who knows, I sold for a nice tax loss. at least i'll get some of my money back w tax offsets.. not sure there are enuf assets left to satisfy debenture and line of credit debt even if o/ng go way up. it is a shame as the Wyoming assets and joint venture w Devon seem to be finally something worth writing about. if they had gone full in on WY instead of Eagle Ford, there might be some value here, wildcatting under the guise of a "trust" sad mess.
slow dilution. mostly montreal/quebec/Toronto area assets, very little o/ng exposure, small burn w Target closings in CA, as a long term holding seems a good time to add small amt. they are also cutting debt where possible, sold a bldg. in montreal paying down some debt, did a lot of low cost refi. still think this would be a great easy buy for Brookfield or someone at about $3bCA...
there probably will be tax loss selling starting but dist held at .08, will probably add little, I think hedgies will soon be attracted to large CEF discounts and income, most are down this year, they need to show some gains soon,, Gundlach, EV and others have been pretty positive on discounts. sentiment seems to be turning. sticking a limit to buy order in at 8.65 next week, might pay a small yr end too. less leverage than most CEF's.
small but growing production is coming to CA via the Utah/Uinta shale play, a growing asset and profitable for CPG, CA/US producer, and others even at these low prices and transport costs. adding a little ROYT here dissolve not a threat for many years of $45. perpetual royalty interest has substantial value. long a small CPG and some permian w NDRO at this time as well.
apparently Brad Thomas the REIT "guru" is going to write an article soon after analyzing RAS/IRT, not sure if it leaked? maybe that is why it went down/ his stuff is usually on SA,, who knows. still long IRT, w probably add if market volatility sends it under 7. Bea
and to continue your thot, someone could come along and buyout- IRT at say 9-10sh, there will be more consolidation in the apt biz, rates will stay low for much longer, rents going up, builders can't get labor to build entry priced homes (Meridian ceo comments) or find decent lots to build them on.. Yellen laughed off housing in her comments after the announcement, it is not a focus for her. the realities are,, kids have to rent drowning in debt and low entry wages,, parents can sell out to 1st time buyers or rental home buyers and rent apt's to downsize, the American home dream myth is just that, housing is dead for at least a generation and won't see 1m starts for another 10yrs. economies of scale to be had by combining w another apt REIT, someone will come along soon. the properties are in good states.. volatility has given us many gifts so far, expect more Bea
Gundlach was pretty positive on CEF's in general today on half time rept,, said 15% disc are ridiculous, likes getting stuff on sale.. we'll see. his DSL, flagship CEF, is down too, disc and yields a little over 10% on 17.82 today. nice to see someone say something about CEF's, hundreds of billions in the funds, no one talks about them really.
Gundlach pretty positive on CEF's just now on CNBC. but says junk bonds would sell off if fed raises.. you don't hear much pundit talk on CEF's, , I 'member back in the day, Tom Herzfeld (CUBA guy) yuze to be the CEF guru, he is pretty much retired now.. was on TV a lot and put out good info.. he'd be on Rukeyser WSW every once in a while.. I guess doing your own dd is always best. enjoying all this volatility for sure. tick tick tick tick... BUY... lol. Bea
added a little yesterday at 12.75. still mostly in cash but nibbling on these cef's earning their dist and selling at huge disc.
gates could force a nav compession via a buy back with his influence and share position,, still a blip on his net worth radar. seeing some musings on dollar peaking and yen/euro gaining which could help tips. if they liquidate it, instant nav compression.. western asset did liquidate a fund in 2012.. doesn't happen often. waiting till after FED meeting to re-evaluate my fixed income and may add some depending on price..
Market Anthropology, a blog I follow available via googl'g it, a complicated layout, but jist is things are going to reverse based on historical comparisons,, could be good for tips, oil, euro, yen, japan,,, Bea
all foreign bonds down, listened to conf call replay from 8/12 and notes,, they indicate they may try to do something about the disc to nav,, $15.02sh as of 9/14. dist declared for Nov is same, .13mo, if they did a modest share buyback it might help a little.. but almost everyone is down on foreign bonds,, we have Brazil, S.Afr., MX, there is some hedging to help w currency issues.. all CEF's are down a lot this year, not just foreign. hold nose, buy more?? not sure. holding small position. once FED meeting out of the way, it may be a little clearer to decide what to do. GIM, everything down... Bea
getting real interesting under$25US. Was shocked a CA power co going after TECO w loonie down so much,, might mean if PBA went after some US assets it would have the backing of CA bankers, US midstream very cheap. a few smaller pipeline systems would probably not get any heat from regulators. all midstream is on sale w GS and others short raiding them almost daily. a lot of pipe is coming online this year and next to add to cash flow despite the debt of these firms.
down down down every day.. are CEF telegraphing a downturn ala 2008 or is it more like the 2011 muni cef opportunity. I am inclined to it being an opportunity like 2011, especially in light of the dist increase here. pretty much every CEF category is down w big disc.
tips out of favor, cef out of favor in general, inflation expectations out of favor, nothing going for it now except maybe long term, all the money printing continues and easing continues. plus this fund has some non tip assets that have not performed well, small position in h/y energy bonds etc. still a large disc to nav and it is fully earning it's distribution. holding my position w small loss like you, who knows. even some PIMCO funds that raised dist are falling.. I would like to see WIW announce a small buy back of say 5%. Bill Gates still owns a ton of it.. oh well. Bea
bot a little IRT this week in it's dip, of course KEY has no problem getting on board,, single family mortgages are still tough to get, people are stuck in apts and rents are going to rise,, there is incredible demand in their markets for apts. w improvements in properties, rents will continue to rise.
I think IRT is the best of the bunch in these small apt reits, BRG does not seem as well run and APTS has diversified into other bldgs.,,
eventually the small ones will merge into bigger ones,,along for the growth in IRT as a long term hold( BUY long term sentiment in IRT, not in RAS, just in it via IRT held. )now that SEC situation is behind RAS, they can get this merger done w TRSE and the future looks pretty bright. glta. Bea
long a small position, I see today they cut the dist from .1225mo to .11mo reflecting lower yields in the h/y bond market...still at a nice disc to nav and nice yield. I'd rather have a realistic monthly dist than them paying out ROC and the slow burn that seems to go w CEF's who pay capital out. not adding but holding along w recent buys in PFN, PCN,, PIMCO dist holding up well.. the volatility gives opportunity for long term folks like me. GHY cut by PRU also but not in that one, long BWG which has taken it's knocks. glta! Bea
Mike, guessing you meant sentiment "buy"? anyhoo, enjoy the pain, should be long term gains and great income in the meantime. next two mos will be tough, I am betting the fed does not raise now w CN mess till at least Dec. Some creative players w good access to capital at low costs (hedgies/activists) should be ver interested in these huge discounts to NAV's.. Bea
would be a logical beneficiary of supposed housing increases and a new better highway-infrastructure bill if it gets passed. starting to look interesting at 7ish, put on my watch list for a small buy.