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Old 12-21-2015, 06:38 PM   #241
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Ah, some diversity in the ol portfolio, Winemaker. Cramer would be proud of you too! And diversified on the safety scale too. SCE-B on one end and LTS-A on the other. As in golf, its always nice to be in the clubhouse under PAR too!


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CNTHP back to normal
Old 12-22-2015, 10:07 AM   #242
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CNTHP back to normal

A couple trades this morning, CNTHP @ $52.10 - $52.13. Hope some of you guys were able to grab a few.

Note that next dividend of $0.82 is expected Feb 1, exDiv date around Jan 7. If you buy now at around $52.10, cost basis after that dividend would be around $51.30 - LESS than redemption value of $51.44.

So, once you have the first dividend payment under your belt, you can ride the income stream for as long as they do not call it.

Would be reasonably safe to try for this stock at this price.
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Old 12-23-2015, 10:42 AM   #243
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I did pick up 110 of the shares traded at 52.10. My order was for 200 shares so it hasn't been completely filled.

On a side note, someone in one of these posts mentioned Lord Xot on a different message board. Some excellent info on preferred and some good google docs spreadsheets. There doesn't seem to be any recent updates or posts from him though. Hope that he is OK.
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Old 12-23-2015, 11:08 AM   #244
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I did pick up 110 of the shares traded at 52.10. My order was for 200 shares so it hasn't been completely filled.

On a side note, someone in one of these posts mentioned Lord Xot on a different message board. Some excellent info on preferred and some good google docs spreadsheets. There doesn't seem to be any recent updates or posts from him though. Hope that he is OK.

I have followed Lord Xot for about 3 years. He's fine, doing well, and posts occasionally on Silicon Investor. He is still on the low quality, high yield preferred side, so I do not buy his recs, although his posts have been VERY informative.

As an interesting aside, CNTHP only has 198,000 shares outstanding. I wonder how many are held by ER.org members - whom I consider as strong hands. This makes the issue very stable and illiquid - just the way Mulligan ( and myself ) likes it.
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Old 12-23-2015, 11:32 AM   #245
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Dan, like Coolius says, he is very informative. But he invests in a total different type of preferred. Most issues if were rated (many are just not rated) by a bond agency would definitely fall into "high yield junk". Nothing wrong with that provided you know what you are dealing with and accept all that entails with it including price volatility and dividend risk. I am a safe if not juvenile preferred investor. I mostly invest in investment grade preferreds that are issued because the company just wanted too, not because they HAVE to. What reasonable company would want to pay 9-12% dividends in this rate environment unless they are financially stressed? Who really knows what is in those financial books.


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Old 12-23-2015, 11:52 AM   #246
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I did pick up 110 of the shares traded at 52.10. My order was for 200 shares so it hasn't been completely filled.

On a side note, someone in one of these posts mentioned Lord Xot on a different message board. Some excellent info on preferred and some good google docs spreadsheets. There doesn't seem to be any recent updates or posts from him though. Hope that he is OK.

By the way, Dan remember CNLPL is essentially the same issue. It also is about 70% bigger issue (though still small at 15 million) and may be bought easier at times if you ever consider buying more (proper bid/ask price always applies).
There is absolutely no diversity in owning half in each, or all in each. I doubt either will be called, but almost certain they would call both if it ever happened.


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Old 12-23-2015, 12:01 PM   #247
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CNLPL has a higher redemption value if called - $51.84 ( vs $51.44 for CNTHP ).

It is very illiquid; I've had bids in at around $52 for months and never had a bite. Patience is the word here.
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Old 12-23-2015, 01:50 PM   #248
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CNLPL has a higher redemption value if called - $51.84 ( vs $51.44 for CNTHP ).

It is very illiquid; I've had bids in at around $52 for months and never had a bite. Patience is the word here.
Very much agree. First time I tried to pick some up, I got 130 shares in two transactions the same day for under $52. Haven't been able to get anymore since then even with a GTC order with a higher limit. Just luck that one day.
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Old 12-23-2015, 01:58 PM   #249
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Since a few of us apparently have some preferreds, I would be curious to see what some other people own now....I will give my list... 3 Ameren Illinois issues, 3 issues under Excelon, a Pacificorp issue, Connecticut Light and Power, CHSCL, Wells Fargo- L, AES Trust issue, Monmouth Realty, Dominion Resources adjustable issue, AT&T baby bond, Ashford Hospitality (oops forgot that one, I have 2 reits) a hotel reit.


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I have the MMF (Mulligan Mutual Fund):

AILLL
CNLPL
CNTHP
WFCPR-L
OSBCP
MNRPRA
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Old 12-23-2015, 01:59 PM   #250
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Very much agree. First time I tried to pick some up, I got 130 shares in two transactions the same day for under $52. Haven't been able to get anymore since then even with a GTC order with a higher limit. Just luck that one day.

