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Dale Mackey

Dale Mackey
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  • B&G Foods Enters A New Market [View article]
    Thanks again for your analysis of this most recent aquisition. I'm glad Wall Street finds merit, and a 6% bump in dividends would be so cool..

    Still, as you state .."Both the refrigerated product purchase and an apparently large overlap of brands could present challenges."

    How many syrups now? Is honey or peanut butter in the future?
    Apr 13 08:22 AM | 2 Likes Like |Link to Comment
  • Smart Investment Of The Week: Fire Sale Price For This Fallen Russian Media Star [View article]
    Thanks for the article; I bought an opening position yesterday morning. CTCM fits nicely in my portfolio, I like buying dividend stocks when there is a relative fire sale. CTCM appears to be discounted more for geopolitical circumstances than for fundamental reasons.
    Apr 2 06:11 AM | Likes Like |Link to Comment
  • B&G Foods Snacking Binge Gives Investors Indigestion [View article]
    Any time the current yield gets to 4.5%, it appears to bottom, and an opportune time to buy from my time watching the stock
    Mar 10 06:18 PM | Likes Like |Link to Comment
  • GE +1.8% as Jeff Immelt spends his entire 2013 cash bonus on shares [View news story]
    waiting for the capitulation of GE being controlled more by the finance company than an industrial conglomerate, as it had been for oh so long.. I think we'll see the equivalent of 40, after they spin out a large portion of the financial division..

    to those relating angst over the decimation of GE during the crisis... "old sins cast long shadows"..
    Mar 4 08:08 PM | Likes Like |Link to Comment
  • B&G Foods Snacking Binge Gives Investors Indigestion [View article]
    I always enjoy your analysis of $BGS. I've been in and out since '11 and added shares right after the most recent earnings report. I believe that the opportunities to get shelf space in more retailers (Canada, Costco) and the diversity of products does provide significant growth opportunities. As your title suggests, they semm to have swallowed a bit more than they could capitalize on, at least in the short term.

    Keep up the great work
    Mar 4 07:37 PM | Likes Like |Link to Comment
  • Dumb Investment Of The Week: Floating Rate Note Funds [View article]
    Not really a dumb investment from my perspective. The ideal performance of floating rate investments, in a rising rate scenario, is increasing distributions with little interest rate risk to principle. If you believe that interest rates are headed higher in the next few years, as I do, floating rate funds may offer the best total return in debt securities. Safety is an illusory concept in debt investing, where the only guaranteed returns are in purchasing individual secured or insured bonds and holding to maturity.

    At this time, I believe that the credit risk in secured floating rate investments is much lower than interest rate risk. Every month we have been, and will likely continue to witness not so much a tightening as a reduction in easing, a semantic acrobatic performed with great skill by the Federal Reserve. When the easing has been exhausted, say by the end of the year, another wistful euphemism will likely be conjured, as rates are actually raised by the central bank, by many prognostications, sometime in 2015.

    ...Don't Fight the Fed..
    Feb 25 06:31 AM | 2 Likes Like |Link to Comment
  • 5 High-Yield Monthly Income Investments For 2014 [View article]
    I have made a significant shift in what may be considered "income" investments, out of high yield leveraged CEFs (GOF. HTD) into option income based CEF's (ETV, JCE); a significant reduction in exposure to REIT's and added Senior Loan based ETF's (SNLN) and BDCs (MAIN, PSEC, ARCC) as the principal is much less at risk in these still high yielding, monthly paying investments. I do believe that we have seen the bottom in interest rates.. the BDC's and the Senior Loans, as they are primarily invested in floating rate debt, would logically perform much better in a rising interest rate environment .
    Dec 29 03:01 PM | Likes Like |Link to Comment
  • Vector Group: Not The Best Investment [View article]
    I am not sure that I fully understand the fundamentals of VGR, it seems a bit mysterious how they keep spitting out cash and raising dividends for the past fourteen years..

    Looking at their cash flow statement from the 2012 annual report, I see that there is significant involvement in real estate in the prior three years; some $100M if I am reading correctly. There are considerable gains and losses in "investment activity"; $41M in gains in 2011.

    Think of it as a group of companies is perhaps a better way to understand this one.. rather than just a tobacco company that is losing market share and gross income from the tobacco business.
    Dec 19 06:01 PM | 2 Likes Like |Link to Comment
  • Prospect Capital Benefits From Rising Rates [View article]
    at Fidelity, under "Account Features" then under "Dividends and Capital Gains" should be a list of your securities that you may modify the reinvestment option
    Sep 2 06:01 PM | Likes Like |Link to Comment
  • Protected Principal Retirement Strategy: MLP Closed End Funds - Are Any A Buy? [View article]
    Thanks for the article.. I finally capitulated and sold out of LNCO recently and was researching energy based securities to fill that hole in my portfolio. That said (along with an ouch.. thanks Barrons) I nibbled a bit and established an initial position in NDP yesterday. As you stated, a nice mix of producers and midstream MLP's with an attractive yield and YTD return.
    Jul 30 02:16 PM | Likes Like |Link to Comment
  • Dividend Stocks: Lose-Lose-Lose Proposition In Intermediate Term [View article]
    Thanks for the most compelling comment in this entire thread ;)

