What are you buying today?

[Dinar]

@RedLionand @CorpRaider, why wouldn't you buy ALX instead?

[Spekulatius]

47 minutes ago, CorpRaider said:

 

Flattered you would ask.  I will have to look at the VNO preferred.  Obviously, VNO presents a superior credit risk at this time.  I was going to buy VNO common to maintain my exposure, but Roth didn't help me get there on that last call (singing from the denial playbook and cutting himself off mid-rant and then calling out that he wasn't in the office lol). 

 

It sounds like I went through part of the same analysis as you did; plenty of upside if they're money good and less risk (of course then they're up 1% today versus 7% in the common).  I also transitioned my exposure to a tax advantaged account.  CEO and CFO were buying the SLG preferreds at around the price I got earlier in the year.

Same idea, but I bought some KW 2030 bonds in two of my tax deferred accounts. They are yielding a bit more than 10%. KW is overlevered imo but I think they just shed some properties by sending the keys to lenders or raise some equity if push comes to shove.

[formthirteen]

PYPL and MTCH. I will be dumping these like a Tinder date on the first (and latest) fuck-up (by management) or if the relationship (stock price) continues to decline. That's how I try to build a long-term relationship (with a stock).

Edited May 18, 2023 by formthirteen
modern philosophy

[CorpRaider]

On 5/17/2023 at 4:19 PM, Spekulatius said:

Same idea, but I bought some KW 2030 bonds in two of my tax deferred accounts. They are yielding a bit more than 10%. KW is overlevered imo but I think they just shed some properties by sending the keys to lenders or raise some equity if push comes to shove.

Interesting.  I will have to check them out.  Of course I looked at KW and liked it back several years ago when they were hot.  Human psychology is weird.

Edited May 18, 2023 by CorpRaider

[Spekulatius]

6 hours ago, formthirteen said:

PYPL and MTCH. I will be dumping these like a Tinder date on the first (and latest) fuck-up (by management) or if the relationship (stock price) continues to decline. That's how I try to build a long-term relationship (with a stock).

PYPL looks pretty washed out and has a good balance sheet. A new competent looking CEO might move the stock. I don't like the high SBC, it is not appropriate for a business growing in the mid- high single digits.

[Malmqky]

More MSGE at $38.00 because I have no patience. When something is screaming value however, what's a few extra bucks? ...Right? My cost basis is still far lower than what it's trading for anyways.

EDIT: bought triple the previous amount at $35.75 a pop. Sitting at a bit 10% now. Cost basis less than $28 per share still.

Edited May 18, 2023 by Malmqky

[Lance]

BTI

 

Thanks

Lance

[Saluki]

Added a little bit of FFXDF and NETI.  

[rkbabang]

Sold my NVDA and bought more JOE

 

[chompsterama]

On 5/16/2023 at 1:41 PM, Spekulatius said:

You forgot about the heads I win, tails they don't lose much thing. That's the essence of private equity investment management.

 

If things wrong, they are losing other peoples or their creditors money. Worst case, they are also lose their reputation, but I think most wont get there.

And then there's this:

 

[chompsterama]

On 5/12/2023 at 12:30 PM, EBITDAg said:

WFC-L. ~6.6% yield that might as well be a perpetuity. Will hold for a long time or sell if rates plunge in future and these go back to ~$1300+ again.

Allstate issuing preferreds at 7.375%....It's a brave new world.  https://www.bamsec.com/filing/89905123000043/2?cik=899051&hl=71871:71876&hl_id=e1vqsuysr

[CorpRaider]

On 5/17/2023 at 1:30 PM, RedLion said:

Curious on your thoughts on this vs Vno preferred? I’ve been buying some vno preferred in my retirement account, and thinking of making it a larger position. With the yield plus narrowing of discount to par there seems like a pretty good case for mid teens returns with less downside risk than the common. 

Yeah ok, hard to argue for the SLG prefs over the VNO ones; higher yields and better credit both cumulative.  Which series do you like?  I didn't read prospectuses yet.  Reminder to self you generally don't like prefs because, historically, the right tail is what drives nearly all equity returns.

Edited May 19, 2023 by CorpRaider

[Paarslaars]

UBS Dec 23 calls 

[Spekulatius]

9 minutes ago, CorpRaider said:

Yeah ok, hard to argue for the SLG prefs over the VNO ones; higher yields and better credit both cumulative.  Which series do you like?  I didn't read prospectuses yet.  Reminder to self you generally don't like prefs because, historically, the right tail is what drives nearly all equity returns.

Same idea - I bought some KW 2030 bonds in my retirement accounts. Yielding more than 10% to maturity. Not the greatest credit but I think they will pay.

[CorpRaider]

26 minutes ago, Spekulatius said:

Same idea - I bought some KW 2030 bonds in my retirement accounts. Yielding more than 10% to maturity. Not the greatest credit but I think they will pay.

We should probably just be buying more Comcast.  They're going to sell Hulu and the market is going to be like "oh dang they are good as heck at bidness."

[RedLion]

1 hour ago, CorpRaider said:

Yeah ok, hard to argue for the SLG prefs over the VNO ones; higher yields and better credit both cumulative.  Which series do you like?  I didn't read prospectuses yet.  Reminder to self you generally don't like prefs because, historically, the right tail is what drives nearly all equity returns.

I’m just getting comfortable with this position now, and now researching ALX as well per Dinar’s request. 
 

I had some nice busted preferred trades coming out of the GFC, and maybe I’m just a little bit of a closet yield pig after all. 
 

I started building a position in the M, which was the cheapest when I started buying, but I need to setup a spreadsheet to find which one is cheapest. I honestly tend to prefer discount to liquidation preference over yield, but that may just be internal bias. 

[Saluki]

I trimmed a little VTS and bought some JOE.  I put in a limit order for FFXDF at above the current price, but it never got filled  

[Luca]

Completely exited Micron, Samsung, Amazon and proceeds went into FFH and Exor

Edited May 19, 2023 by Luca

[WFF]

Sold a portion of my BAC for tax harvesting and put it in EWBC.   

[ourkid8]

BN - Sold BAM and flipped it into BN 

[Malmqky]

MSGE @ 35ish partially filled

[RedLion]

VNO.M

 

This time in the taxable account since there’s no room in the 401k. 

[Luca]

Added to FFH, bit more than 20% of my portfolio now.

Edited May 22, 2023 by Luca

[Saluki]

Added a little more JOE and Fairfax India.  Put in a limit order for a few shares on a micro cap stock that I want to watch  but it didn't get filled

[Spooky]

Bought some VIOO in my retirement account and a little nibble of BRK