gokou3

A breakup of MPC ( Sponsor and majority owner of MPLX ) is not a positive for MPLX most likely. Could you kindly explain?

MPLX at <$27; 10% yield. 1.4x distribution coverage. K1. Possibly catalyst from Elliott requesting to break up MPC (sponsor). https://www.remakingmpc.com/

Listed and quoted in USD on the TSX. They report in USD as well.

More AZP.PR.A. A solid Canadian 8% yielder, would benefit if interest rate goes downward and the company further leverages.

MO @<$40, 8.5% fwd yield.

More WFC

What would be a good instrument for placing such a bet as a retail investor? I remember around 2010 Soros or his proteges made a similar bet on interest rate increases using some derivative instruments, but I forgot what it was and I wouldn't be able to access such instruments anyways. Maybe not a perfect answer to your question but Eurodollar futures could be a decent play with the current ECB climate. Thanks, this seems to be a good instrument for a highly-leveraged bet... and with options, the downside is limited. https://www.cmegroup.com/trading/interest-rates/stir/eurodollar_quotes_globex.html?optionProductId=4&optionExpiration=4-Q9

What would be a good instrument for placing such a bet as a retail investor? I remember around 2010 Soros or his proteges made a similar bet on interest rate increases using some derivative instruments, but I forgot what it was and I wouldn't be able to access such instruments anyways.

More BRKB at $199.50 8)

ENB. The delay with line 3 and the issue with line 5 will come to pass eventually.

BPY

WFC

If not already so, you may want to have your order open during the times when both the US and London markets are open... only 2 hours of window in the morning. Also, per my broker, the UK govt charges two levies, 0.1% and 0.5%, on all stock transactions. So there's not much arbitrage profit for the ADR MM if you only offer a 1% premium.

Started small position in BUR.L. Pretty expensive commission with a Canadian big bank broker (>$100, +forex). Damn, will switch to IB eventually.

The 8.4% yield sounds very enticing, but if Canada central bank starts dropping rates these rate-reset or floating rate pref shares may re-test their 2016 lows. Patience wins.

More AZP.PR.A. Going ex-div next week.

Sold LBRDA and CHTR over the past few days. It may be a stupid decision as CHTR is on the cusp of gushing FCF, but I have made good returns on them in 16 months so I think there could be better opportunities in the rest of the Liberty empire and the rest of the market. Sitting on about 30% cash at the moment.

BRK @$199

Only 184k shares traded today and it's down 7.5%. Another 41.8M to go (ok, I have dramatized this somewhat as some of these new shareholders will hold onto theire shares, and some pre-selling in the form of short sales prior to the conversion date have also taken place... still). Management is making it clear that it will sit on the sideline and let the share price collapse before doing any buybacks when it stated in their press release that "The Corporation also announced that it continues to consider and evaluate the possible implementation of a normal course issuer bid and/or a substantial issuer bid in respect of its Subordinate Voting Shares." Disclosure: None, but may buy into the common if it drops much more.

DUNDEE CORPORATION ANNOUNCES COMPLETION OF CONVERSION OF FIRST PREFERENCE SHARES, SERIES 5 (May 15, 2019) http://dundee.financial/dc/-/media/DGC/DC/2019-05-15-Series-5-Conv-Final.pdf So is Friday May 17th (T+2) "D-day" in terms of the avalanche of new shares hitting the Pref E holders' broker accounts and onto the market?

The first Parq reference in Dundee's filings is in their March 2015 AIF. It must have taken some really impressive talent to lose dramatic amounts of money in a real estate development located in Vancouver over the past 4 years... As a Vancouverite, can't agree more. This will take someone like a Brookfield with multi-facet RE experience to turn around.

I notice Ned Goodman transferred his stakes to a trust just a couple days before the bloodbath: https://www.canadianinsider.com/node/7?menu_tickersearch=DC+%7C+Dundee Wonder if anyone knows the rationale / benefit for the Goodman for this transfer?

I share your sentiment. I had only the Series 2 & 3 preferred but have now exited them all. I wouldn't be surprised if management will screw the Series 2/3 holders next, e.g. suspending the dividends citing cash constraints. Today's pop may be as good as it gets - I could be wrong and overly pessimistic though since with the Series 5 conversion, the 2 and 3 are indeed in a much better position in the capital structure. OTOH the ice cube is melting very quickly (continuing Parq losses / cash infusion, selling assets below book value, throwing cash at junior miners, G&A, etc.)

(Putting myself into Goodman's shoes) "So let's see, should I screw the common shareholders (which my family owns 20% of) or the Series 5 holders? Of course the Series 5 guys. Why not give the patsies a stick and a carrot - they can either... 1) convert their series 5 shares for commons per prospectus and get a 32% immediate haircut (based on today's DC.A closing price, without assuming further price pressure from such event), or... or 2) convert to the "Series 6" preferred with a 2022 maturity at 7.5% dividend rate, AND A PAR VALUE OF $20. This would be a lesser 20% haircut, and will almost make the holder whole 3 years later after dividends. Also, this offer would be a 10%+ premium to the current Series 5 prices to encourage the new-ish shareholders and arbitrageurs to bite. This also eliminates $16M of liability in one stroke without any dilution." --------- I think the "series 6 conversion" scenario is quite likely. Of course, I am biased as a Series 2 & 3 pref holder. So the Goodmans decided to screw themselves up instead... maybe they are dumber than I thought. Or perhaps they want to kill the common share price and then swoop up the shares on the cheap.

AZP.PR.A (yesterday)