I bought this thinking of it as a long-term hold. I bought just before the announced deleveraging, but I thought that eventhough that would reduce the divi-- which at 60+% could stand some cutting-- it would lead to some sp stability. My thinking seem vindicated as the stock rose nicely. Now I am regretting not cashing in on the short-term rise.
I knew that the REITS this company invests in were likely to drop in price, but I figured that they had probably overshot on the downside already and were likely to bounce and then perhaps form a low trading range. I figured it would be worth collecting even a reduced divi and wait for the eventual recovery, even if it is year or two off.
Was I wrong? Any thoughts
I'm still thinking this could recover to near $6.00 if we can get a relief rally soon. At that price i'd probably sell 1/2 and look to buy it back on the next decline.
indeed...i'm one of those long term longs and as it heads for sub 2 i could kick myself in the ass for not selling out months ago..or even last week for that matter. I suspect today the diehards who hung in to collect the next div are doing what we all should have done a while back...bailing out.