The reason you and Coolius cant get much, is because you two are cheap ba$tards. .... I have over a 1000 of them mostly from last year, and I bought none of them under $52. Most around $52.50. If I had implemented that strategy, I would have lost out on over $4 in dividends. A person doesn't want to overpay but waiting for absolute bottom dollar is a lottery ticket as usually only one person gets that low price, then it locks up again. With that being said, right now is a time for patience as it just basically went exD so you have 3 months for next divi and the coming dividend hasn't been declared.
When I paid $52.50-75 it was usually within 2 weeks of exD. Much better odds of acquiring it at $52.75 pre exD, than trying to get it at $51.95 exD.


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Old 12-23-2015, 02:03 PM   #251
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I have the MMF (Mulligan Mutual Fund):

AILLL
CNLPL
CNTHP
WFCPR-L
OSBCP
MNRPRA

Cap, If you called Cramer and asked.... "Am I diversified?". He would answer... "Most definitely". Of course that is a lie as he wouldn't know what the hell those ticker symbols were. I have humored myself thinking about calling him on "Lightening Round" and asking him his thoughts on CNLPL.


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Old 12-23-2015, 02:13 PM   #252
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Hey, we cheap bastards counter big spenders like you, Mulligan.

My CNLPL bids are not an opportunity cost, as I have a full position already.

Just hoping to be a - ahem, cheap bastard - and pick up more on anybody's dump.

I see that someone is bidding $52.75 for CNTHP. Somehow, I doubt that is any of us cheap bastards...... Could be a big spender, or a Mulligan convert.
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Old 12-23-2015, 02:17 PM   #253
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Hey, we cheap bastards counter big spenders like you, Mulligan.

My CNLPL bids are not an opportunity cost, as I have a full position already.

Just hoping to be a - ahem, cheap bastard - and pick up more on anybody's dump.

I see that someone is bidding $52.75 for CNTHP. Somehow, I doubt that is any of us cheap bastards...... Could be a big spender, or a Mulligan convert.

We must have different screens as mine shows $52.50 as high bid. Considering we are 3 months away from next exD, $52.75 is a bit rich even for someone who is loose with his bids like me.


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Old 12-23-2015, 02:21 PM   #254
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We must have different screens as mine shows $52.50 as high bid. Considering we are 3 months away from next exD, $52.75 is a bit rich even for someone who is loose with his bids like me.


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My screen shows CNTHP highest bid @ $52.75, lowest ask $54.75. Last trade @ $52.50.

I do show CNLPL highest bid @ $52.50, lowest ask @ $53.45. Last trade $53.45.

Zero volumes for the day in both, very nice and stable.
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Old 12-23-2015, 02:26 PM   #255
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My screen shows CNTHP highest bid @ $52.75, lowest ask $54.75. Last trade @ $52.50.

I do show CNLPL highest bid @ $52.50, lowest ask @ $53.45. Last trade $53.45.

Zero volumes for the day in both, very nice and stable.

Duh, my bad...I switched out of issues on screen and forgot...yep its the same.


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Old 12-28-2015, 12:40 PM   #256
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CNTHP has declared its dividend, $0.82, exDiv Jan 6, Pmt Feb 1.

To be one div above redemption value, buy has to be at $52.26 for those seeking to get it.

Unfortunately, the Bid/Ask is much higher, $52.75/$54.75.

Again, patience has to be maintained, do not chase.

Folks who got CNTHP at $52, $52.20, or around that price should be pleased. Your cost basis will go below redemption value after Feb 1, and you are now riding the gravy train as it leaves the station.............just hope it doesn't get called....
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Preferred Stock Investing-The Good , The Bad and The In Between
Old 12-31-2015, 02:48 PM   #257
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Preferred Stock Investing-The Good , The Bad and The In Between

Closed out the year with some minor trades and additions... Added 200 more shares of CHSCL, re-entered OSCBP with 400 shares, and added an insurance trust KCC of 100 shares. Sold off some 5% yielders in AILLI and PPWLM at profits plus dividends. Hey if someone was willing to pay almost $15 per share more than I did this summer, Im always glad to sell..
Ending year with these preferreds in the starting lineup.... AILLL, AILNP, CNLPL, CHSCL, BGLEI, WFC-L, AHT-D, BGE-B, KTH, KTBA, KCC, OSBCP, MNR-A, AES-C, and GJP.
Have a trade or 2 more in January, when I sell a common stock for a nice gain.


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Old 01-05-2016, 11:19 AM   #258
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Hope that some of you were able to pick up WFC-L when the price was in the $1,142-$1,155 range last month.

It has gone up nicely since last week; perhaps because of a recent Barron's article mentioning it as well as BAC -L.

In my opinion, it is a great buy & hold issue. No call risk, Investment grade, Qualified Dividend, and strong parent. The only real risk is if interest rates rise appreciably, which I think will not happen for a couple years, if not longer.

Next exDiv is late February, dividend is $18.75 per share.
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Old 01-05-2016, 12:51 PM   #259
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Picked up 400 more shares of AILLL yesterday at $26.20. Goes exD this week. Already own thousands so a few hundred more added to the collection wont hurt.


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Old 01-06-2016, 11:42 AM   #260
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Im like a kid with his allowance, and just blow through all my money. Yesterday and today bought some more utility trust preferreds in KTH and AES-C, positions I already own. Started wading in with BGEPF, an
Ag convertible. Will be adding to that here and there this year when my allowance hits my pocket.


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