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Destiny Media Technologies Inc. Message Board

foreverwhiteroses 15 posts  |  Last Activity: Jan 27, 2015 12:15 PM Member since: Jul 16, 2004
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  • foreverwhiteroses by foreverwhiteroses Jan 27, 2015 12:15 PM Flag

    What's wrong with this picture? Right now, you can buy 15 yr maturity TVE at a yield 208 basis point approx above comparable Treasuries or 4% YTM. TVE's coupon will RESET DOWNWARD on 5/1/15 provided the 30 Yr Treas is under 3.115% for the week ending March 26. With Treas right now at 2.34% that means Treas would have to move up by 77.5 basis points for TVE not to reset. IF IT RESETS, you can PUT TVE back to the TVA at par of $25 on May 1. With TVE now at 24.88, if you buy TVE and consider it a 5 month maturity you can get an annualized yield of 6% approx for the 4 month holding period assuming you put. I'll take that! And if it should happen to NOT reset, then you have purchased whats considered to be a US Treasury credit, the strongest quasi US Agency, at a crazy wide spread to Treas. It seems to me to be the kind of risk reward situation that works for me.

    TVC has essentially the same characteristics as TVE but happening a month later, so the same argument can be made, but the risks of a reset not happening are greater due to the longer time before the reset date and because the reset parameters are slightly more difficult to achieve..

  • Reply to

    GDP preferred stock

    by tylerbroek Jan 21, 2015 5:50 PM
    foreverwhiteroses foreverwhiteroses Jan 23, 2015 4:45 PM Flag

    Take a look at message board for GDPAN.... Dec 27 post....

  • Reply to

    This thing trading?

    by gretchn5867 Dec 15, 2014 11:24 AM
    foreverwhiteroses foreverwhiteroses Jan 16, 2015 8:33 PM Flag

    Thought I replied but I guess it didn't take...So even in nothing more than a stable economy there's lots of positives for SAR at this price level.. Love these under that radar kind of stocks... m now reading Sizemore's SA update article on Prospect for comparative purposes. will get to SAR CC transcript as well..

  • Reply to

    This thing trading?

    by gretchn5867 Dec 15, 2014 11:24 AM
    foreverwhiteroses foreverwhiteroses Jan 16, 2015 2:07 PM Flag

    Thanks for sharing... Though I think many BDCs seem to be trading below NAV, I don't know that many are as much as SAR's 65%. I thought I figured the 22 cent div was only about 33% of of NII but either way, it sure seems as though dividends have to be going up dramatically assuming only stable business conditions... All good news... am now reading Sizemore's SA article update on Prospect.

  • Reply to

    This thing trading?

    by gretchn5867 Dec 15, 2014 11:24 AM
    foreverwhiteroses foreverwhiteroses Jan 15, 2015 9:18 AM Flag

    If that's the case, then Mrs. O will be very happy, that's for sure........

  • Reply to

    This thing trading?

    by gretchn5867 Dec 15, 2014 11:24 AM
    foreverwhiteroses foreverwhiteroses Jan 15, 2015 9:03 AM Flag

    Bert - Are you saying a BDC has two pay out a required amount of earnings ala REITs?

  • Reply to

    This thing trading?

    by gretchn5867 Dec 15, 2014 11:24 AM
    foreverwhiteroses foreverwhiteroses Jan 14, 2015 6:55 PM Flag

    With earnings out, it'e even tougher to understand why this isn't performing better..... At 14.75, SAR is trading at 65% of NAV with dividend covered by earnings by about 3x I think... Not bad... I suppose when compared to BDCs the yield is skimpy but 65% of NAV and increasing earnings? What's not to like?

  • foreverwhiteroses by foreverwhiteroses Dec 29, 2014 8:49 PM Flag

    Guess there's nobody here, but here's an interesting situation: SPE is paying a dividend that's to be reinvested at 9% below NAV of price on January 9. Right now, SPE is trading at over 10% below its NAV. If this continues, does that mean we shareholders are going to have the privilege of reinvesting the dividend at a price ABOVE the current market price? Here's hoping the language is at 91% of NAV OR market price, whichever is lower......... Also can't help but catch the irony of SPE as a closed end trading at such a substantial discount to NAV when their investment strategy as an activist investor is to go after closed ends when they trade at substantial discounts.

  • foreverwhiteroses by foreverwhiteroses Dec 26, 2014 10:19 AM Flag

    Anyone follow the preferreds? The new issuance of N shares indicated the POSSIBILITY of using some proceeds to call some or all P's after the first optional call date of 12/31/14. Does anyone have an opinion of the likelihood of them actually doing so? The spread 8 1/8 for Ns vs. 8 1/2 for Ps seems pretty tight to be using for call purposes.

  • Reply to

    This thing trading?

    by gretchn5867 Dec 15, 2014 11:24 AM
    foreverwhiteroses foreverwhiteroses Dec 18, 2014 10:17 AM Flag

    Well, it's trading, but it seems as though it's been in a slow moving downtrend ever since it announced its new dividend policy - either that or ever since the details of the divorce settlement. Seems a bit strange looking in from the outside - they seem to have the dividend easily covered so the 6% yield or so seems not to be at threat, tough to discern any noticeable #$%$ in the investment companies other than perhaps a perception of them being of junk bond credit rating status in an environment where junk bonds are getting revalued, so why does this thing have a negative trend going no matter what the general market's doing? Is it company specific or more an expectation of selling to be coming from the Mrs or something else?

  • foreverwhiteroses by foreverwhiteroses Dec 12, 2014 10:18 AM Flag

    With preferreds still tanking, price of oil down again and other oil companies down, what else explains MILL common being up 8% today?

  • foreverwhiteroses by foreverwhiteroses Dec 10, 2014 10:39 AM Flag

    Can someone explain the implications of company with a $50 mil mkt cap taking a $265 mil non-cash impairment charge? Any accountants here? What does this do to book value for example? I realize MILL instantaneously wrote up everything way above purchase price when they originally bot Alaska and many question that accounting, but what's the most important impact of this seemingly massive write down now? I'm admittedly totally clueless.

  • foreverwhiteroses foreverwhiteroses Dec 8, 2014 11:41 AM Flag

    I suppose it was more of a rhetorical question than anything from me but at least SD is a real company......I'm so risk averse these days I shouldn't even be following either of these, but to me, there are survivabilty options available to SD that will be a whole lot more difficult to come by for MILL. I do love when prices go to the ridiculous, though, so I do keep an eye on stuff like this.... Was fun buying preferreds of IStar a few years ago (in a completely unrelated field of course), but neither of these is another IStar imho...

  • foreverwhiteroses foreverwhiteroses Dec 8, 2014 10:35 AM Flag

    So not at 13, how about 12? or 11? Are there levels you'd say are right for C & D? A preferred trading at nearly 24% current yield is obviously not trading on yield anymore... It's trading on likelihood or hope for eventual return of principal.... Is there a price in your opinion where the reward outweighs the risk?

  • Reply to

    Back to the 2s next week

    by dc97531 Nov 7, 2014 9:04 PM
    foreverwhiteroses foreverwhiteroses Nov 19, 2014 8:43 PM Flag

    So I guess the real message is that if just one life here is saved due to your posts, your job will have been done... You're more than a mere giver, you're a true saint..

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