Seeking Alpha

GlowWorm

GlowWorm
Send Message
View as an RSS Feed
View GlowWorm's Comments BY TICKER:
Latest  |  Highest rated
  • 3 Reasons Why American Capital Agency Corp Is A Better Buy Than Annaly [View article]
    So, it's 4/2...

    Please inform us weather you traded your NLY's for AGNC"s?

    Arie Investment@GlowWorm.nl
    Apr 2, 2013. 06:12 PM | Likes Like |Link to Comment
  • Investors may want to take profits in BDCs, says Wells Fargo, downgrading the sector to Hold. New investment yields are near historic lows despite higher leverage multiples and a spike in covenant-lite deals, says Wells, a risky combination. Individual downgrades: AINV, PSEC, BKCC, TICC, HRZN, PNNT, TCRD, MCC. A few upgrades make the mix: HTGG, GBDC, ARCC, NMFC[View news story]
    Short WF,
    Long PSEC!

    :)
    Arie
    Mar 26, 2013. 06:52 PM | Likes Like |Link to Comment
  • American Capital Agency Has The Favor Of Fund Flows [View article]
    AGNC has given me a dividend well over 15% per year over the last years and its stock price gained also 15% over these years.
    So I'm a happy investor in AGNC, although, as with all REIT's, I try to keep a close wach in their statistics.
    Disclosure: long: AGNC, WMC and RCM
    Arie
    Mar 12, 2013. 06:59 PM | Likes Like |Link to Comment
  • Western Asset Mortgage Numbers Look Good Compared To Similar Hybrid mREITs [View article]
    Traded my CIM position for WMC and have a good feeling about it.
    Although the history of WMC is short you can detect a bold and optimistic management, raising dividends several times in their young lifespan.
    The management is also strong in my opinion.

    So buy!

    Greetings from Arie@GlowWorm.nl
    (a strange Dutch investor liking American stock)
    Mar 7, 2013. 06:21 PM | 1 Like Like |Link to Comment
  • As Chimera Receives Its Final NYSE Extension, A Filing Or Buyout Better Come Soon [View article]
    Today CIM listed a new sec filing to state that they still will not be able to submit their figures, even within the extended, extended and more extended time given!
    So, they will be delisted within 10 days, leaving Annaly (the management) with a cheap buy and the shareholders in CIM with a big loss!
    So why is the quote going up?
    My opinion: its news even if it's bad. And shareholders want to believe in miracles....

    My advice: sell while the selling is good!

    Arie
    Mar 4, 2013. 07:14 PM | 1 Like Like |Link to Comment
  • As Chimera Receives Its Final NYSE Extension, A Filing Or Buyout Better Come Soon [View article]
    This week I completed selling off my position in CIM.
    I cannot continue to believe in a company that isn't able to keep book.
    Also changing accountants during these problems is, in my view, not a sign of strength.

    TIP: I invested in Western Asset Mortgage Capital Corp (WMC), also a REIT, with strong management and a yield of 16.7% today.
    Feb 20, 2013. 06:54 PM | Likes Like |Link to Comment
  • There are still no audited statements, but Chimera Investment (CIM) has a fan in Leon Cooperman. His Omega Advisors took what was previously a nominal position up to a $57.5M stake in Q4 (13F). A new holding for Cooperman is a $106M stake in Freeport-McMoran (FCX) taken amidst the Plains Exploration acquisition. [View news story]
    I don't think CIM is good for a long position any more...
    I was long CIM until today...why did I sell?

    Still not able to produce figures over 2011, and back to 2008!
    They changed accountancy firms last year, probably because of a conflict in vision on the CIM figures/bookkeeping.
    The last few dividend payments consisted in part of "return of capital" instead of distribution of profit (CIM statement)

    My conclusion at this moment:

    This is a gamble with an upside of $0.30 (difference between price and claimed book value), and a downside of $3.00 if the are delisted within one month!

    My advice:

    Buy American Capital Agency Corp. (AGNC) instead, which is transparent, has great management and yields 15.4% today.

    Greetings from Holland,
    Arie@GlowWorm.nl
    Feb 15, 2013. 06:35 PM | Likes Like |Link to Comment
  • Chimera Investment (CIM) investors will have to wait at least another month for audited financial statements as the company receives another extension (until March 15) for continued listing from the NYSE. The company has yet to produce its 2011 10-K and all subsequent quarterly reports. (PR[View news story]
    Disclosure: I'm (very) long CIM

    SA friends,
    I was always a believer in CIM, although they couldn't meet SEC-requirements.
    Now, I can't believe that a serious company, at this moment, still can't produce its figures over 2011!
    I've lost all faith in my "dividend-friend" CIM and I'm going to sell my position at start of trade tomorrow!

