Preferred Stock Investing-The Good , The Bad and The In Between 2015 - 2020

[Mulligan]

Btw--- Anybody who jumped in with me on AES-C notice the price rise? This is an example of an easy no brainer trade... When an individual illiquid issue comes under price pressure from selling volume and the common stock and bonds are acting fine, the preferred always goes back up once normal slower trading volume begins again... It was back around 12,000 shares today which is closer to its 90 day average (before last week). I wouldnt be surprised if it doesnt climb a bit more when it creeps toward next dividend.

[Coolius]

Yes, congratulations to Youbet getting the best price out of all of us on this board.

Anyone bested Youbet on $25.02, speak up now, or forever be silent.......

When MNR-C officially hits the exchanges, there could be selling during the first few weeks as underwriters unload their inventory. I notice that occurs often in new IPOs; if it happens with MNR-C and price swings to par or below, I'm in for a few more.

FedEx outlook is good - especially if you believe the news media hyping that online stores will do better than brick-and-mortar stores over the next several years.

This will support MNR - and if they do achieve investment grade status, well - then we start worrying about MNR-C being called at FC

[Mulligan]

Yes that could happen...But compared to its rate quality and where others are trading I dont see a long stay under par if it happens...I am in and content at my price point. Btw- Got my Dad "calmed down". His $25 bid didnt hit so he will goose it tomorrow. He is only going to buy 2000 shares instead of the 6-8,000 shares he was thinking about...Geez....

[Sunset]

I know if I have shares in 1 brokerage I can transfer them to another brokerage easily.
How about if I have some of these rare shares in an IRA could I transfer them to a non-IRA account and whatever the value is that day would count as my withdrawal ?

For ordinary shares like GE that are so widely traded, it's not an issue, just sell in 1 account and buy in the other. But with rarely traded shares if you sell some, you might be the only seller that day and somebody could easily snatch them away.

[Mulligan]

I have been led to believe transfers of these issues may be problematic. But this only asking people not the brokerage, so I dont really know. I would blow my gasket if they screwed up and I somehow lost my Illiquids. A few of them it may take years to get again if ever. So I wont ever chance it. That is probably the main reason I will not consolidate brokerages.

[Winemaker]

400 shares nailed at $25.00 plus $7.95 commission at FIDO this AM.

[Sunset]

Quote:

Originally Posted by Coolius Yes, congratulations to Youbet getting the best price out of all of us on this board. Anyone bested Youbet on $25.02, speak up now, or forever be silent....... When MNR-C officially hits the exchanges, there could be selling during the first few weeks as underwriters unload their inventory. I notice that occurs often in new IPOs; if it happens with MNR-C and price swings to par or below, I'm in for a few more.

I rose to the challenge
Just picked up 800 shares of MONMP/MNR-C at $25.01

It was a bit of a hassle, the brokerage I used would fail at online orders, so I phoned the local office. The guy there was a moron and told me it was delayed today and not trading and to try later, after pointing out I could see different stuff than him, he put me through to the "head office".

There I talked to the fellow and he could see it and transferred me to a broker, the broker was fine, and then as he does the trade he wanted to charge me the broker assisted fee. I disputed this as it should be the online fee since the online system fails. He agreed.
I saw the order pop up after he entered it, and 5 minutes later it was filled.

[Mulligan]

Congrats Winemaker and Sunset! It definitely is interesting to see how different brokerages react to initial IPO trading. My dad got his 2000 shares bought this morning at $25... It sat all afternoon yesterday without action.

[jim584672]

Quote:

Originally Posted by Mulligan I have been led to believe transfers of these issues may be problematic. But this only asking people not the brokerage, so I dont really know. I would blow my gasket if they screwed up and I somehow lost my Illiquids. A few of them it may take years to get again if ever. So I wont ever chance it. That is probably the main reason I will not consolidate brokerages.

It should be no problem if the shares are held in street name. They do it with an ACATS transfer from broker to broker.

[Mulligan]

Quote:

Originally Posted by jim584672 It should be no problem if the shares are held in street name. They do it with an ACATS transfer from broker to broker.

Thanks, Jim.....Good to know if I ever want to eliminate one.

[Winemaker]

I should have been more patient; just picked up another 200 at $24.93, at least evened out all but $2.00 of commission charge.

[Mulligan]

Quote:

Originally Posted by Winemaker I should have been more patient; just picked up another 200 at $24.93, at least evened out all but $2.00 of commission charge.

