Not only is the PCP deal done but so is SYA--"Symetra Financial Corporation (NYSE: SYA) ("Symetra") today announced that Sumitomo Life Insurance Company ("Sumitomo Life") has received all necessary approvals from regulatory authorities in the United States and Japan for the previously announced proposed acquisition of Symetra pursuant to the Agreement and Plan of Merger entered into on Aug. 11, 2015 (the "Merger Agreement").
Subject to the satisfaction of customary closing conditions, the parties to the Merger Agreement intend to close the acquisition transaction with an effective date of Feb. 1, 2016. On the effective date, each outstanding share of Symetra common stock will be converted into the right to receive $32.00 in cash, without interest, and less any applicable withholding taxes."
What to do with all this new cash?
Winners==LO, AIG, SYA, MO and MRH. Not all my stocks go down but I do post my top ten in many of my accounts so your free to short them.
Due to the selloff in IBM, WFC, BAC and AXP our book value is now under $100/share on the "B" shares.
The buyback would start at around 115/share.
Added another preferred to IRA #1. This account is now 8% preferred a 30% increase with todays buy. Cash now makes up 19% of the value in this account.
Option income this month paid for 40% of the stock I bought today.
Year to date the account is up less than 2% because my top holdings like BRK are all down around 10%.
game of life through exercise and a change of diet. July 1st, I quit sugar and replaced it with fruit. I've lost over 25 pounds and weigh less than 170 and haven't felt this good since my early 20s. I'll be 59 early next year.
Health insurance for my wife and I is up to over $1100/month. It's too bad health insurance isn't based on one's weight.
She has an order in to buy T in the same account which may fill today.
AIG and AT&T, they both start with an A but other than that, I must be a very confused man.
Grandma is back in today at 131.9/share. She sold her original position last December for tax loss reasons for 161.68/share. It's just over 1% of her net
She also got a partial fill on a high yield preferred stock.
When BAC raises the dividend to $1/share he might consider exercising but until then owning warrants also limits his downside risk.
She bought 333 shares of BX for $30.70/share and sold 3 March 34 call options. Earned $,82/share for the options.
Last year she earned between 10 and 30 percent on three different trades via BX.
Top 10 holdings in IRA #1---BRK-6%, AIG and COP--5%, STX-4.5%, AAPL- 3.8%, BP-3.7%, IBM and KO-3.4%, WMT and SYA- 3.2%
Cash is19% which is used for selling put options.
This time she did buy more T and sold covered call options against it. Her net return from dividends and option premiums through April is 5% but her potential gains are limited to 34 and it could be called early for the dividend.
T is now her 6th largest holding at 4.9% and I regard it as a replacement for bond holdings. It's current yield is 5.6%.
Grandma took a 2% position today in GM with an option adjusted cost of 30.51/share but potential gains are limited to 33 on 80% of her shares through March opt expiration.
She's on margin paying 3% until her PCP cash comes in early February.
I/m short the 30-28 puts against GM and long small positions in a few accounts. Also short the Jan, 80, XOM puts which I plan to hold and use to sell call opt.
I plan to buy more GM after Jan options expire.
Bought PCP in new IRA I'll call IRA #6, paid $231.27/share.
Currently it makes up 7% of the assets but more stocks are still being transferred into this account. A friend recently retired and asked me for help investing his retirement $$$$$$$$$$$.
In 1986 I talked his son into borrowing $2000 and investing $700 his summer earnings, into Berkshire Hathaway when it was trading for $2700/share.