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TOUGH TIMES

August 28, 2019. On August 9, the momentum indicators gave us a sell signal for SPY. Since SPY consists of 500 stocks, and we are primarily invested in DIVIDEND PRODUCING bonds, we were not motivated to sell anything. Keep in mind our objective is income and the goal is to keep quality income producing positions in the Core Portfolio. Yes many will most likely decline along with stocks, but we continue receiving the rather significant dividends.

It is interesting to note that many of our positions have flat-lined over the last month (Not declined) and many have actually continued UPWARD. But we have NO hesitation in selling if things get ugly.

Bottom Line: Yes we ARE concerned about a recession. More importantly we are very concerned about the possibility of a socialist getting elected next year ie Pocahantas or Sanders….Biden is too stupid and too old to get elected. In our minds, this would be devastating for the markets. Stay diligent.

We did buy BPYPO a few days ago.

We hold GLADN in the Core Portfolio and it HAS BEEN CALLED.

Gladstone Capital Corp., 6.00% Series 2024 Term Preferred Stock
Ticker Symbol: GLADN     CUSIP: 376535506     Exchange: NGS Security Type:   Traditional Preferred Stock Security has been Called for:  Wednesday, October 2, 2019

Aug. 21, 2019 — Gladstone Capital Corporation today announced that it plans to redeem all of its outstanding shares of its 6.00% Series 2024 Term Preferred Stock due 2024, par value $0.001 per share, liquidation preference $25.00 per share. The Company intends to use borrowings under its credit facility to redeem all outstanding shares of its Series 2024 Term Preferred Stock.

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