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depraved_miscreant

depraved_miscreant
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  • What's Right With The REITs [View article]
    Actually, Brad's line is quite valid, but the one you cite is, indeed, the most famous.
    Jun 30 11:36 AM | Likes Like |Link to Comment
  • Add A Faucet To Your DRIP [View article]
    I maintain two spreadsheets for CEFs: one for equity CEFs and one for fixed income. In the latter, I track 42 munis (both national and for my state, lovely NJ). Of the 42, ALL trade for a discount which is wider than the 52-week average and many are at or near the 52-week low (i.e., widest discount).

    I don't see munis being taxed very soon, either. It would create havoc in the states' and municipalities' ability to raise capital. Pols will be pols, though, so it's possible. In this age of class warfare, they'll target the well-heeled first. Unfortunately, that's a lot of us. But no time soon.

    More noise on the subject will only create better buying opportunities in munis.
    Jun 19 10:58 AM | 1 Like Like |Link to Comment
  • Add A Faucet To Your DRIP [View article]
    Adam, I like your choice(s) of unleveraged CEFs. I need to sell out of a couple that are leveraged and follow your lead.

    I'm also looking at ETV, which Douglas Albo (is anyone better re equity CEFs ?) calls 'must-own'.

    I'm no DRIPper, but you just picked up a follower.
    Jun 19 10:13 AM | Likes Like |Link to Comment
  • Equity CEFs: Top Funds By Fund Family (Part II) [View article]
    Douglas, I'm curious under what circumstances you use ETFs. I'd also like your take on Senior Loan CEFs.

    I have probably read all 100 of your S/A articles, and, while total expertise in CEFs still evades me, I think I have a pretty fair handle on equity CEFs, which I owe primarily to you and your writing.

    I owned HYB (New America high yield) and KF (Korea Fund) from 2002 to 2007. I bought back into HYB in late 2008 but I avoided equity CEFs until I followed some of your recommendations (ETY, GRX, UTF).

    Much obliged.
    Jun 15 02:54 PM | Likes Like |Link to Comment
  • Equity CEFs: Top Funds By Fund Family (Part II) [View article]
    Legg Mason acquired Royce & Associates in 2001 for ~$115M. Chuck Royce and his XO, Whitney George, are still with the firm.
    Jun 15 02:36 PM | Likes Like |Link to Comment
  • Buy This Undervalued Growth Stock To Own A Legal Monopoly [View article]
    I've never looked at VRSN, and there's quite a bit to like: reasonably good FCF growth (lately), very good CROIC and outstanding margins. However, I'm scratching my head over the plunge in shareholder equity, now in negative territory. I'm guessing goodwill and other intangibles have been substantially written off.

    Is anyone familiar with the specific details ?
    Jun 10 07:53 PM | Likes Like |Link to Comment
  • Equity CEFs: Top Funds By Fund Family (Part II) [View article]
    FYI, I'm not exactly sure what the relationship is, but Royce & Assoc. is, in some way, under the Legg Mason umbrella. I doubt that this affects Royce's investing philosophy in any significant way.
    Jun 8 10:00 AM | Likes Like |Link to Comment
  • Federated Investors: Undervalued Money Manager With A Generous 4.25% Yield [View article]
    Nice pop in the stock price the last few days. Now the stock is up > 25% over my cost, not that I plan to sell anytime soon. BTW, the special dividends seem to come every other year. I guess we wait a bit for the next one unless one of the Donahues plans to buy a Bentley or a second or third home.
    May 17 12:02 PM | Likes Like |Link to Comment
  • Equity CEFs: 4 Funds To Buy And 4 Funds To Sell [View article]
    Doug, I have BCX (Black Rock Resources and Commodities Strategy Trust) on my watch list. The December distribution was reduced, but it's 8.89% (at today's closing market price). Do you see further cuts for BCX?

    I will certainly take a hard look at BGR.
    May 14 05:19 PM | 1 Like Like |Link to Comment
  • An Extensive Look At Ray Dalio's Portfolio Shakeup [View article]
    With >85% of a 211 name portfolio in his top 3 positions (all ETFs), all one can conclude is that Dalio generally likes emerging markets and US large caps (S&P500). No other position shows a real commitment, but that's as of 3/31. It would be nice to know if/how he has moved his money around since.

    The top holdings of money managers with a sharper focus are much more instructive.
    May 14 02:56 PM | Likes Like |Link to Comment
  • Don't Close The Door On Closed-End Funds [View article]
    This link works. I believe it's the same site as CEF Assn.

    http://www.cefa.com

    From the website:

    "The Closed-End Fund Association (CEFA) is the national trade association representing the closed-end fund industry. A not-for-profit association, CEFA is committed to educating investors about the many benefits of these unique investment products and to providing a resource for information about its members and their offerings."

    From this, I would assume the site is here to stay and should remain FREE.
    May 7 12:23 PM | Likes Like |Link to Comment
  • Don't Close The Door On Closed-End Funds [View article]
    Looks like 'closed-endfunds.com' aka CEF Assn. (the first of the links I provided) has locked up its web site and left no way to request access. Too bad. CEF Connect isn't perfect and Morningstar's CEF coverage seems rather amateurish (or is it just because it's relatively new?).

    I get a free subscription to M* from one of my brokers, but I still don't use it very much. Don't know if that's a commentary on them or on me. That doesn't leave much out there in the way of help with CEFs. Quantum Online seems to emphasize the income funds, although it appears you can hunt for general equity funds. Mostly, Q/O looks like a way to link to the fund sponsor's web site.
    May 7 12:07 PM | Likes Like |Link to Comment
  • Federated Investors: Undervalued Money Manager With A Generous 4.25% Yield [View article]
    I hate to comment if I have nothing to add, but the article (and Duke1) pretty much cover it all. Long FII since late '08. Stock up just 7% since, but the Donahues like dividends and so do I.

    Another divy next Wednesday (May 15).
    May 6 02:32 PM | Likes Like |Link to Comment
  • A Low Volatility Way To Play The Natural Resource Sectors [View article]
    Just took a 1/3 position in GGN after last week's gold swoon. With resources and materials also beaten down, I have been looking at BCX, which has some of the same names as IRR, but (BCX) also has relatively large positions in MON and POT. Never considered IRR. Thanks for the idea, George.
    May 2 05:19 PM | Likes Like |Link to Comment
  • Don't Close The Door On Closed-End Funds [View article]
    Just took a first look at FGB. Recently sold out of 3 BDCs, but spreading the risk among 44 companies makes a lot of sense in this sector. 17% leverage.

    As for UTG, utilities feel fully valued and I only like Nuveen for munis. BTW, I have a list of 43 munis (NJ and national) and the discount/premium is at 52-week low for all but 2 of them. Still wouldn't touch a bond fund now, though. Just my 2 cents.

    FWIW, I find the following 2 sites useful in complementing CEF-Connect with different looks on fund data and screening:

    http://bit.ly/z0VH3D
    http://bit.ly/121ZMaU

    Always best to visit the fund sponsor's site for the last word.
    May 2 04:45 PM | Likes Like |Link to Comment
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