Mktneutralhedger

Mktneutralhedger
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  • Northstar's Preferred Series Is Attractive Relative To Peers  [View article]
    It's BDCs, mReits, high-yield in general under pressure again. Look at HTS: their preferred got hammered without news.
    Feb 10, 2016. 05:00 PM | 1 Like Like |Link to Comment
  • Eagle Point Credit : Market Not Recognizing Recent NAV, -8% Downside  [View article]
    Just to be precise, as of their latest (January 29, 2016) Section 19 Notice ROC is about 20% of their distribution.
    Anyway my point is another.
    To play safer the story I'd go for their baby bond ECCZ (7% coupon, maturity 2020). Naturally the notes are unsecured but the credit rating assigned by Egan Jones is a quite reassuring A-.
    Feb 10, 2016. 09:50 AM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Frankly the bond is rebounding, together with the rest of the oversold peers. Panic mega-opportunity unfolded on jan 20th and those who tried to catch the falling knife have been rewarded. Yearly return ($1.5625) received in a week. Fast and furious: this is the way to play this market, even in bond land.
    Jan 29, 2016. 04:39 PM | Likes Like |Link to Comment
  • Time To Go Both Ways With Volatility  [View article]
    Sorry to disagree but it's not. There might be a mild correlation but totally useless to dictate a trade. In fact, there are many times where CBOE follows the market, especially on the way up while volatility declines: today the stock is up 2.7% and VXX down 3.6%.
    Jan 29, 2016. 01:38 PM | 1 Like Like |Link to Comment
  • Time To Go Both Ways With Volatility  [View article]
    Why buy something very expensive? I'd only sell volatility, especially put options OTM.
    Jan 29, 2016. 01:34 PM | Likes Like |Link to Comment
  • If You Don't Have A Strategy Using The VXX In Your Portfolio, You're Crazy  [View article]
    In my personal experience shorting something that in a worst-case scenario can go sky-high is not the best thing to do. It would be better to short OTM puts since the most brutal moves of the volatility are upwards and you might have some time do adjust your position in case of exuberance of the market.
    Jan 29, 2016. 01:32 PM | Likes Like |Link to Comment
  • If You Don't Have A Strategy Using The VXX In Your Portfolio, You're Crazy  [View article]
    Have you considered a mix of put selling to add extra yield to the strategy? I think selling OTM puts with strike around last year lows ($15-$16) is a no brainer, especially if you are long stocks or high-yield bonds (inversely correlated with volatility).
    Jan 29, 2016. 11:12 AM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Regarding MAIN I think MSCA looks quite safe, one of the few baby bonds holding well in the carnage driven by liquidation and panic. Same with MFO.
    Jan 29, 2016. 06:50 AM | Likes Like |Link to Comment
  • My Best Long Idea Of 2016: RAIT Financial Trust Retail Note, 7.125% Due August 2019  [View article]
    Last recession mReits like NLY were one of the few places to hide.
    Jan 25, 2016. 04:27 PM | Likes Like |Link to Comment
  • My Best Long Idea Of 2016: RAIT Financial Trust Retail Note, 7.125% Due August 2019  [View article]
    I have seen cratering RFT again. I thought it was simple tax selling and now there's this general panic and exodus from risk. I can't believe it is down that much. I thought a price in the low $20s was already a worst-case scenario.
    Jan 20, 2016. 06:21 PM | Likes Like |Link to Comment
  • CF Industries: The Exception To The Commodities Rule  [View article]
    Interesting to read lots of negative comments now, while in the $60s everyone was positive. One of the reason Passport capital bought the shares with enthusiasm was 'cos the company was not considered a commodity stock. How can a couple of months of downtrend change everything or at least the perception of things that in the short-term is guiding prices.
    Jan 12, 2016. 06:05 AM | 2 Likes Like |Link to Comment
  • Cimarex Energy: 'The Permian Charm'  [View article]
    Stop-loss for your protection, of course!
    Dec 21, 2015. 06:12 PM | Likes Like |Link to Comment
  • Cimarex Energy: 'The Permian Charm'  [View article]
    It makes sense to be bold, bullish and contrarian and be long.
    Dec 21, 2015. 04:03 PM | Likes Like |Link to Comment
  • Cimarex Energy: 'The Permian Charm'  [View article]
    From $116 to $87 right now. Quite late but it's catching up with the drop in energy prices.
    Dec 21, 2015. 01:09 PM | Likes Like |Link to Comment
  • Levered Municipal Closed End Funds: A Dislocation Of Price And Value  [View article]
    Yep, but your are a few years late!
    Dec 20, 2015. 04:37 PM | 1 Like Like |Link to Comment
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