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  • KMI: More Dividend Perspective After Earnings [View article]
    The author and Anasazi101 are correct. KMI uses declaration date, not ex-dividend date and not payment date.

    However, you do not have to take anyone's word for it. Anyone can verify the facts for themself. The facts are in the SEC filings.

    The 10-K for 2014[1] has the following information:

    Title page: "For the fiscal year ended December 31, 2014"

    Page 11: "We expect to declare dividends of $2.00 per share for 2015, a 15% increase over our 2014 declared dividend of $1.74 per share."

    Page 37 has a table of quarterly dividends. The column header says "Declared Cash Dividends". The row for 4th quarter has the amount "0.45". This is the amount that was paid on 2/17/2015.

    The 10-Q for the first quarter of 2015[2] has the following information:

    Title page: "For the quarterly period ended March 31, 2015"

    Page 4 has the consolidated income statement. The last line is:
    "Dividends Per Common Share Declared for the Period $ 0.48"

    [1] http://1.usa.gov/1JbyS8h
    [2] http://1.usa.gov/1eLAOs8
    Aug 2, 2015. 10:57 AM | 1 Like Like |Link to Comment
  • Fed Stands Pat, Stocks And Income In The FTG Retiree Portfolio Soar To Record Heights [View article]
    George,

    I found some arithmetic errors in your main table. I maintain the FTG portfolio in a spreadsheet and it agrees with your published table except for the following.

    1. The new grand total for amount invested does not include the initial investment of $819.78 in WPC. It should be $429,173.43.

    2. The new grand total for annual income is short by $139.82. It should be $23,475.35.
    Jul 31, 2015. 03:01 PM | Likes Like |Link to Comment
  • Prospect Capital - PIK Loans Pay Cash To Management, No Cash To Shareholders [View article]
    I reread your article and I cannot find any justification for him to claim an order of magnitude error.
    Jul 31, 2015. 02:31 PM | Likes Like |Link to Comment
  • Prospect Capital - PIK Loans Pay Cash To Management, No Cash To Shareholders [View article]
    Calls for investigation by the SEC sound good, but I don't see the justification.

    The compensation scheme for management is completely disclosed. Investors have the obligation to read and understand the compensation terms. Failure to do so is not cause for complaint.

    The Investment Company Act of 1940 allows BDCs to have a maximum of 30% of their investments in the non-qualified category. I do not see any reason to believe that operating within this provision of the 1940 act would trigger any SEC scrutiny.

    Why would the SEC investigate? I don't see any chicanery.
    Jul 30, 2015. 02:06 PM | 1 Like Like |Link to Comment
  • Prospect Capital - PIK Loans Pay Cash To Management, No Cash To Shareholders [View article]
    cauchy,

    "...at risk of dilution from an equity offering"

    I don't think you meant this. An equity offering above NAV is accretive to existing shareholders. It is an equity offering *below* NAV that is dilutive.
    Jul 30, 2015. 01:53 PM | 1 Like Like |Link to Comment
  • Retired Investors Don't Buy Bonds Until? [View article]
    Pedr0,

    Understood. I was a sucker for gold in 1980. If I had instead bought the long Treasury I would have done very much better.
    Jul 30, 2015. 11:24 AM | Likes Like |Link to Comment
  • KMI: More Dividend Perspective After Earnings [View article]
    Agreed. Paragraphs that long discourage the reader. Editor needed.
    Jul 29, 2015. 06:00 PM | 5 Likes Like |Link to Comment
  • Inflation Deniers Emboldened By Gold's Struggles [View article]
    "... not in the long run."

    I consider half my lifetime to be the long run. I invested in gold circa 1980. That was the single worst long term investment I ever made[1] [2]. So yes, they HAVE been correct in the long run.

    [1] http://tinyurl.com/q7z...
    [2] http://tinyurl.com/p8k...
    Jul 29, 2015. 02:55 PM | Likes Like |Link to Comment
  • Retired Investors Don't Buy Bonds Until? [View article]
    Social Security and a pension represent the bond portion of my portfolio. If I had to replicate this income with Treasuries I would need $2.3M worth.

    I also own T but I don't think of it as a bond since it pays a qualified dividend that grows modestly over time. Over the last 5 years its growth has kept up with inflation.
    Jul 29, 2015. 02:35 PM | 6 Likes Like |Link to Comment
  • Retired Investors Don't Buy Bonds Until? [View article]
    My use of the word 'compound' may have misled you, but I was not intending to imply dividend reinvestment but not coupon reinvestment. He chose stocks that had rising dividends over time, and compared their growing total dividend income to the non-growing total income of bonds. That to me is apples to oranges.

    I repeat that his description of the chart left a lot unsaid. Your interpretation may vary, but that is entirely due to his inadequate description.
    Jul 29, 2015. 02:16 PM | 1 Like Like |Link to Comment
  • Retired Investors Don't Buy Bonds Until? [View article]
    Pedr0,

    In 2000 the Treasury yield was nowhere near 14%, more like 6% on average[1].

    [1] http://tinyurl.com/qzl...
    Jul 29, 2015. 01:58 PM | 3 Likes Like |Link to Comment
  • Retired Investors Don't Buy Bonds Until? [View article]
    Chuck,

    I had not read Gary's article before reading yours. Your comments on Gary's chart titled "Stock and Bond 20 Year Return" caught my eye so I read his article.

    I have to say that his explanation for the chart left me wondering what he thought he was illustrating. It appears that he compared apples to oranges, that is, the fixed coupon rate of a bond to the compound growth rate of a dividend. If this is really what he was illustrating then it makes no sense. A more apt comparison would show all of the bonds at zero because that is their growth rate.

    Just as puzzling is the fact that none of the comments on Gary's article point out this inconsistency, or the fact that the chart in question does not include capital appreciation.

    I have to agree with your conclusions.
    Jul 29, 2015. 11:36 AM | 4 Likes Like |Link to Comment
  • BDCs At 52-Week Lows Before Q2 2015 Earnings [View article]
    Thanks Robin.

    Concepts link? My eyesight is not always very good so I don't see it.
    Jul 28, 2015. 02:46 PM | Likes Like |Link to Comment
  • BDCs At 52-Week Lows Before Q2 2015 Earnings [View article]
    They are first lien and equity. No CLOs.
    Jul 28, 2015. 02:41 PM | Likes Like |Link to Comment
  • BDCs At 52-Week Lows Before Q2 2015 Earnings [View article]
    Thanks Robin.

    Do you know if the FRED site has any text descriptions of their data series? I use a number of their charts, and although I understand the obvious ones, like 10 year Treasury constant maturity, others like the one being discussed I am not so sure about.
    Jul 28, 2015. 12:29 PM | Likes Like |Link to Comment
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