ValueMaven
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Posts posted by ValueMaven
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Bank Preferred are very interesting ... ive been buying a bunch recently
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I only own Liberty Sirius - given the discount and possible catalysts.
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Tom Gayner just bought $6.6M worth of Cable One at prices in the mid-$650 range. Gayner has sat on the board for a long period of time.
This is a meaningful and sizable purchase.
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Yea that fixed rate is a nice addition and a surprise -- will be maxing out again
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Bought a very small trading position in AGNC ... blow-up risk is real here - but they are at a ~20% discount to book and havent cut the dividend yet. If rates and swap-spreads come down a touch and MBS rally, this could go to $10 quickly
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Yes - that is the Nov 1 reset rate
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Have been buying a ton of the Wells Fargo Series preferred issuance recently.
$25 par trading at $22.50 ... 5.85% yield = YTM of 7%+ ... operational improvements, and exposure to rising rates ... the bank is doing fine fundmentally. net interest income was up 19% Q/Q (!!). This is a very safe security which has already seen a lot of downside, and has a compelling yield
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Ya ... and now its 4.25% ... dont try and guess where rates are going
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I bought some AMT last week. Everyone hates the stock - debt, leverage, a data center REIT etc ... has fallen dramatically recently .... I've watched it for 5yrs - and this is finally my shot
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https://www.berkshirehathaway.com/news/oct1422.pdf
Brilliant acquisition for Berkshire ... Y fits in very nicely inside the Insurance business
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The Berkshire board has lost three superstars over the last year: Sandy, Gates, and Walter Scott !!
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Sizable buy for Greg! In the A shares as well. Great purchase price!!
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terrible article - total marketing spin. the article doesnt talk about any of the advantages of this new site ... or even how it works. I expect more from even Bloomberg
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For what its worth - I was able to get 6M UST bills @ 3.981% on 9/26 auction - with no commission or brokerage fees from T Direct ...
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@thepupil why have those MMP bonds fallen so much? It's 20 year paper I get it - so a lot of duration risk - but the par on the credit in my view is money good. Thoughts??
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@thepupil Those MMP Corps you highlighted are down another 20 points (mid 70s) ... what do you think of them here given the move in rates?? I find them very interesting imho ...
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Stock is cheap here - hope Warren is buying back aggressively !!
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6m t-bill just hit 3.9% ... upcoming auction on the 26th as well ... seems attractive
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I bought the TIP ETF this morning ... might buy some on TDirect as well
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@RedLion what about the TIP ETF? Or you dont like the 20bps management fee??
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TIPS finally offer interesting yields. After offering negative real-yields for the past several years, the 5Yr TIP has a REAL YIELD of 1.13% - the whole real curve is now offering 1%+ even 30yrs out. The TIP ETF for example is down about -10% YTD, and down $20 from its high earlier in the year. You are now finally getting some very attractive/cash alternatives at the current prices. I am not a TIPS expert - so please shoot this thesis down.
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What is the best way to do that then @RedLion ... I know almost nothing about TIPS
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1Yr just touched 4% ... FYI
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On 9/13/2022 at 6:19 PM, Spekulatius said:
One of the shittiest insurance companies I am aware of (from a shareholders perspective). Hasn’t gone anywhere for 2 decades.
I owned shares around 2001 or so and made out OK riding the shares up a bit, but they are pretty much back to the same levels.
I liked them as a customer when I lived in CA, lowest rates for the combo of homeowners and car insurance by a country mile for me.
What is your thesis?
I like the dividend, the stock is massively oversold, and you have a possible catalyst in the sale of the business once the old-man is no longer around. I disagree its a bad insurance company ... look at the combined ratio overtime vs. peers. Costs are very low vs. other auto-insurance companies and they benefit from the low-duration fixed income portfolio which after 10+ of earning nothing is finally generating some income. Sure they dont buyback stock - but they basically pay everything out to shareholders. Hardly any leverage as well
Bonds!
in General Discussion
Posted
Wells Fargo Series Q. $25 par, 5.8% YTM trading at ~$23 ... bank has issues as we know, but things are improving and costs are coming down. They just raised the dividend recently as well. Bank is massively overcapitzed with limited losses and very interest rate sensitive (q/q interest income up 19%) ... if it trades back to $25, you make 16% - you wont get rich off of these, but these are extremely safe IMHO and worth it the yield pick-up when compared to treasuries