earslookin’s Activity

Tue Mar 24

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 2:30 PM

Re: selling some REIT commons

ixnay on Fidelity not trading SCEDN...I must have gotten a rookie rep the first time...they will block it initially on retail accounts but will trade it through their income desk. I've had to do this before with Fidelity for other securities. They're [more]

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 1:12 PM

Re: selling some REIT commons

tjberko, informative post, thanks for sharing.

Note: Fidelity won't let you trade SCEDN. Had a discussion with them about it, although I didn't push very hard. Their bottom line: NOT on our approved list. Very [more]

Thu Mar 19

NL

Boards Post

earslookin replied to the Value Hounds board. 10:55 PM

Re: Bond market ailing

The question remains where does an investor go to find income?

MF,

It would help to know your viewpoint on the following in order to make suggestions:

Do you want to restrict your universe to just investment grade, [more]

Wed Mar 18

NL

Boards Post

earslookin replied to the Mechanical Investing board. 10:07 PM

Re: Buffet's Pain

Many (us and hedge fund managers)are beating themselves up for not keeping up with the S&P500 lately. Well, neither is Warren Buffet...I took the data and isolated 2008 to 2014 performance.

Actually he outperformed the S&P 500 [more]

Tue Mar 17

NL

Boards Post

earslookin replied to the Mechanical Investing board. 5:49 PM

Re: Buffet's Pain

Here's some additional data from project I'm working on for a different purpose. It shows the annualized returns for Berkshire book value per share, BRK-B, and VINNIX (price adjusted for dividends) to 12/31/2014 from the dates listed. So the first [more]

Sun Mar 15

NL

Boards Post

earslookin replied to the Berkshire Hathaway board. 5:36 PM

Re: Structuring a homemade dividend

Corrected numbers.

I used A shares/1000, used 6% of portfolio at book value for the target, then multiplied the target by price/book and 1.02. For now just trying to get the logic correct.


Book/ Price/ Target Adjusted [more]

NL

Boards Post

earslookin replied to the Berkshire Hathaway board. 11:52 AM

Re: Structuring a homemade dividend

Jim,

I'd like to plagiarize your simulation, but even looking over your shoulder with you explaining, I'm not sure I got it right. I'd be very grateful if you could check out my calculations to see if I'm following what you do with your [more]

Sat Mar 14

NL

Boards Post

earslookin replied to the Value Hounds board. 10:11 PM

Re: Preferred shares and bonds

What we are looking at is redemption at just 3-4 years out and not longer. If we are convinced these won't be redeemed until 2015 or beyond well past the stated redemption date then they are a strict avoid. PSA doesn't usually leave their series [more]

NL

Boards Post

earslookin replied to the Value Hounds board. 5:59 PM

Re: Preferred shares and bonds

no one would be buying bonds now?

I just bought a bond last week.

I was always told that it's the yield to maturity that counts

Yield to Worst if the bond is callable.

Is buying a preferred share [more]

Fri Mar 13

NL

Boards Post

earslookin replied to the Value Hounds board. 10:54 PM

Re: Preferred shares and bonds

MonsterFluff,

Here's another suggestion for you -- it's a preferred, but not a REIT preferred. One thing though...if you like the opportunity you might not be able to act on it immediately, depending on your temperament. I'll get to that in [more]

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 9:28 PM

Re: OT: Trading in your underpants

BOTTOM LINE is that I think Michael Lewis has NOT done the small investor a good service. He is serving up minnows when there are sharks swimming all around.

From the Vanity Fair article:

"The public response surprised [more]

NL

Boards Post

earslookin replied to the Berkshire Hathaway board. 3:09 PM

Re: Structuring a homemade dividend

Jim,

Thanks again for your comments. Much appreciated.

Bear in mind that if you're selling shares every quarter, the average
price at which you're selling is almost by definition equal to the
average stock valuation level
[more]

NL

Boards Post

earslookin posted to the Real Estate Inv. Trusts: REITs board. 9:49 AM

OT: Trading in your underpants

Michael Lewis writes in the April issue of Vanity Fair about the reaction over the last year to his book "Flash Boys". It's an informative and entertaining article.

The rigging of the stock market cannot be dismissed as a [more]

Thu Mar 12

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 1:10 PM

Re: Public Storage PSA

MonsterFluff (aka OP),

Thanks again for your excellent analysis of PSA and for raising these thoughtful questions about the PSA preferred shares. I hope you continue to bring your considerable analysis skills to this board.

There [more]

Wed Mar 11

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 9:58 AM

Re: Public Storage PSA

I don't think this thread has been about market timing. It's been about understanding the relationship between the behavior of interest rates and the behavior PSA preferred shares so as to make investing decisions grounded in evidence.

It [more]

Tue Mar 10

NL

Boards Post

earslookin replied to the Berkshire Hathaway board. 9:16 PM

Re: Structuring a homemade dividend

Back of the envelope, you'll probably do around 2.7-5.7%/year better with Berkshire.

Thanks, Jim, for your comments.

It was CNTHO. I was looking for a preferred that had been around since at least 1997 that had an investment [more]

Mon Mar 9

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 10:17 PM

Re: Public Storage PSA

are we saying use a treasury rally to guide PSA investments?

My suggestion was simply to be fully aware of what could happen if there is a secular rise in longer term Treasury yields or Baa corporate yields before you make your [more]

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 9:58 AM

Re: Public Storage PSA

PSA will redeem these. They don't leave old ones on the books. They are very aggressive about turning them over. So you lose on the preferred for a couple of years but get the face value back.

Ah, okay thanks, I see where you're [more]

NL

Boards Post

earslookin replied to the Real Estate Inv. Trusts: REITs board. 9:03 AM

Re: Public Storage PSA

Thanks for posting your analysis of PSA. It's exciting to see you apply your research skills to REITs.

Your conclusion at the end puzzled me a bit:

The $188 they sell for today looks tenuous to me given that REITS are going to [more]

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