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depraved_miscreant

depraved_miscreant
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  • 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
  • The Utility And Infrastructure CEF Report: 6%+ Yields And Deep Value [View article]
    According to the fund website, 9% of the portfolio is in Pipeline MLPs, including Enbridge, Markwest, Transcanada and Enterprise.
    Mar 5 07:56 PM | Likes Like |Link to Comment
  • The Utility And Infrastructure CEF Report: 6%+ Yields And Deep Value [View article]
    Morgan, re UTF, management's AUM conflict aside, another reason for failure to execute the buybacks might be due to another conflict: a high discount (near a 52-week high -- or is it low ?) versus a rising NAV. Might they be waiting for a correction ? Just supposing.

    I own a PPL convertible preferred with a mandatory conversion in May, but I think I'd rather be in a fund than in just the PPL common. Thanks for a great review on these utility CEF alternatives which I'm going to bookmark.

    Long UTF.
    Mar 5 11:45 AM | Likes Like |Link to Comment
  • Should Real Estate Investors Trust REITs? [View article]
    Back in the 80s, there were lots of condos selling at deep discounts and we thought about becoming landlords. I mentioned it to a co-worker who told me how his tenants defaulted on several months rent, removed every inch of copper pipe in the place and then skipped town.

    Never wanted to be a landlord after that.
    Feb 8 11:38 AM | 2 Likes Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    I don't think there are any pure water CEFs, but BQR has some holdings in water utilities. Here's a link to a recent article by another SA author:

    http://seekingalpha.co...
    Feb 4 02:45 PM | Likes Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    I don't rely much on technicals, but I do like the Golden Cross as a buy signal, i.e., when a 10-week MA crosses above the 50-week MA. Such is the case for EOD's NAV recently, but not its market price, which is lagging. So I bought some. If I have learned anything from Doug's articles on CEFs, it is to watch NAV.

    Also long ETY, GRX and UTF.
    Feb 4 02:36 PM | 2 Likes Like |Link to Comment
  • Danger Zone: Ashland [View article]
    Thanks, David.
    Jan 31 11:58 AM | Likes Like |Link to Comment
  • Danger Zone: Ashland [View article]
    No position in ASH and a couple of my DCF spreadsheets kick out a value less than 1/3 the current market price, so a short idea looks pretty good. Yet FY2013 FCF is the highest in several years and the 2nd best in the past decade.

    Explanation ? Not arguing, just trying to learn from someone who has obviously dipped deeply into the financial statements.
    Jan 30 12:24 PM | Likes Like |Link to Comment
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