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Flaherty & Crumrine Preferred S Message Board

sbrown101750 19 posts  |  Last Activity: Sep 12, 2014 3:30 PM Member since: Jun 13, 2010
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  • sbrown101750 by sbrown101750 Sep 12, 2014 3:30 PM Flag

    I love these idiots in the market who think that there is going to be some sweeping permanent change in interest rates in the next week. Great opportunity to own FFC may be as low as $18.00. We'll see.....

  • Reply to

    CFO Brian H. Oswald bought 27,300 shares

    by rush075 Aug 31, 2014 7:12 AM
    sbrown101750 sbrown101750 Aug 31, 2014 3:19 PM Flag

    He should have waited until he could buy it under $10.00. Looks like he is going to take a hit to his capital.

    Sentiment: Strong Sell

  • Equals Lower Stock Price......Going below $10.00 soon... There is no way that this company can support its current distribution long term.....This is a worthwhile company to own, but not at the current stock price....Buy it somewhere below $10.00...If the price dips below $10, say $9.50 to $9.75, I am back in...until then, forget it....its overpriced.....

  • sbrown101750 by sbrown101750 Aug 26, 2014 2:39 PM Flag

    Keep your powder dry....I have a feeling that you will be able to buy this puppy a lot lower, say in the $8.90 -$9.25 area.

    Normally management announces the next quarter's distribution now, but, lo and behold, they did not do it this time. In addition, they failed to make any commitment during the conference call. They served up a lot of lip service about how they are going to reduce their borrowing cost, change their portfolio mix to higher yielding assets. When all else fails, they can always use their retained NII earnings in excess of past distributions.
    Sounds like a great plan, BUT IT WILL NOT HAPPEN.

    Folks, let's face it. They are going to have to cut their distributions to a level that makes sense on a longer term basis. I am estimating that the distribution must be cut at least 23%. This would mean that January, February, and March's distribution would be around $.0850, $$.0860, and $.0870 respectively. Making this cut will put this company in a much stronger position with a good chance that they could it maintain longer term.

    Stockholders (like me) get ready for another capital haircut. However, keep you powder dry. $ 8.50 - $9.25 would be a good level to dollar cost average.

  • Reply to

    I'll start buying at $10.05, in .10 increments

    by sht8356bndo Aug 26, 2014 10:58 AM
    sbrown101750 sbrown101750 Aug 26, 2014 2:10 PM Flag

    Chances are that they will announce a distribution cut for the first quarter. If you are going to buy, that is the time to do it. I am looking for a 20%+ cut in the distribution. I think that will result in a share price just south of $9.00. Buy your shares here.

  • Reply to

    How can PSEC sustain rising distibutions?

    by bluedreamdreamer2 Aug 26, 2014 12:39 PM
    sbrown101750 sbrown101750 Aug 26, 2014 1:59 PM Flag

    You can only squeeze so much juice out of a lemon. Note that Mgmt did not have a lot to say regarding the fact that they have not announced the amount of the first quarter distributions. They will cut the distributions to a level that makes sense based on their expected funding savings and new originations. It is the only thing that makes any sense. I am guessing that the January, February, and March distributions will be about $.085, $.086, and $.087 respectively. The overall yield will drop south of 10%.

  • sbrown101750 by sbrown101750 Aug 25, 2014 7:32 PM Flag

    New Business for the quarter was terrible.....The dividend is not as safe as some on this board may lead you to believe.....There was no commitment regarding the JAN, FEB, and MAR quarter. Look for the divi to shrink to around 8 cents or less per month.

    Sentiment: Strong Sell

  • sbrown101750 by sbrown101750 Aug 8, 2014 4:41 PM Flag

    Hey Sports Fans, this fund is designed to line the pockets of Mario Gabelli, et al. He gets 1.4% every year regardless of the performance of this fund. Check out the amount of your yearly distribution and how much is classified as return of capital. It is not a pretty story. All of you are just getting your own money send back to you while Mario skims off his 1.4%. Its a lot like what the Mob used to do in the Vegas casinos during the late 1950's and early 1960's.

