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depraved_miscreant

depraved_miscreant
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  • 'Savvy Senior' IRA Off To Good Start In 2014: 4% Return In 1st Qtr [View article]
    I own GGN and BCF, but no FCX at the moment. In general, I actually prefer CEFs over ETFs and I was thinking of upping my position in BCF. I'm up @ half a buck and I like the look of the chart. Thanks for the ideas.
    May 2 03:42 PM | Likes Like |Link to Comment
  • Nuveen To Consolidate Its Equity Option Income Funds: What Does It Mean? [View article]
    Doug Albo and Left Banker, right or wrong, I've been living under the impression that Nuveen's strength is in income, specifically municipals. Care to share your opinions on the quality of the firm's equity management teams ? Or is the proof simply in the performance ?
    May 2 01:20 PM | Likes Like |Link to Comment
  • 'Savvy Senior' IRA Off To Good Start In 2014: 4% Return In 1st Qtr [View article]
    I have also been 'tweaking', but with a different approach -- slanted toward global and foreign (Korea, Latin America, Asia Pacific -- giving up a lot in dividends) and stuff in the ground -- hard assets and energy. Still holding UTF because it is 48% global (per fund website 3/31/14) and I like the portfolio, but I'm thinking of lightening up. Like you, I've had a good run.

    I bought FCX in late 2008 and held for just about 2 years (they should all work out that perfectly), but I'm watching it again. Jeremy Grantham believes copper will be the new gold because all the rich mines have been worked. Does anyone know of a better way to play copper without buying futures ?
    May 2 01:03 PM | Likes Like |Link to Comment
  • Is There One REIT Every Investor Should Own? [View article]
    NRF put out an announcement that it was NOT in discussions with ARCP. Selling off on the news.

    http://bit.ly/1kaxFxK

    Oh well, we'll just have to be satisfied with the distributions for now.
    Apr 29 09:49 AM | Likes Like |Link to Comment
  • Is There One REIT Every Investor Should Own? [View article]
    When I didn't see NRF listed among your longs, I figured you might have sold after the spinoff announcement. I'm glad you're still long. Looks like NRF might still have a few points left to rise and I have a relatively large position. Actually, my wife does -- it's in her IRA.

    Since I (we) hold it in an IRA and since the ARCP chart isn't exactly pretty, if the deal proves solid, I'll just sell if it gets close to $20. I don't see details of the deal anywhere, i.e., cash vs. stock. It's probably too early. Of course, there's also the possibility of a better offer, although I don't know from whom.....
    Apr 28 02:21 PM | Likes Like |Link to Comment
  • Spain: A Good Play On The European Recovery [View article]
    I agree about a recovery in Spain, but after pulling up a chart of EWP, I'm not sure it hasn't already been priced in.

    The party in EWP has been going on at least since last summer, if not since mid to late 2012. Momentum looks good, but I believe longs should use stops from here.

    BTW, I live in central NJ and I was riding up US1 the other night and noticed two Santander bank branches not far from each other. I didn't realize they were building such a large US footprint, especially here in the middle of noplace special. I'm long a SAN preferred.
    Apr 25 11:50 AM | Likes Like |Link to Comment
  • Buy Cornerstone Progressive Stock At A Discount [View article]
    "Yet I own a few of the top 10 holdings, which have performed rather well"

    Some of the CFP top 10 holdings have been in CEFs which invest in out of favor sectors. Recently, I've also nibbled at a couple which appear to be bottoming, e.g., BCF, BGR and RQI. I wonder how long they have been in the CFP portfolio and if CFP has held them while they were declining in price (and NAV).

    I don't consider CEFs to be buy-and-hold investments. I think they require constant vigilance and are more trading vehicles, whether it be short-, intermediate- or long-term.
    Apr 25 11:00 AM | Likes Like |Link to Comment
  • Buy Cornerstone Progressive Stock At A Discount [View article]
    And let's not forget the fact that distributions have been declining for just over four years (Source: CEF Connect, which is not always 100% accurate).

