Mulligan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 3, 2009
- Messages
- 9,343
I'm getting my shopping list ready. PFF and PGX have been selling off which means that many of their holdings will be sold in the coming days. I sold my preferred stocks last April and am sitting on a lot of cash in money market funds (27% cash/MM). So far there is nothing worth buying. Many of the higher yielding investment grade preferred stocks are still trading above par for now and many will be called later this year.
Freedom, you may wanna check again. A lot are sniffing at par now. I respect anyones perspective of value as its personal. But Im up close to 10% all preferreds since last April. Gave some back few days, but bottom line is I have more money now than I did end of last month, so its all good. But I have been trading to make it work. But its fun to me.
Any conservative investor should love EP-C under par which I loaded up on. KMI guarantees it and its quality has risen so much in past couple years it has dragged this paper up to BBB- in itself. Plus that 2028 maturity is precious. Allowing for interest payment which goes exD, you basically are almost getting 400 bps IG spread from 10 year. There isnt much of that out there on the bond market especially with the shorter duration play. I dont know where that $50.98 close price came from. I bought 90 more shares a minute before market close to add at $49.89. And that was next to last trade which the last trade was the $50.98 crazyiness.