I bought my "vault limit".... So if I am to buy more, it has to catch a real market downdraft to buy more. As buying anymore would have to be in the flip side of my portfolio. Good catch though, Wine! I thought it may sink this morning in downdraft but it caught its legs again and stabilizing.

[Texas Proud]

I actually think it can go a bit lower.... the yield is not as high as some of the others out there that are higher rated...

Now, or course these are not yet callable, so there is that you have to calculate...

I have no money so I would have to sell something... I am not as worried at Mulligan on the calls... I might be wrong in my call, but I do not have a lot of skin in the game and the yields are pretty good...

Might have to do a break even on something since they are above call....

[Mulligan]

Texas, I probably dont clarify this enough but the reason I am a bit more concerned is I have over a third of my entire retirement stash in the Amerens that are past call. So if they go down, I will have an excess cash problem. And that isn't even counting some others.. So my concern is probably a bit different than yours would be as you probably operate under some sane prudent manner of diversification that I do not.
This is why I wanted the MNR issue so much being I am already familiar with company. Outside of FIISO, I think all the other dozen or so are all past call.
If you go by true YTC price, I suspect there are not many if any preferreds with as high as yield and safety as MNR. They are just on edge of investment grade if CEO is to be believed. The past calls cant be compared to it as they technically are all negative yield to call if they are trading above par price.

[Sunset]

I'm ready to put in some lower bids on it come next week, since it did manage to drop a little below $25 with the good sized stock market dip today.

[Mulligan]

Quote:

Originally Posted by Sunset I'm ready to put in some lower bids on it come next week, since it did manage to drop a little below $25 with the good sized stock market dip today.

Its certainly possible... The shares coming to market wont be held back as it hits the Big Board by the 13th or earlier I believe. If it comes out on another bad day, there may be opportunities. This is the most exposed the issue will be is at its IPO stage. Mix excess liquidity with a bad market sell off and you never know. Although it did hold up rather well Friday considering. But "runners" may have controlled releases on Friday from letting it spiral. But they cannot sit on them for much longer. I dont really monitor the preferred landscape outside of my own issues, but overall, it was just another ho hum day for me.

[Sunset]

Part of the reason I'm ready for next week, is Vanguard decided to do the settlement fund change on the account I was going to use, so the funds were locked up while it processed.
Pretty annoying and they were getting a ton of phone calls about it since it's a systemic change.
It did bug me there was not even an email warning and I'm sure it caught some folks in tight situations.
It affected or will affect anyone with a settlement fund that is not "... Federal ..." .

[Running_Man]

Just a word of market sentiment to anyone looking to catch a knife just beginning to fall off a shelf. While it is certainly possible for the market to reverse and go straight back up usually a fall of the magnitude Friday will have pretty good carry through for a week at a minimum. I would give the market Monday and Tuesday to carry further down and develop some real fear

[Sunset]

Quote:

Originally Posted by Running_Man Just a word of market sentiment to anyone looking to catch a knife just beginning to fall off a shelf. While it is certainly possible for the market to reverse and go straight back up usually a fall of the magnitude Friday will have pretty good carry through for a week at a minimum. I would give the market Monday and Tuesday to carry further down and develop some real fear

I recognize it could jump back up on Monday, but taking the view it continues to drop a good amount on Monday and Tuesday, how does that fit into the "carry though for a week at a minimum" ?

Are you suggesting the behavior on M & T, will really determine the rest of the week or two following ?

[Mulligan]

Quote:

Originally Posted by Running_Man Just a word of market sentiment to anyone looking to catch a knife just beginning to fall off a shelf. While it is certainly possible for the market to reverse and go straight back up usually a fall of the magnitude Friday will have pretty good carry through for a week at a minimum. I would give the market Monday and Tuesday to carry further down and develop some real fear

On flipping issues I occasionally get snagged on a call notice, I flip out quickly of issue. On my latest one, I have intentionally waited and left it. I want to provide an extra layer so I do not have too much cash available to buy too quickly like you said. The trouble for me is 2 fold..The liquids that would be vulnerable I am not as familiar with. The
issues that I am familiar would not nearly be as easy to buy on sale as they rarely to never trade anyways. Heck AILNP trades so infrequent it stayed right near par during 08-09 crisis while most issues outside of utility preferreds cratered 50-80%.