Actually those "accretive" spos were harmful as the funds raised were used to buy increasingly expensive securities with lower yields and spreads. Sure they increased management fees but were no good for the investor when yields rose and security prices fell. It was like chasing ever rising stocks with no thought to pull backs.
Yup. Shocking cut. Has to be the largest amongst mreits. Lets hope the following quarter brings some relief considering postponement of tapering indefinitely. Await management explanation.
but noooo, all the armchair journos and ignorant economists were so convinced of the Septaper. They r all angry now for having egg on their faces.
Bernanke blew it in May for claiming an economic "mission accomplished" to polish his legacy. What a low life. Fact is the economy is far from healthy and needs continued support for as far as the eye can see.
Certainly is more gutsy. For starters she b-slapped the congressional repubs for working at cross purposes to her trying to inappropriately impose austerity in such a weak economy. Next she boldly stated the stock market is not in a bubble.
By contrast BB was a mealy mouthed scaredy cat type unable to say boo to anyone.
So its Janet who found the pair which BB lost during the housing bubble crash which occurred on his watch and which he totally and abysmally failed to see, let alone prevent.
So good bye Ben and welcome Janet. Now if only she could somehow spruce up her appearance since she honestly looks 10 years older than her 67.
RR u certainly r one confused chicken.
U analyze as if u plan to hold something for months whereas you trade, or advise to trade every few hours or at most few days.
U r just a momentum PLAYER and not a fundamental INVESTOR running around like a bipolar headless chicken
Most of ur posts r not even intelligible and often all capitalized.
I hope for ur sake u closed the disastrous cys/wmc pair. U have also caused JT much loss as he follows every move u make. Poor sap!
I bet no one understands your pathetic rant except that u r one angry paranoid headless chicken running hither and thither. (OK maybe loyal defender JT claims he does and provide a translation. Ha ha ha....).
Cried uncle yet? He has gone silent again.
even .80 will be a "victory" speaking relatively.
The Yellin regime will make the summer Bernanke horror movie run backwards.
Ben was always itching to taper after boasting he "cured" the economy.
I just like to expose fake gurus like u who r dangerous to ones portfolio.
Ur so called pair trading is nothing more than mere spinning of wheels. Win some and lose some but in the end a big fat zero.
I guess the brokers love ya and it may be therapy for ur bipolar thing.
I notice u r not screaming in all caps lately.
BTW u add nothing with ur crazy analysis anyway. Just focus on the economy and interest rates. All else is noise mon ami.
but its a big deal for RR esp when he was advising all and sundry to short wmc on 11/18 and now suddenly is long 100k shares of wmc after it has gone up sharply?
Just compare the S&P trajectory during GWB's 8 years and Obam's 5.
Yes O isn't the brightest light in the room but he is a darn lot brighter than the repub leadership, Christie excepted. And the T partiers will never allow his nomination.
To my simple non financial mind to get a lucky windfall from an SPO of 6MM shares @$19 just before the bottom fell out of the bond market must be very significant. Their float is just 13.5MM so 6MM is 44.4% of the float. I know of no other MREIT who expanded their float so greatly at such a fortuitous time, do you? Am I overlooking something?
Uh-oh. This means JMI will sink further till dumb reik gets out of it. He is the best contrary indicator of em all.
Eugene did not JMI luckily sell 6MM shares in May, almost doubling their float, @$19 just before rates started rising? They must have invested proceeds while rates were rising. That must have been like winning a lottery. Do u really believe they just churned securities bought so recently? Do we know what they invested the proceeds from that relatively huge May spo in?
I am mystified by ur statement that JMI management was prescient at the time they did the 6MM spo @$19 in early May that the bottom was about to fall out in the bond market. No one could have known else JMI could not have gotten $19 for the spo. What happened was that soon after the massive SPO just ONE man i.e Bernanke declared victory over our economy claiming "mission accomplished" having just learned in mid May he would not be re appointed in January by Obama. So like GWB he wanted to claim premature (IMHO) victory and go out in a blaze of glory. Claiming economic recovery meant he must taper and that is what made the bonds collapse and yields shoot up. JMI management nor anyone else had no way of anticipating Bernanke's self congratulatory shenanigans else jmi could not have gotten $19 for the
massive SPO. Just imagine if JMI tried a 6MM spo today. They would be lucky to get $12, not 19!
Now is/was Bernanke right? I believe he was just boasting and time will show he was as wrong as GWB when the latter declared "mission accomplished". Economy will continue to
suck for years and no significant taper will occur.
Question remains what did JMI do with their massive spo haul 6MMx$19=$114 MM? Enquiring minds want to know.
Shouting in all caps too.
All I am saying is that neither JMI, nor the investors who paid $19 for the spo, nor any other half sane person imagined that a semi crazy fed chairman would declare a fake economic victory in mid May to polish his legacy and scare the bejesus out of the bond market sending bond yields thru the roof and bond prices over the cliff. Since Bernanke's pronouncement there has been no economic miracle but bonds along with mreits remain scared and gun shy.
I still want to know what JMI did with the lucky $114MM loot they got in May just before bonds crashed and yields skyrocketed.