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depraved_miscreant

depraved_miscreant
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  • It's A Bond! It's A Stock! It's... Preferred Stock (Part 2) [View article]
    Try http://bit.ly/qWc98b

    Simply enter a symbol, e.g. NRF, and then click on the link "Find All Related Securities for NRF".
    Mar 1, 2015. 08:16 AM | 1 Like Like |Link to Comment
  • A Strategic High-Yield Discussion And Portfolio Planner [View article]
    Early last fall, I sold out of FGB when the premium soared to >14%. I stuck a toe back in recently, despite the small @2% premium. The >9% distribution is attractive, but I'm waiting before adding to my position.

    BTW, FGB is a CEF which uses @18% leverage; it holds financials, mostly BDCs. Distributions have been steadily on the rise for the last 5 years or so and are paid quarterly.
    Jan 28, 2015. 09:27 AM | Likes Like |Link to Comment
  • Getting The Defense On The Field [View article]
    "....but in a bull market (and they are raging in REIT space, aren't they) the leverage is a good play. "

    But the article is supposedly about getting defensive. Hmmm.
    Jan 17, 2015. 10:19 AM | 1 Like Like |Link to Comment
  • Getting The Defense On The Field [View article]
    Just a thought re REITs: I sold RQI a while back and replaced it with RFI. RQI uses @25% leverage; RFI is a bit more defensive and uses no leverage, yet yields more than RQI (@7% vs. 6%), with no ROC, at least in the past year. Neither uses an options strategy and both have been solid performers.

    I too am wary of financials. The banks figure to get more profitable with wider spreads (if/when that occurs), but they are under seige from the regulators, as Jamie Dimon bemoaned recently. I've been taking a look at global banks and I almost pulled the trigger on SAN -- I'm glad I didn't, but I am long a SAN floating rate preferred for the last 5 years. Unlike the author, I am looking internationally in the hope of finding value plays, although now might be a bit early.
    Jan 16, 2015. 12:01 PM | 1 Like Like |Link to Comment
  • 10.6% Yielding ETW Offers Both Income And A Capital Appreciation Opportunity [View article]
    ETW made a 52-week low on 12/31/14, but NAV held well above its low. I put a bid in for my IRA and got a partial fill at 11.02 - caught the low. YOC > 10.5%, but I'll watch ETW closely, a good practice with most CEFs.

    1 year Z-score at close -2.15 (my spreadsheet calculation).
    Jan 5, 2015. 04:05 PM | Likes Like |Link to Comment
  • 10.6% Yielding ETW Offers Both Income And A Capital Appreciation Opportunity [View article]
    Still lots of posts by users concerned about ROC in this and other CEFs which use an options strategy. Read the link provided above by the author or articles by Douglas Albo and John Cole Scott on the subject. Morningstar also disects ROC on its website. Here are links to articles by other authors:

    http://seekingalpha.co...
    http://seekingalpha.co...
    Jan 3, 2015. 12:06 PM | 2 Likes Like |Link to Comment
  • 10.6% Yielding ETW Offers Both Income And A Capital Appreciation Opportunity [View article]
    a 1300 basis point underperformance signals to me that "something" happened ...in this case during the month of December

    Yet a comparison chart of Price vs. NAV reveals that NAV held up much better. I think you're correct: a big holder probably bailed out.
    Jan 3, 2015. 11:51 AM | 1 Like Like |Link to Comment
  • Exciting Times At 9% Dividend NorthStar Realty Finance May Mean Exciting Growth [View article]
    In the words of Chico Escuela, "NRF has been berry berry good to me". I thank SA contributor Philip Mause for this one. He predicted the turnaround in NRF when things still looked gloomy. After the split, I thought about selling NSAM -- glad I didn't -- it too has been a great performer. Also hold some NRF-pE (8.75% cumulative preferred).

    Happy New Year, NRF Longs.
    Dec 31, 2014. 10:28 AM | 5 Likes Like |Link to Comment
  • In Search Of Income: Preferred CEFs (Part II) [View article]
    Lots of factors to consider with Preferred CEFs, most covered in this excellent article. Here's another.

