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  • Danger Zone: Ashland [View article]
    Thanks, David.
    Jan 31, 2014. 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, 2014. 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, 2014. 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, 2014. 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, 2014. 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:

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

    So who's right ?
    Jan 16, 2014. 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, 2014. 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, 2014. 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, 2014. 01:49 PM | Likes Like |Link to Comment
  • Assessing REIT Funds For Your Retirement Portfolio [View article]
    Doc, I own RQI and two individual REIT issues. I have been looking for a global REIT CEF or ETF and I dismissed AWP because Alpine uses a dividend capture strategy (or so I thought -- I'm not a fan) in several of its CEFs. I am/was under the impression that AWP fell into that category, but a quick scan of the fund's web site and annual report shows no mention of such a strategy for AWP.

    Since you own AWP, you must know what gives.
    Jan 7, 2014. 12:01 PM | Likes Like |Link to Comment
  • 3 High-Yield Income Investments On Sale Now [View article]
    Pie, lots of truth in your post. For most, if not all, of the last five years, covered call funds were definitely not the place to be -- better to have gone with leverage -- and lots of it. However, the bull has gotten a bit long in the tooth and the big gains might be behind us. Whither the market ? I don't know. For a new position, though, covered call funds have a bit of appeal.
    Dec 31, 2013. 02:34 PM | 1 Like Like |Link to Comment
  • 3 High-Yield Income Investments On Sale Now [View article]
    Nibbled at some BCF (Real Assets) recently because NAV is turning up. Also watching both BCX and BGR. The latter has sold off because of the recent special dividend, but the selloff is probably overdone, although NAV has also fallen significantly.

    Long UTF for some time now. Very Interesting portfolio -- I especially like the global exposure.
    Dec 31, 2013. 01:15 PM | 1 Like Like |Link to Comment
  • Equity CEFs: Which Funds To Buy And Sell Right Now - Part IV [View article]
    I could not agree more. Besides providing us with fish, Douglas also shows us how to fish. And just as importantly, we learn what to throw back.

    No doubt -- he's at or near the top of the short list of SA's finest authors.
    Dec 18, 2013. 04:47 PM | 5 Likes Like |Link to Comment
  • Equity CEFs: Which Funds To Buy And Sell Right Now - Part IV [View article]
    Douglas, thanks for the info on the GRX distribution raise. I am long GRX since mid-2012 and I was aware of the year-end special, but not the 20% increase for 2014. Made my day. I believe the distributions hit accounts tomorrow.

    I have a spreadsheet which searches CEF Connect for "Distribution Amount" and "Distribution Frequency" for a fund. Besides having the incorrect distribution rate, the distribution amount for GRX (and a few others) always comes back blank.

    I guess the Fed announced it will not taper until 2014. Market exploded and GRX joined the party, now up above $10/shr.
    Dec 18, 2013. 02:46 PM | Likes Like |Link to Comment
  • 12 High-Yield Managed Distribution Policy Funds [View article]
    The following is a quote from a comment by SA contributor, Douglas Albo (October 8, 2013). He mentions different Cornerstone CEFs, but the song remains the same:

    "The Cornerstone funds are the ultimate "greater fool" theory in practice. Even CFP's rights offering this summer was priced well above its NAV though current holders thought they were still getting a great deal!

    Like any security, if you time it well, can make money but one of these days, these funds will collapse to their NAVs or lower and you won't feel so flush. BTW, CFP owns nothing but other CEFs too. "
    Dec 17, 2013. 09:00 AM | Likes Like |Link to Comment