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John Huss

John Huss
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  • 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
  • Bank Preferred Rundown - Morgan Stanley [View article]
    If you want to know if an issue is a Trust Preferred, check Quantum Online. There are very few Trust Preferred's left. Banks called most of them promptly after Dodd-Frank rules went into effect. There are still some preferreds around which can be called early in the event of an acquisition, but I believe most newly issued preferreds of quality companies have protective provisions in their trust indentures to guard against premature calls.

    Given where interest rates seem to be heading, now is definitely not the time to buy a preferred substantially above its call price, IMHO.
    Jun 30, 2015. 03:57 PM | Likes Like |Link to Comment
  • Digital Realty: 4% And Good For The Environment [View article]
    It would be interesting to compare Digital Realty's bonds to its outstanding PFD Stock issues.
    Jun 22, 2015. 02:07 PM | Likes Like |Link to Comment
  • Resource Capital Needs To Get Its Act Together [View article]
    If the company is that poorly managed how safe is their PFD stock? I am underwater by over 10% on RSO-B, while my other M-REIT and standard REIT PFD holdings have held up quite well.
    May 22, 2015. 04:01 PM | 1 Like Like |Link to Comment
  • Northstar Is Far From An Intelligent REIT Alternative [View article]
    Good article. If as you say the business is sound, isn't it reasonable to own Northstar PFD paying about 8%? Will the spin-off of the European assets have a negative effect on the PFD valuation since there will be fewer money making assets to cover the dividends?
    May 18, 2015. 11:18 AM | 2 Likes Like |Link to Comment
  • White Shoe Shuffle - Morgan Stanley Calls 2 Cap Trusts, Here Are Options [View article]
    There seems to be a good deal of fear in the PFD market over the prospect of rising interest rates. Is now a good time to sit tight and wait for further price drops or is this just a passing squall?
    May 7, 2015. 03:09 AM | Likes Like |Link to Comment
  • Prospect Capital: What Comes Next? [View article]
    PRY has been called as of 5/15. I was referring to the weekly offerings of new debt to retail investors.
    Apr 24, 2015. 09:14 AM | 1 Like Like |Link to Comment
  • Prospect Capital: What Comes Next? [View article]
    I own a little PSEC debt because S&P (not Moody's) treats it as an investment grade company (BBB vs NR by Moody's). How secure do you think the debt is given the questionable nature of the company's management?
    Apr 23, 2015. 01:44 PM | Likes Like |Link to Comment