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  • 4 Reasons To Buy And Forget BlackBerry Now [View article]
    BBRY, the Studebaker of cell phones....
    Mar 4, 2014. 01:48 PM | 2 Likes Like |Link to Comment
  • My Favorite ETF For Gaining Exposure To High-Yield Emerging Market Debt [View article]
    Nope, you sure can't.
    Jan 30, 2014. 09:35 AM | Likes Like |Link to Comment
  • Annaly: Continuity, Confirmation And Dividends Will Keep This Stock A Solid Buy [View article]
    I'm aware of their record, what measures they've tried to take in the face of the changing interest rate environment, the cost and the holes in their defense (which they acknowledge). I was just curious to see if you were. There's no shortage of research on NLY available, much of it written by buy-side people that CFA after their name and who understand balance sheets, leverage and risk..
    Mar 21, 2013. 04:52 PM | Likes Like |Link to Comment
  • Annaly: Continuity, Confirmation And Dividends Will Keep This Stock A Solid Buy [View article]
    "I don't care what the "brains" make, as long as I benefit in my own way. "

    Gee, I thought the fees paid to the "brains" were critical when it comes to how to distribute your funds for income and growth...... now you're saying that so long as you get your return you don't care what others make?
    Mar 21, 2013. 04:42 PM | 1 Like Like |Link to Comment
  • Annaly: Continuity, Confirmation And Dividends Will Keep This Stock A Solid Buy [View article]
    Could you explain the nature of this hedge? How, how much does it cost, what are the end points of the hedge ? Are they using inverse floaters? Marketable or private?

    We'll have to agree to disagree on this "writing on the wall" thing. History is filled with examples to the contrary, retail investors not understanding the power of leverage, getting caught holding the bag when the smart money’s left the building. Of course having sold at the top, it’s different for you.

    .As to "all sorts of interest rate environments", we've had a thirty year bull run in bonds thanks to generally declining interest rates. An environment of generally climbing rates for as far as the eye can see will be far different. That portfolio of low rate mortgages will be drag on performance as they try to take on newer, higher rate obligations.

    I’m not necessarily bearish on NLY, it just seems that an article that highlights the many risks faced by NLY in addition to the possible upside forces, would be balanced and helpful.
    Mar 21, 2013. 04:36 PM | 1 Like Like |Link to Comment
  • Annaly: Continuity, Confirmation And Dividends Will Keep This Stock A Solid Buy [View article]
    I wasn't thinking about an inverted yield curve, simply an increase in their cost of carry and what it would do to the stock price if interest rates where to go back to their norms or higher. Give our historically low rates and what appears to be signs of life in the economy investors might consider that effect on their holding, wouldn’t you say?

    NLY could see their cost of funds increased and the value of their existing mortgage portfolio decline. Ahhh, leverage and interest rate exposure, a potent combination.

    That's interesting that you'd hold NLY at only 2-4% levels. Is that common? How many total names are you carrying?
    Mar 21, 2013. 04:20 PM | 2 Likes Like |Link to Comment
  • The Wisdom Of Not Reinvesting Dividends [View article]
    I rather like the mechanical aspect of auto dividend reinvestment, dollar cost averaging never hurt anyone and sitting in a money market fund getting paid nada while you try to time the market to pick the "best" time to reinvest doesn't appeal to me.
    Mar 21, 2013. 11:46 AM | 6 Likes Like |Link to Comment
  • Annaly: Continuity, Confirmation And Dividends Will Keep This Stock A Solid Buy [View article]
    What's the danger to NLY if the Fed keeps money easy too long and rates climb sharply (a Fed habit) ? That short term funding cost and the margin spread, when it gets squeezed, what's the trigger to get out, or will the retail investor, as usual, be the last guy out the door?
    Mar 21, 2013. 11:38 AM | 1 Like Like |Link to Comment
  • Cramer Is Now Bullish On 'Old Tech' Stocks Like Intel [View article]


    I don't mean this comment to reflect on THIS writer or THIS recommendation. It's a generic comment on SA and sites like it.