    CEF Analyzer puts 20 funds in its preferred category. Of those, two have 1-Year Z-scores worthy of attention: JPI (-1.52) and LDP (-1.42). Numbers are from Friday's (12/12/14) closing prices. As of this writing I calculate -1.05 for JPI and -1.54 for LDP.
    Dec 15, 2014. 10:11 AM | Likes Like |Link to Comment
  • As Uranium Prices Grow, The Global X Uranium ETF Will Follow [View article]
    Japan experienced strong earthquakes last weekend. Are the reactor restarts still on track ?

    Took a small starter position in URA about a month ago under 12. Plan to increase my holding when URA shows some "MO". IMO, a good long-term idea.
    Nov 26, 2014. 08:42 AM | 1 Like Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    "Is TYG a good candidate for a short term pop in market price or is it destined to be a chronic laggard ? "

    Prescient call, George. TYG up 2% today. Or have you become a market mover ?
    Nov 11, 2014. 04:47 PM | 1 Like Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    "Interesting metrics for the two funds. Over the last year, NAV for TYG has increased > 23% while the market price is up only ~ 1.4%....might TYG be better positioned to catch up to its NAV ?"

    At first, I liked the fact that TYG's market price trailed its NAV by >22% and a peek at the entire CEF universe showed that to be the 4th highest among all CEFs using cefanalyzer data from 11/07. But the top three are all Cornerstone funds, which makes me wonder if that is such a good thing. Is TYG a good candidate for a short term pop in market price or is it destined to be a chronic laggard ?
    Nov 11, 2014. 02:13 PM | Likes Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    Better ? Depends where you hold it. In a taxable account, TTP's ROC and CGs are certainly advantageous over pure income.

    I like TTP's wide discount and good price momentum, but mostly I prefer its GP-heavy portfolio. I'm just beginning to sniff around the MLP CEFs after holding an overly large position in a single MLP (APL) for almost 6 years. I sold recently on the news of APL merging/being taken over and I didn't want any part of the possible tax complexities. That sale turned out to be very timely, as APL has fallen several points since.

    I'm also looking for a purer LP-oriented CEF or two. TYG is one of several worth a look.
    Nov 11, 2014. 01:32 PM | 1 Like Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    TTP vs. TYG. While not exactly a case of comparing apples and oranges, tangerines vs. oranges might be an apt description of the difference. While the TTP portfolio does contain MLPs, I believe it is much more heavily invested in the general partners. FWIW, both are C-Corps.

    Interesting metrics for the two funds. Over the last year, NAV for TYG has increased > 23% while the market price is up only ~ 1.4%. For TTP, NAV is up > 27% while its market price is up almost 22%. So TTP has a wider discount and better price momentum, but might TYG be better positioned to catch up to its NAV ? In either case, I wish I had been smart enough to buy them three weeks ago.

    Thanks to George for a superb rundown of TYG.

    I could look it up, by my inherent laziness causes me to ask if anyone has done a comparison of the insider holdings of TYG vs. TTP.
    Nov 11, 2014. 11:45 AM | 1 Like Like |Link to Comment
  • A Value And Momentum Strategy For Closed-End Funds [View article]
    I found this article interesting enough to create my own spreadsheet. I first created a screen on cefanalyzer choosing the pertinent fields and then imported the data into my sheet. I then eliminated funds with less than 1 year of history and also state-specific Munis which don't apply to me. For the momentum portion, I computed an average of the price total returns, giving a double weighting to the 3 month TR over the 1 year TR, then ranked the funds on this average. I then ranked the funds on discount and added the discount and TR rankings equally. Finally, I ranked the funds on this sum, with the lowest total getting a ranking of 1.

    While I wouldn't follow the buy-sell recommendations of the model, i.e., buy the top 20 (or some other number), this has caused me to notice some funds I was not familiar with. I threw in Z-scores for another angle to look at, i.e., highly ranked Value/Momentum funds with low negative Z-scores.

    FWIW, my spreadsheet ranked four REIT funds in the top seven based on data from the market close on 11/07: RIF, NRO, RIT and RNP. Three Cornerstone funds, CFP, CLM and CRF, ranked in the bottom six of the 481 funds in the spreadsheet.

    I plan to also run the sheet for equity funds only and income funds only.
    Nov 9, 2014. 04:11 PM | Likes Like |Link to Comment
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