    Yet I own a few of the top 10 holdings, which have performed rather well. There must be a leak somewhere. I suspect that Cornerstone insiders are not driving Yugos.
    Apr 23 12:24 PM | Likes Like |Link to Comment
  • A Discounted Infrastructure Fund With A 6.75% Yield [View article]
    Long UTF since Oct 2012, so it's been a nice ride with YOC > 8%. Closing the discount would be nice, but only the leverage worries me in the event that we encounter a global slowdown. Keeping a moderately loose mental stop.
    Apr 9 05:39 PM | Likes Like |Link to Comment
  • Tax-Advantaged High-Yield In A Flat Market From Option-Income Funds. [View article]
    I'm with you, Numbers. I recently purchased GGN and BCF. GGN uses light leverage, BCF is unlevered.
    Apr 2 08:55 AM | Likes Like |Link to Comment
  • Tax-Advantaged High-Yield In A Flat Market From Option-Income Funds. [View article]
    My 1099 showed about 70% of the ETY distribution listed as Capital Gain -- box 2a.

    Odd indeed.
    Apr 2 08:27 AM | Likes Like |Link to Comment
  • Tax-Advantaged High-Yield In A Flat Market From Option-Income Funds. [View article]
    Good article. I've owned ETY since Doug Albo wrote about it early in 2013. Monthy distributions, >9% yield right now, 90% options coverage, no leverage. ROC is high, but invariablly due to 90% options coverage and NAV is on the rise.

    Current discount a bit less than -8% and both price and NAV charts in a solid uptrend. Distributions were cut back a few times, but I think the why was one of the points of the Albo article. I believe ETY also has a share buyback program in place.

    http://bit.ly/QCWX0F

    Thanks for the article. I plan to investigate several on your lists.
    Apr 1 01:48 PM | Likes Like |Link to Comment
  • Don't Let Income Strategy Bias Intimidate You [View article]
    Total return vs. income ? I like 'em both. NRF has been better than a triple for me with a YOC > 20%. Best of both worlds. Any idea how I can find more of these babies ? :-D

    While I find Swedroe's refrain somewhat tiresome and he most certainly appears to be a 'One Eyed Jack', I think that much of his opinion on preferred stock rings true.

    http://cbsn.ws/1muH8G9
    Mar 26 09:36 AM | Likes Like |Link to Comment
  • Screamin' And Yellen Higher Rates Are Comin': Part II: Get Your Portfolio Ready With Bank Loan ETFs [View article]
    Take a look at some of the Senior Loan CEFs, most of which are selling at a discount to NAV. EVF has been around since 1998, PHD and FCT since 2004 and PPR since 1988, to name a few. CEFs are not for everyone, but I think they're worth exploring. These CEFs use leverage and usually hold less than investment grade loans. Because of the leverage, dividends/distributions are much higher than those of ETFs, and so are the fees. Try cefconnect.com or cefa.com or cef.capitallink.com for more info. On SA, Spritzer and Bavaria are two authors who come to mind for having written on the subject of Senior Loan CEFs. Good luck.
    Mar 23 01:41 PM | 2 Likes Like |Link to Comment
  • The Utility And Infrastructure CEF Report: 6%+ Yields And Deep Value [View article]
    Similarly, BUI's distributions include ROC, but the fund writes options on ~30-40% of its holdings, which would account for it (along with its high portfolio turnover). And ROC or not, the fund's NAV trends up.

    BTW, the data in CEF Connect for BUI is not to be trusted. E.g., as of this writing, the top 10 issues account for >161% of the fund's ~82 holdings, yet the fund does not use leverage as far as I can tell. And CEF Connect states that the fund is 96% global, yet BlackRock says it's 63% USA. CEF Connect also routinely makes the mistake of extrapolating a fund's last distribution into an annual rate (>15% in the case of BUI).

    BTW, Doug Albo wrote a very favorable article re DPG back in Sept 2013. He also wrote favorably re BUI in May 2012, about 6 months after its inception.
    Mar 6 03:42 PM | 1 Like Like |Link to Comment
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