You brought it, so let's see how trading around a core position has done for me:
Over the last two years (since the end of 2012) I'm up 75% on RAS. That's about 25% better than I would have done if I wasn't trading around a core position.
Since the market bottom, I own 204% more shares, but have only increased by cost basis by 15%. The key: I reduced my net cost per share (or average cost) by 72% (from a split adjusted $9.58/share to $2.72/share). The net: I'm up 494% since the market bottom. That's 2.6x the S&P and 30% better than not trading around a core position on RAS.
But what do I know. I only have the records of what I did.
RAS has not been "inferior and underperforming over the last two years. It did poorly in 2014, but it did spectacularly in 2013. Overall, it did quite well over the period. This is easy to confirm:
1 - RAS rose by 59% in 2013 excluding dividends; by 69% including dividends. The S&P rose by 28% over the same period. RAS obvoiously did a lot better. Here are the numbers for those that want to double check. RAS ended 2012 at $5.65. It ended 2013 at $8.97. That's a $3.32/share gain. Dividend payments for the year totaled 56 cents (12, 13, 15, and 16 cents a quarter). I'm sure there are stocks that did better, but on average RAS beat the market by over two to one.
2 - Excluding dividends, RAS was down from 15% in 2014. Including dividends it was down less than 5%. The S&P was up 11%. The numbers? RAS ended 2013 at $8.97, ended 2014 at $7.77 and paid 71 cents in dividends (17, 18, 18, and 18 cents a quarter). As I said, RAS did poorly on the year.
3 - For full year 2013 and 2014, RAS is up, excluding dividends, by 36%. Including dividends it is up 60%. The S&P is up 45%. Overall that's a 25% beat against the S&P over the course of two years. That's pretty clearly NOT "inferior and underperforming". It is considerably above average.
Greg's perspective is clarly in accord with the results that RAS has delivered.
More realistically, however, RAS has performed considerably better than its stock price. It's dividend has more than doubled over the last two years (from 35 cents in 2012 to 71 cents in 2014. How many companies can you name that have doubled their dividends over the from 2012?
And of course if we take a somewhat longer view (the market bottom in 2009, RAS is doing even better. Excluding dividends, it is up 293% from the market bottom versus an S&P improvement of 192% (half again as good). Including dividends it is up 379%. That's double the S&P.
And that's all without trading around a core position, which simply improves things.
Because irrational people don't just invest irrationally, but react negatively to people who act rationally. This has been happening for a long time.
LOL. Save your crocodile tears for someone who needs or cares.
Good news. 99% of last years RAS dividend was tax free. High yield. Tax free. What a deal.
Well, it wasn't this week (no surprise, I guess), but a lot of us collected dividends today ... and 4.3 million shares collected "in lieu of" dividend payments as well. I'll take the money and patiently wait for more.
Keep trying. K1. This personal attack stuff is never going take you anywhere useful. And I do have a genuine claim on the title "eagle".
You appear to be back in the "creepy" zone. Your business, but this is the RAS board rather than the "Davis Foulger" board. My lead letter is an indication of nothing more than the fact that I have the respect of many of peers in an academic field. The reference to "slave labor" reflects language that full time faculty often use in referring to contingent faculty.
Once again, however, this has no relationship to the subject matter of this board. An honorable person would never have posted it.
RAS numbers are out as well. About 98% Return of Capital with the rest divided between ordinary dividends and qualified dividends. The qualified dividends are something of a surprise, but given that they are taxed at capital gains rates, hardly a surprising one,
The preferreds were less than 100% ROC last year. I indicated, back in January of last year that the common would "be less than 100% ROC no later than 2015." The implication was that ROC on the preferreds would go to zero no later than 2015 and strongly suggested that it would happen in 2014 is subsequent posts, so I'm not surprised that it happened this year.
That said, the preferreds are roughly 12% qualified dividends which are taxed at capital gains rates rather than as ordinary income, so preferred holders are still getting some tax benefit.
It is a sensible prioritization which they telegraphed a year ago when ROC dropped on the preferreds but stayed at 100% on the common.
LOL, khyrt? I have a pretty good idea of what pages you are badly misinterpreting, but they really has nothing to do with RAS or this board. I am not a member of any "minority", at least as they are currently defined (I'm pretty much a well educated and affluent male WASP). I am not persecuted by anyone (except perhaps some wackos on a Yahoo stock market board). I'm certainly not discriminated against. You have a history of reading things the way an Ostrich (or mugoo) might ... with your head stuck firmly in the ground.
All best, but you aren't going to make money from RAS (long or short), by making off-topic allusions about me.
My son lived pretty close to there until recently (they move 5 months ago). I wondered what would happen to the space after Borders folded.
It's the smartphone market, so there are always new competitors, but Google Android powers over 80% of smartphones worldwide.
I'd still call that "stealing share".
There are lot's of ways to reconfigure a space. I can readily think of a facility just west of Boston with indoor parking that lost its bookstore anchor and most of its other tenants that would be perfect for that conversion.
Since this has been pushed on a bit, I thought I'd put an appropriate bird label on our board naysayers: Canadian Geese. They squawk loudly without saying anything meaningful, fly in formation, imagine themselves great American Patriots even as the poop all over our most cherished rights and institutions, leave a big mess everywhere they go, and are easy prey for Eagles because they generally don't know very much.
Malls are picking up again, but poor performers are always good candidates for full or partical conversion into multifamily.
Honestly, K1, if you want to do bird comparison, I'm more like an eagle that swoops in for the kill when shorts try to fly too high. Goodness knows I keep eating your lunch.
But in the end you've only written more fiction.
New capacity is no where close to matching incraease in demand. This trend is likely to last a while.
Of course we knew all this 5 years ago.
I expect that, to the extent RAS raises more money, it will go with the lowest cost of funds. That probably won't be a common stock offering while RAS' yield is above 8%.