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  • AT&T: A Junk Bond Fooling Investors Who Expect More [View article]
    "Reckless" and "ruthless" are also trying to compete with and undermine Verizon. The consensus is that they don't have the wherewithal to sustain such efforts over the long run; that eventually T and VZ will squash them. So, while these are now distracting and expensive fights, they will dissipate in the forseeable future. Indeed, the only thing stopping "r & r" from being acquired are U.S. anti-trust laws.

    And, as the author grudgingly acknowledges, T is attractive to income investors; because, what's wrong with 5.75% junk bond type yield with at least 10 years of raises and a stable pps trend? Not too many junk bonds come with an A- credit rating, either.

    So while T is not a trader's stock, neither is it one to shun.
    Thanks.
    Jan 6, 2015. 09:19 AM | 23 Likes Like |Link to Comment
  • Update: My Reaction To Western Asset Mortgage's Dividend Announcement [View article]
    According to M* data, TTM earnings/shr list at $3.20, while dividends are $2.84, for a Payout Ratio of 88.7%,

    Additionally, while no FCF data available for '14, in 2013, it was $7.42/shr. Again, source M*

    So it does appear that WMC has had more than ample dividend coverage.

    Still, a projected yield of 19.1% does seem to fall into the realm of "too good to be true."

    Thanks.
    Jan 5, 2015. 10:24 PM | Likes Like |Link to Comment
  • Update: My Reaction To Western Asset Mortgage's Dividend Announcement [View article]
    According to M* Key Ratio data, TTM earnings/shr are $3.20, and dividends $2.84 for a payout ratio of 88.7%.

    Additionally, while TTM FCF isn't available, it was $7.42/shr.

    So it appears that WMC has had ample dividend coverage any way you look at it.

    Still, a projected yield of 19.1% (M* Quote) does seem to fall into the "too good to be true" realm.

    Thanks.
    Jan 5, 2015. 10:17 PM | 1 Like Like |Link to Comment
  • Charlie Brown's List Of 10 REIT Gems Under $10 [View article]
    Brad,

    An correction to your article; DX is an mREIT, not an eREIT. I know, I own it. They're very conservative and arguably the safest one in that sector, in which cutting the dividend isn't unusual...they've all done it.

    Also, you might point out that MNR and UMH are essentially one and the same. The management of each consist of the same people. MNR's doing ok (except for an oversize exposure with FedEx), but UMH, being in the trailer park (aka manufactured homes) business isn't. In fact, their 10K lists this symbiosis as a risk factor).

    Thanks.
    Jan 5, 2015. 09:00 AM | 3 Likes Like |Link to Comment
  • Linn's New Capital Plan: Don't Overlook The Positives [View article]
    Scooter...

    "Why is my electric bill not going down????"

    We live in an FPL service area and were notified that ours will go down, on average, a whopping $2/month. Gasp.

    Trying to figure out how to utilize this staggering windfall.

    Actually, as an NEE shareholder (FPL's parent), I think they should continue to gouge the consumer. Hah!
    Jan 5, 2015. 08:40 AM | 3 Likes Like |Link to Comment
  • Top 10 BDC Issues For 2015: Part 3 [View article]
    Another timely article. Thanks, Buzz.

    Wondering; since you pretty much cover the waterfront on this sector, how much, if any, feedback do you get from the companies themselves, positive or negative?

    Thanks.
    Jan 5, 2015. 08:35 AM | 3 Likes Like |Link to Comment
  • A Diversified, High-Income, Lower-Risk CEF Portfolio For 2015 [View article]
    John,

    Thanks for the great article; readable, and easy to understand for this 72 yr. old.

    I must say, as presented, yours is a very interesting and diversified portfolio.

    Thanks.
    Jan 3, 2015. 11:50 AM | 1 Like Like |Link to Comment
  • A Diversified, High-Income, Lower-Risk CEF Portfolio For 2015 [View article]
    I have brokerage accounts with Schwab and Vanguard. Both have this feature. As far as I know, you can make unlimited changes.
    Jan 3, 2015. 11:48 AM | Likes Like |Link to Comment
  • Vanguard Natural Resources: Some Candid Words For 2015 [View article]
    Pablo...

    a) Interest rates will go up in 2015 because the Fed has said they would.

    b) It will affect any VNR equity offering because VNR is a big borrower (awash in debt would be a more accurate term) and higher interest rates will mean that their "monthly payments" on their loans will be higher. (to put it in consumer terms).

    VNR will be underwater on distribution coverage, forcing a cut, before year end, IMO.
    Jan 3, 2015. 10:36 AM | Likes Like |Link to Comment
  • Linn Energy Shows Wisdom With Updated 2015 Guidance [View article]
    "WISDOM" (caps mine) ??

    How about they had no choice?

    And, what's the "wisdom" in turning right around and piling on more debt with a $500MM "investment" from BX?

    They won't be sustaining the current distribution coverage for very long.
    Jan 3, 2015. 10:15 AM | Likes Like |Link to Comment
  • Annaly: I Am Seeing More Reasons Not To Own This Stock Right Now [View article]
    I saw all the reasons I needed not to own NLY (or mREITS in general) two years ago.
    Jan 3, 2015. 10:10 AM | 2 Likes Like |Link to Comment
  • Update: Linn Energy's Distribution Cut Hurts, But Its New 11% Yield Is Nothing To Whine About [View article]
    LINE's covering the distribution now. Great news. Question is, for how long?

    Note a $500MM 'investment' from BX. Fancy way of saying DEBT.
    Jan 3, 2015. 10:05 AM | 3 Likes Like |Link to Comment
  • Update: Linn Energy's Distribution Cut Hurts, But Its New 11% Yield Is Nothing To Whine About [View article]
    Better sell the LINE part...fast
    Jan 3, 2015. 10:03 AM | 1 Like Like |Link to Comment
  • Linn Energy: A Bitter Pill To Swallow [View article]
    So, the distribution coverage, after a 57% cut, is now 1.8? Good. The question is, how long before they won't be able to cover this distribution? Anyone want the over/under 12 months?

    And BX investing $500mm is good news? It's just more D E B T, folks.

    The posse will undoubtedly be all over each other on this dead cat pps bounce to buy shares on this "great" news.
    Jan 3, 2015. 09:59 AM | 1 Like Like |Link to Comment
  • Prospect Capital Or Medley Capital? [View article]
    Hey Buzz,

    Hang in there....the mindless detractors are miniscule compared to those of us who appreciate your work. Good thing you're not writing about MLPs. Anyone notice some of the vitriol on threads for negative LINE articles, for example?

    Regarding comment deletions; I've noticed that really the only consistency by SA is on profanity, which they seem to delete promptly. I know, I've reported a few. Otherwise, I agree that it's a pretty subjective thing.

    Thanks.
    Jan 2, 2015. 10:55 AM | Likes Like |Link to Comment
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