    So, as of tomorrow I will be neutral/short CIM.
    Feb 14, 2013. 06:38 PM | Likes Like |Link to Comment
  • Increasing book value in Q4 while most other agency REITs declined, American Capital Mortgage (MTGE) CIO Gary Kain says it was all about great performance in its non-agency holdings. But, ask an earnings caller (transcript), only 10% of assets were in non-agencies. Don't forget capital allocation, says Kain - 30% of the firm's capital was in the non-agency sector. It's a number sure to come down in Q1 as Kain says the better opportunities now are in agency MBS. [View news story]
    Sorry, I reacted on AGNC while your report is on MTGE...

    Still: who are you and what's your position?
    Feb 12, 2013. 05:56 PM | Likes Like |Link to Comment
  • Increasing book value in Q4 while most other agency REITs declined, American Capital Mortgage (MTGE) CIO Gary Kain says it was all about great performance in its non-agency holdings. But, ask an earnings caller (transcript), only 10% of assets were in non-agencies. Don't forget capital allocation, says Kain - 30% of the firm's capital was in the non-agency sector. It's a number sure to come down in Q1 as Kain says the better opportunities now are in agency MBS. [View news story]
    This article is filled with trouble:
    - Book value for AGNC was down in Q4
    - The MBS issue you mention does not exist
    - The most important Q4 issue was the use of the dollar roll on on government buy-up's of MBS's to gain more leverage.

    Who is the writer of this message?

    Arie Steehouwer@GlowWorm.nl

    (I am long AGNC)
    Feb 12, 2013. 05:52 PM | Likes Like |Link to Comment
  • Why I Am Sticking With American Capital Agency Corp [View article]
    B.t.w. Sammy,

    after the articles you wrote in support of AGNC, why do you still not have any plans buying AGNC yourself?

    Arie
    Feb 4, 2013. 06:40 PM | 1 Like Like |Link to Comment
  • Why I Am Sticking With American Capital Agency Corp [View article]
    I agree with the article and I also own AGNC (one of my best performers). Best pick?....

    Take a look at Western Asset Mortgage Capital Corp. (WMC).
    Started listing only 2nd Q of 2012, increased its dividend in 2012/Q4 (from $0.85 to $0.90) and awarded an extra dividend ($0.22) also in this Quarter.

    12/19/2012 12/27/2012 12/31/2012 1/29/2013 0.2200 Additional
    12/19/2012 12/27/2012 12/31/2012 1/29/2013 0.9000 Quarterly
    9/20/2012 9/27/2012 10/1/2012 10/25/2012 0.8500 Quarterly
    7/26/2012 8/2/2012 8/6/2012 8/14/2012 0.3800 Initial

    Excluding extra dividend, the Q4 dividend of $ 0.90 represents. against the actual price, a yield of 16.6%.
    Above that remarkable yield this young fund also yielded (in its 3rd Q) an extra yield of 4.1%...! (totaling 20,7% in Q4)

    I plan to write an article about WMC shortly going more deeply into the details, but my research, so far, is promising...

    Arie
    (long: AGNC, WMC, CIM, RCC)
    Feb 4, 2013. 06:25 PM | 1 Like Like |Link to Comment
  • Collecting Riches From REIT Niches (Part 1) [View article]
    Congratulations!
    You have managed to find thee of the least yielding REITS of all the choice that is out there...
    I fail to see the point of this exercise?
    You're not planning on buying them yourself!
    Could be me, ... I'm a foreigner :)
    Feb 3, 2013. 05:45 PM | 1 Like Like |Link to Comment
  • Two Alpine dividend funds (AOD -8.2%, AGD -12.6%) dive after slashing their monthly payouts by 50%. The AOD distribution will go to $0.027/share from $0.05, and AGD to $0.03 from $0.06. [View news story]
    I sold Global and Total today, both at a (big) loss...
    Remarkable: Global gave an extra dividend just this month... why was that? Push the price up for management to be able to sell?
    This is a sad story...!
    No Alpine for me ever again!
    Jan 22, 2013. 08:06 PM | 1 Like Like |Link to Comment
  • If You Like Dividends, You'll Love Targa Resources Partners [View article]
    For all you foreign investors (like me): Check the tax rate with your broker!In The Netherlands I pay 35% tax on MLP dividends, in stead of the standard 15% for "normal" share dividends.
    Jan 19, 2013. 11:19 AM | Likes Like |Link to Comment
COMMENTS STATS
25 Comments
13 Likes