    The latest performance of GABUX shows a gain of about 5% in the last quarter. The problem is they just lost it all and more in a matter of about 45 days. The best performing utility stocks are not in this fund. Someone is asleep at the wheel happy to skim your hard earned money.

  • Hit my stop limit and my shares are gone, but Xdividend coming up later this week. Do I wait and forego the divi and hopefully buy lower, or reinvest now? Anybody with a clear crystal ball out there?

  • Reply to

    Latest SDR Stats and Projections

    by sbrown101750 Aug 2, 2014 10:48 AM
    sbrown101750 sbrown101750 Aug 4, 2014 3:52 PM Flag

    An interesting point is to try to estimate what the value of SDR is after dilution and a distribution of around $.14 per quarter. If you consider that a distribution at this rate is worth a 7% return rate, that would put the stock price at around $8.00. This says that the current price is nearly equal to the expected price after dilution. In other words, SDR is currently undervalued based on the expected distribution over the next 4 quarters, and equal to the value after dilution takes place. Interesting to say the least......

  • sbrown101750 by sbrown101750 Aug 4, 2014 3:39 PM Flag

    I had a stop limit order with Fidelity to sell at $13.09, but the price fell so rapidly on 7-31 that it fell through my limit price....or so Fidelity says...At some point, PHK will be a screaming buy because I don't think that rates are going to increase that much over the next 6-12 months....nice monthly dividend too......LOOKING TO GET BACK IN SOON

  • Reply to

    Large Funds & Institutionals Selling Here

    by barebuttbob2014 Aug 4, 2014 2:38 PM
    sbrown101750 sbrown101750 Aug 4, 2014 3:28 PM Flag

    BareButt: At what price are you willing to start to nibble?

  • Reply to

    Large Funds & Institutionals Selling Here

    by barebuttbob2014 Aug 4, 2014 2:38 PM
    sbrown101750 sbrown101750 Aug 4, 2014 3:21 PM Flag

    To buy it lower.....remember buy low, sell high?? Overall, this stock is great. The positions that it holds are awesome, and it should get better as preferred shares take a hit and short term rates rise. However, there are certain times to get out....then......get back in

  • o Total Development Wells = 197, only about 9 wells left to drill and put into production
    o Drilling will probably cease by the end of August - September
    o Equivalent Barrels of Energy Production for the last 4 quarters: -31.6%, -15.4%, -19.2%, -19.0%
    o Projected Distribution for the next 5 quarters based on the current Production Trend (assuming constant
    prices for Oil & Gas: $.40, $.34, $.28, $.23, $.14 ($.14 includes the dilution attributed to the subordinated
    shares converting to common shares.)

  • sbrown101750 by sbrown101750 Aug 1, 2014 12:54 PM Flag

    Sold all shares at $19.35. Just placed a quarter position buy order at $18.20.

  • Reply to

    Bill Clinton's Stunning Confession

    by sayuthink Jul 2, 2014 4:51 PM
    sbrown101750 sbrown101750 Jul 6, 2014 12:44 AM Flag

    Slight problem: Chelsea LOOKS A LOT like Bill

  • sbrown101750 sbrown101750 Jul 6, 2014 12:39 AM Flag

    They might as well shove those things into the river. No one will want to buy them.

  • Reply to

    what is wrong with pfe

    by mzm821 Jun 27, 2014 1:35 PM
    sbrown101750 sbrown101750 Jun 27, 2014 7:24 PM Flag

    For someone that has a iron butterfly spread, this is a good thing

  • sbrown101750 by sbrown101750 Jun 26, 2014 7:34 AM Flag

    Watch your step, its getting pretty thick.

FFC
19.17-0.02(-0.10%)Sep 16 4:02 PMEDT

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