consideration for my investing in the various EV option/write generous yielding CEF's over the past 2 years is for tax considerations with the non-destructive ROC. Although EXG is shown as writing about 45% options on its portfolio, I have noted that ALL of its income in the past 6 months has been 100% ordinary income (i.e. fully taxable).
    Jun 24, 2014. 06:25 AM | 1 Like Like |Link to Comment
  • Enhancing Retirement Income With A Portfolio Of Covered Call CEFs: Part I  [View article]
    You did not read my post correctly-I said the income for 2014 is 100% ordinary income, not ROC. In the past, about 75% of their distributions have been ROC
    Jun 15, 2014. 11:21 AM | Likes Like |Link to Comment
  • Enhancing Retirement Income With A Portfolio Of Covered Call CEFs: Part I  [View article]
    Thank you for the above topic. IMO this is a good area of investment to consider, particularly if one is interested in not just good income, but also tax advantaged income (as I am) in my taxable accounts. Doug Albo wrote a number of excellent explanatory articles in SA about these type of CEF's about 1 1/2 yrs. ago, and I bought into JLA, ETV, ETW, and EXG. I have done very well with all with both sig. unrealized gains as well as consistent excellent distributions, much of which have been non-taxable (non destructive ROC). But one most be vigilant - (1) now JLA is being consolidated into QQQX by Nuveen, has cut its quarterly distribution this year, but it appears this change will not affect its % of option writing strategy, but we will see, (2) EXG states it has around a 50% options writing strategy (lower than ETV, ETW, ETJ mentioned above), but for the past 6 months, its monthly distributions have dramatically changed from about 75% ROC to 100% ordinary income! That, to me, is a huge swing in my after tax pocketed income from these distributions, and defeats one of the main reasons I bought into EXG. I am not sure why as no explanation that I can see on their web site.
    Jun 15, 2014. 07:25 AM | 1 Like Like |Link to Comment
  • Nuveen To Consolidate Its Equity Option Income Funds: What Does It Mean?  [View article]
    As primarily a focused income investor in a high tax bracket, I bought JLA as well as several Eaton Vance option/income CEF's over a year ago, after Doug's in depth look and explanation of these type of CEF's in latter 2012, in large part for their tax advantaged status with their constructive ROC. To say I have been pleased at my buys is an understatement, sitting on a lot of unrealized gains, but particularly when I look at my excellent after tax yield of 9-10%. With my investment strategy, my current take on the merger is negative in that QQQX will sell, as Doug points out, only about half the index options as JLA does, plus its distribution yield will be lower, and both I expect to lead to less after tax income for me.
    May 4, 2014. 07:12 AM | 1 Like Like |Link to Comment