    The thing to remember is that SA only exists to sell advertising. They couldn't care less about the quailty of what's produced here. It's up to you to pick the junk from the good advice. In fact, bad writing that starts a firestorm of back and forth, with plenty of page views, helps them more than quality investment columns with two "thanks" responses.
    Mar 21, 2013. 11:24 AM | Likes Like |Link to Comment
  • Cramer Is Now Bullish On 'Old Tech' Stocks Like Intel [View article]
    Thee are a number of things about Cramer I find annoying, starting with the exaggerated Philly accent. "Vuuuuuury" The word is VERY. And the soundboard nonsense “BUY! BUY! BUY!”. They guy's a sideshow clown and as emotional as a 12 year old girl. His opinions have changed with the weather, but to hear him tell it, he’s been consistent since day one. His show may be “entertainment” but plenty of unsophisticated people count on is advice.

    I wonder how many viewers understand that he has a significant financial interest in his charitable remainder trust? I’m willing to bet most people watching think he just manages it for a charity, being a swell guy, not that he takes income from it. The fact that he sells a newsletter that can tout a stock HE OWNS and that he’ll talk up on the air later, strikes me as a massive conflict of interest. I’ve send a number of reviews that claim his CRT has underperformed the market.
    Mar 21, 2013. 11:20 AM | Likes Like |Link to Comment
  • The Perfect Portfolio, Evolved [View article]
    "A look deeper will reveal that the FED made quite a bit of money causing the Depression."

    Let me find my tinfoil hat ;)
    Mar 20, 2013. 02:50 PM | 3 Likes Like |Link to Comment
  • Smackdown: Dividends vs Annuities, The Main Event [View article]
    "not enough to pay your commissions for pushing annuities with fear tactics. Youve done quite well for yourself here"

    Fact is you're the only one being paid to talk here. I don't get paid commissions and I'm not doing business, nor will I seek to do business, with anyone here.

    The good thing, I believe, is that by this point your assertions, supported by nothing more than laughable accounting and a "I hate insurance companies and anyone who says otherwise is a snake oil salesman" (btw, do you carry fire insurance? Car insurance? Just wondering) logic have collapsed under their own weight and anyone seriously interested in the topic will do further research, on their own, from informed and objective sources.

    Now, I’d done contributing to your page count. Go write another column about the “perfect stock” (that you happen to be long, AKA “touting”) or some other vapid cheerleading.
    Mar 19, 2013. 01:54 PM | Likes Like |Link to Comment
  • The Perfect Portfolio, Evolved [View article]
    "No, when issued and for some significant period afterwards those bonds had pretty good ratings. "

    Greece hasn't had a good credit rating in decades. With all their faults, credit rating agencies had Greece and weak California municipalities pegged accurately for years.
    Moreover, when held as a part of a bond holding ETF or fund, those individual bonds amount to tiny fractions of the value of the whole.

    “Just like lots of MBSs before the financial crisis were AAA.”

    That’s more like an apple/orange thing, compared to Greece and California munis. Those asset backed securities were valued and credit ratings assigned based on a badly flawed model.

    Your point’s taken, but again, in a widely diversified portfolio of fixed income, they amount to next to nothing.


    You’ve mentioned the Fed a number of times and their effect on the FI world. I agree, they’re the 800 lbs gorilla and they’re likely to keep rates too low, too long, bring inflation to us. Given that concern, I’m keeping duration low. That will greatly soften the effect.
    Mar 19, 2013. 01:41 PM | Likes Like |Link to Comment
  • The Perfect Portfolio, Evolved [View article]
    "Right now, most bonds, unless you go pretty far out on the risk, are not very good for income, most don't even begin to cover inflation."

    I'm not sure what sort of "risk" you're talking about here. I'm more willing, at this point, to avoid interest rate risk than credit risk, since I can control that level in a diversified portfolio of fixed income. The standard deviation of a mix of prime rate funds, global bond funds, high yield and mid-level corporates gives me a yield better than 200 bps over inflation and, as a low correlation asset, lowers the risk of the portfolio when coupled with DG stocks.
    Mar 19, 2013. 01:28 PM | Likes Like |Link to Comment
  • The Perfect Portfolio, Evolved [View article]
    "Like Greek bonds or bonds from municipalities in California? "

    The credit rating of those two types of bonds made it clear to all they were on the extreme risky end of the bond spectrum. If you're going to compare failure rates, stocks go out of business far more often than bonds go belly up.
    Mar 19, 2013. 01:22 PM | Likes Like |Link to Comment
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