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depraved_miscreant

depraved_miscreant
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  • 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
  • ETFs Let You Invest With Your Head, Rather Than Your Heart [View article]
    MUA is a CEF. Do you also venture there ?
    Jan 24 02:31 PM | Likes Like |Link to Comment
  • PIMCO's Strategic Global Government Common Fund Is Now A Buy [View article]
    On a technical note, both NAV and price are in downtrends since October 2012. Falling knives are messy. Waiting a few months appears wise.
    Jan 21 01:59 PM | 1 Like Like |Link to Comment
  • Lessons From 2013: Part I [View article]
    Oh, I agree. It doesn't make sense, but I remain agnostic. I find the writing of the author to whom I provided a link interesting, but I never forget Andrew Lo's words. Data mining is a popular pasttime.

    Funny that you mention 1987. That was a year when I actually did sell in May, but not because of any Wall Street adages. Rather, as early as May, I thought things were getting somewhat frothy. I missed a lot of the fun and all of the pain. I happened to be working for The Very Large Brokerage Firm at the time, and on Black Monday I was surrounded by some very unhappy people watching the Quotrons. I only wish I had bought some puts.
    Jan 16 05:44 PM | Likes Like |Link to Comment
  • Lessons From 2013: Part I [View article]
    SA author Fred Piard presents evidence that "Sell in May and then go away" has validity:

    http://seekingalpha.co...

    To paraphrase Andrew Lo, "torture a data set long enough and it will confess to anything".

    So who's right ?
    Jan 16 10:22 AM | Likes Like |Link to Comment
  • BlackRock International Growth & Income Trust Offers An 8% Distribution At A 12% Discount [View article]
    Thinking pretty much along the same lines as the author, I bought BGY back in late June. NAV has hit a multi-year high at a level last seen in August, 2011, up ~23% since a May, 2012 low.

    Steady as she goes.....
    Jan 15 06:34 PM | Likes Like |Link to Comment
  • Assessing REIT Funds For Your Retirement Portfolio [View article]
    Adam, any input re my query about AWP (or other Alpine CEFs) using dividend capture ? Global Trekker once panned the Alpine funds for that very reason.

    FWIW, while I'm not a big fan of technical analysis (as the saying goes, it works great except when it doesn't), I do like to see the 10-week MA cross above the 40-week MA. The NAV of AWP is very close to such a cross; the market price should follow.
    Jan 8 10:56 AM | Likes Like |Link to Comment
  • Assessing REIT Funds For Your Retirement Portfolio [View article]
    LB, that's the Ron Baron fund. I kept the Barron's article about it from May of 2013 but, unlike you, I wasn't smart enough to buy it. Article says manager Kolitch "is more interested in growth than income". The price (temporarily) peaked about a week after the article printed and it's up maybe a point and a half since, so I don't feel terribly bad, but the 2-year chart looks great. Still watching.
    Jan 7 01:49 PM | Likes Like |Link to Comment
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