    Option Income strategies are looking very rewarding to me at the moment
    Jun 8 10:22 AM | Likes Like |Link to Comment
  • A Great Hedge For Mexico Exposure [View article]
    MXF is more risky clearly, the question is really about alpha after all. Adding EWW or MXF as diversification to EEMV seems wise portfolio management to me. Bought on one of those days or periods when the market is in a swoon may present a very alpha rich opportunity.
    May 15 02:33 AM | Likes Like |Link to Comment
  • A Great Hedge For Mexico Exposure [View article]
    I state the NAV performance of the fund in my original comment, perhaps you misunderstood.. If you focus on that issue to determine the quality of the investment and are savvy enough to buy at discounts to NAV.. I believe a rational case for investment can be made. The funds are not identical in performance or composition as you stated.. but are similar

    My take is that MXF(the NAV) has a higher beta. MS style boxes paint MXF as Large Growth, EWW as Large blend. The MXF NAV is down more in down markets, it's NAV is up more in up markets. There is currency risk. Perhaps you would entertain a fund with higher beta in an up and growing market?

    I hope we understand both MXF and EWW better, as well as each others point of view and perspective. I am not fearful of the market pricing risk (discount/premium, I often profit from monitoring same.
    May 15 12:21 AM | Likes Like |Link to Comment
  • A Great Hedge For Mexico Exposure [View article]
    "In an nutshell the two funds are practically identical, except that you get to pay an extra 1% in expenses each year for MXF."

    Just the facts here. MXF's NAV has significantly outperformed EWW's over the past two years.. (data from Morningstar). I would be willing to pay an extra 1% for 30% to 100% better performance.

    ............... 2012 ........2013 (04/30)
    EWW......31.25%......4...
    MXF....... 40.60%......8.40%...

    As for the premiums and discounts to NAV's, that is the magic sauce of profiting from the "yield chasers" perhaps as well as market sentiment. Were you perhaps a yield chaser in a former life? I like the opportunity. I will copy from MXF's annual report a little here on their concern, and apparent success at eliminating the discount...

    ---

    Discount Reduction Efforts
    The Fund continues to maintain and implement the following strategies as part of its ongoing discount reduction efforts:

    i) Under the Fund’s MDP, the Fund pays quarterly distributions at an annual rate of 10% of the Fund’s NAV per share recorded on the last business day of the previous calendar year. See details below.

    ii) The Fund has in place an open market share repurchase policy. See details below.

    iii) In an effort to provide investors with more timely information about the Fund’s assets, since March 2010, the Fund has been publishing, during the first five business days of each month, its portfolio of investments as part of its Monthly Summary Report, which is filed with the SEC on Form 8K and is also available at the Fund’s website. Please see the section captioned “Investors Relations; Reports to Stockholders” below for more information."

    ----

    EWW is an excellent investment as is MXF. Why a rational investor would take additional risk is another topic entirely. Your prognostication of a sudden collapse of 15% (at some time) and alluding to being the cause of the effect in CH premium elimination last year.. is yet another topic..

    I bought MXF below NAV in mid-April, was up dramatically today.. (again at a premium today. So much for the hedge..) Buy low..
    May 14 11:02 PM | Likes Like |Link to Comment
  • Overlooked Drawbacks To iShares MSCI Emerging Market Minimum Volatility ETF [View article]
    Mark;

    The basis of your assertion regarding stock selection appears valid, the basis of your criticisim of EEMV beyond this point does not appear rational to me...

    you commented..

    "EEMV's tracking error was higher than 70% of ALL (PLACE EMPHASIS ON ALL) emerging market mutual funds (tracking error relative to MSCI EM Index). Details on each of the funds in the chart are out of the scope of this article (and yes, many of those funds sport a lower tracking error). "
    ...
    I fail to see how a fund that is designed as a subset of the MCSI EM Index with an emphasis in selection for low volatility should be discounted because it does not track an index that it is not designed to track! The tracking error to the index that the find is designed to track is actually lower than the tracking error of EEM or VWO to the MCSI EM index (.6 for EEMV, .7 for EEM, .7 for VWO).

    Many of the funds you chose to compare EEMV are invested in "frontier markets", wikepedia defines frontier markets as follows:

    Frontier markets are a sub-set of emerging markets, which have market capitalizations that are small and/or low annual turnover and/or market restrictions unsuitable for inclusion in the larger EM indexes but nonetheless "demonstrate a relative openness to and accessibility for foreign investors" and are not under "extreme economic and political instability.

    As you commented in an earlier reply.. "Clearly, EEMV has a strong preference for the higher yielding assets, especially as you look at yields WITHIN THE CATEGORY."

    Your analysis while intricate, is in essence faulting EEMV for failing to track an index that it was not designed to track and also for being relatively more volatile to many investments that are focused on a different segment of the market. In comparing the volatility of EEMV to EEM and VWO, the evidence is clear that EEMV does indeed achieve the stated goal of lowering volatility with an investment emphasis in the "emerging markets". 1 year standard deviations as follows (EEM 15.54, VWO 15.45, EEMV 11.66) .

    Source for all data: Fidelity
    Apr 18 10:01 PM | 1 Like Like |Link to Comment
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