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John Huss

John Huss
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  • RAIT Financial - At 7.625% Their Debt Is Attractive [View article]
    Considering the miserable performance of RAS common stock and the huge discount to par for RFT and RFTA over the last 18 months, do you still consider RAS baby bonds reasonably safe ("businessman's risk") investments?
    Oct 13, 2015. 02:26 PM | Likes Like |Link to Comment
  • PCI: Case Study Of The Largest Taxable CEF [View article]
    Thanks for a fine article. There is a dearth of competent commentary on CEFs. You are already being promoted on Morningstar's CEF topics board.
    Oct 12, 2015. 05:13 PM | 1 Like Like |Link to Comment
  • Newtek Business Services' Dividend And NAV Sustainability Analysis - Part 2 [View article]
    Any thoughts on the safety of Newtek's new $100 million 7.5% ETDS due 9/30/22? The securities, not surprisingly, are unrated.
    Sep 21, 2015. 12:21 PM | 1 Like Like |Link to Comment
  • On A Qwest For Yield? Here's An Option [View article]
    Any thoughts on the likelihood of CTW's being called at its first call date?
    Sep 17, 2015. 11:59 AM | Likes Like |Link to Comment
  • Wells Fargo - 6% Issue And Bank Preferred Rundown [View article]
    There is enough interest in PFDs by SA readers to justify articles generating traffic on the site. There are very few forums where there is any discussion of PFDs, much less the high quality of discussion provided on SA, especially (but not exclusively) by Rubicon Associates. The question should be put to SA as to why they don't allow them in SA portfolios or provide more information about them.
    Sep 15, 2015. 02:24 PM | 2 Likes Like |Link to Comment
  • Closed-End Fund IPO Review For 2014 And 2015 [View article]

    Thank you for your thoughtful response. There remains the question of how leveraged CEF fixed income prices (NAVs or discounts) have or have not anticipated changes in long-term rates. Will the yield curve remain the same as short rates increase? Will it flatten? Will it become steeper?
    Sep 9, 2015. 08:33 AM | Likes Like |Link to Comment
  • Closed-End Fund IPO Review For 2014 And 2015 [View article]
    What is your guess as to how an increase in short term interest rates will affect CEFs which when they are leveraged fixed income vehicles have their values impacted by changes in both short term and long term interest rates. My supposition is that the CEF market is almost totally retail and is susceptible to an unusual degree to the "madness of crowds." Do you think the fear factor has already been priced into the very high level of discounts from NAV in many quality CEFs, or is the worst yet to come?
    Sep 8, 2015. 09:27 AM | Likes Like |Link to Comment
  • Bank Preferred Rundown - Royal Bank Of Scotland [View article]
    Do you think it likely that the issues callable at the end of September will be called then?
    Aug 31, 2015. 05:09 PM | Likes Like |Link to Comment
  • Vanguard Natural Resources, LLC: The 9% Yielding Series A Preferred Units May Be Worth A Shot [View article]
    VNRBP & VNRCP are currently yielding approximately 10.89% Why bother with Series A?
    Aug 14, 2015. 12:05 PM | Likes Like |Link to Comment
  • Alexandria Real Estate Preferred Stock Buyers Earning Twice The Return Of Common Shares [View article]
    Neither the common nor the Pfd look attractive on an absolute basis. The Pfd may be relatively attractive to the common, but that is not a sufficient reason to buy it if one believes long term interest rates will go up in the next year or two.
    Aug 4, 2015. 10:25 AM | Likes Like |Link to Comment
  • Cliffs Natural - Thinking Of Buying The Stock? Here's An Alternative [View article]
    A walk on the wild side, for sure!
    Jul 25, 2015. 09:53 AM | Likes Like |Link to Comment
  • Choosing The 'Best' REIT CEF [View article]
    Why not consider a REIT mutual fund such as Cohen & Steers CSRSX (Cohen & Steers Realty Shares)? I invest in leveraged CEFs but in light of pending interest rate increases and widening discounts to NAV which may persist for a lengthy period of time, is now the time to buy a CEF Reit?
    Jul 21, 2015. 08:56 AM | Likes Like |Link to Comment
  • 8% Yields Without Equity Volatility In Mortgage REITs [View article]
    Another worthwhile article. I'm curious as to why you did not include IVR-A and IVR-B in your analysis.
    Jul 17, 2015. 07:18 AM | Likes Like |Link to Comment
  • Bank Preferred Rundown - JPMorgan [View article]
    Did you change your mind in the midst of writing the article? On the one hand, the Series B is the best of the best, but Series E is your ultimate selection. I'm fortunate to own a little of the Series B.
    Jul 16, 2015. 01:47 PM | Likes Like |Link to Comment
  • Bank Preferred Rundown - Goldman Sachs [View article]
    According to Doug LeDu, preferreds with coupons of less than 6.5% are much less likely to be called over a market cycle than higher coupon preferreds. As interest rates go up, I would not want to be stuck with Goldman's Series I, since I think it will not be in Goldman's interest to call it and unlikely that it will trade at or above par in a normalized interest rate environment. Since I am a buy and hold investor, the Series K definitely looks better, but I am keeping whatever powder I have dry until rates are on average about 50 basis points (or more) higher than they are today.
    Jun 30, 2015. 04:08 PM | 1 Like Like |Link to Comment