uckuh? are you buying sir? or waiting for the 10's or is it $7.50's?
give bill and mo a call and ask them to appear on cnbc to address their own company and its status instead of opining on cnbc about the "new normal" we get it you want to coin a new phrase for your egos...lol.. thank you for showing up there with $300 ties...while your ticker is under assualt..i know i know..."we can't control the premium and what the market is willing to pay"... lol
ring them up!
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For everyone who owns PHK reread the Barrons article. It all comes down to premium over NAV. As far as dividends, read the part where they are paying dividends out of capital. If you don't understand this you should sell immediately. If you do understand this you will sell immediately. If you say "I have made a lot of money, it never happened before, etc." then look up ponzi.
Bill Gross is a smart guy, and does run a good fund. It isn't his fault everyone ran this fund way up over NAV. It is his fault he is using capital to keep overpaying dividends. Shame.
Disclosure - I own other Pimco Bond funds, the ones that trade close to NAV
Sentiment: Strong Sell
I've been buying during this slide as well. this is the neighborhood I usually buy, but been selling off (about 60% of holdings) after a couple years of 'rent'. nice to have a chance to replenish..as long as there are no catastrophes one never knows...do one?.
I bought in today at 11.61. Not the low but am in the black for the close. My only fund currently in the black LOL and it's a high flyer go figure.
If it sells down to close low 11's again tomorrow I double down. This thing ain't gonna go discount because the brand name still comes with a premium.
to crasho--It was trading at a discount or close to it for the first five years of its existence--and lots of other "brand name" pimco funds trade at very small premiums--example which I have now pml--premium in the recent past 5 to 10%.
so much for your "brand name" hypothesis-- or "expensive but worth it".
Try a little research before basing a theory on ZERO evidence.
I started buying yesterday. Bought more today. As the price drops I am buying ever larger blocks.
Same as I always have, when the fools dump these funds.
WHEN the next dividend announcement shows, once again, that all this clap trap was merely so much bovine dung from short sellers. Everyone who hasn't seen all this before will be kicking themselves for failing to take advantage of idiotic selling.
Actually I am very pleased. It has been forever since I felt confident enough to plunk down some money short sellers have been paying me in p.i.l. and vig.........
This could go down well below your current buy price my friend and you will be underwater clipping coupons for a long time before you get your capital back. I know I have had it happen to be with PHK. I'm close to selling, I'll come back when the dust settles.
to uk--Ive seen this before in cornerstone--the result was not pretty, and they never recovered. Of course, there may be an interim bounce, but in the end you can not squeeze $12 of value and income out of $8 pot of money.
Of course, this time is different (lol)
I'm buying (well, buying to cover). I've covered 90% of our PHK short and 80% of our PGP short. I'm sure other shorts are covering as well. It's just the prudent thing to do, unless you think there is a dividend cut imminent, or else you think that suddenly retail investors have all gotten smart. If we see massive premiums again, will be happy to re-establish our shorts.