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  • Hercules Technology Growth Capital: What Comes Next? [View article]
    I have a position that I plan to hold for the long term. I like have a piece of the VC action and think this is a way to participate in a growing part of our economy while not being totally dependent on Mr Market to harvest income.
    May 13, 2015. 03:10 PM | 4 Likes Like |Link to Comment
  • Inside New Leveraged REIT ETN Issued By UBS [View article]
    The fees you reported for LRET and MORL are both incorrect.

    LRET: 0.85% tracking fee + 0.80% financing rate + 3 month LIBOR (currently at ~0.28%) = 1.93%
    MORL: 0.40% tracking fee + 0.40% financing rate + 3 month LIBOR = 1.08%

    You must read the pricing supplement to get the complete fee structure.

    Readers might also be interested to know that LRET is linked to the same index that is used by VNQ.
    May 13, 2015. 03:04 PM | 7 Likes Like |Link to Comment
  • I Told You To Sell Your Stocks, And Then Stocks Went Up. Was I Wrong? [View article]
    "When volatility spikes, it makes sense to scale back your stocks..."

    That is exactly backward. When volatility spikes, the markets are dominated by fear. If you decide to sell when everyone is fearful, you have done exactly the wrong thing. That volatility is an opportunity. Be ready for those infrequent VIX spikes and when everyone else is selling, buy bargains.

    "... and when volatility is low, as it is now, then you can have a riskier asset allocation with more stocks in it."

    A low VIX is not nearly as useful signal as a high VIX, but it is certainly a warning. A low VIX measures greed, and when everyone else is greedy, it is probably a good time to sell, if you have some need to sell. If you invest for income, you can ignore the irrational bids made by Mr Market.
    May 12, 2015. 04:29 PM | 4 Likes Like |Link to Comment
  • 5 Reasons Bond Bears Are Wrong [View article]
    Under 'Bond Market Seasonality' you said:

    "The 10-year Treasury yield has hit a two-year high..."

    When I look at the FRED chart of the 10 Year Treasury Constant Maturity Rate[1], I see that the two year high was on Dec 31, 2013, at 3.04%, which is a lot higher than today.

    If you meant the 30 year yield[2] then it is also not at a two year high. Its high was reached on the same day at 3.96%.

    May 9, 2015. 12:24 PM | Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]

    Did you know that when you use a symbol like O on stockcharts that you get a dividend adjusted chart? If you precede the symbol with underscore, like _O, you get non adjusted prices. I prefer the latter.
    May 9, 2015. 02:06 AM | Likes Like |Link to Comment
  • With mREITS Janet Yellen Is Your Friend [View article]

    Add mighty MO to that chart and look at how poorly it performed in 2000. It was shunned during the dot com bubble. Sticking with SPY would have been a very large lost opportunity.
    May 7, 2015. 03:56 PM | Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]
    We can thank the popularity of VNQ for this effect.
    May 7, 2015. 03:43 PM | Likes Like |Link to Comment
  • FDA to hold public meeting on off-label drug promotion [View news story]
    "Further complicating matters is the fact that up to 75% of published pre-clinical trial results cannot be reproduced in later studies."

    Recent articles in scientific publications have reported widespread concerns in the scientific community about this problem, not just in health research, but all research.
    May 7, 2015. 11:52 AM | 4 Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]

    How will you know when WPC and STAG have bottomed?
    May 7, 2015. 11:48 AM | Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]
    Over the past year, O and VNQ have traded almost identically[1]. Can you tell me your exact process?

    May 7, 2015. 11:40 AM | Likes Like |Link to Comment
  • Are REITs Overvalued? Only A Fool Believes (Video) [View article]
    How do you calculate the O/VNQ pair?
    May 7, 2015. 11:15 AM | Likes Like |Link to Comment
  • ETN Showdown: SMHD Adds Diversification And Yield [View article]
    A serious risk that I see with SMHD is that UBS started it when we could easily be at the start of a bear market. The risk here is that if a serious bear market is near, then the indicative value of SMHD could easily fall to $5, and if that happens, your position is forcibly cashed out.

    The timing on SMHD, and more recently LRET, would have been much better if UBS had rolled them out in 2009 - 2011. Now, they are both much more risky.
    May 7, 2015. 10:09 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Continued NAV Declines? [View article]

    IMO the yield of MAIN at 6.8% is a *sustainable* high yield. Why go looking for trouble with PSEC and MCC?
    May 7, 2015. 09:46 AM | 1 Like Like |Link to Comment
  • Prospect Capital: Continued NAV Declines? [View article]
    This bifurcation is the reason that I ultimately decided to get out of BDCL and stay out of it. MAIN is yielding 6.8%, and I have no pressing need for more, so why take on the leverage risk, and why take on PSEC and MCC and the other low quality BDCs?
    May 7, 2015. 09:42 AM | 3 Likes Like |Link to Comment
  • Automating Alpha: Getting Started With Stock Market Functions (SMF) Add-In For Excel [View instapost]
    Thanks for the tip. However, I have found errors on
    May 6, 2015. 10:29 PM | Likes Like |Link to Comment