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HTF CALLED

October 3, 2017

HTF located in the Core Portfolio is called.  The Company is offering a new replacement baby bond and if we like it, the details will be posted.

Our cash position is way too low so we are actually glad to get the money.  We suggest you have reasonable cash positions for those nasty emergencies that seem to come along at the worst times, and for hot new opportunities that come available.  

Having said all that last week we purchased another Corporate Bond:

Update:  We purchased an Oppenheimer Corporate Bond with 6.75% maturing in 2022.  They are in investment banking.  CUSIP:  683797AD6

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Movies:  The Kingsman.  It starts out as a potential James Bond type thriller but turns into a spoof on the 007 movies including a funny and unexpected cameo by Elton John (who knew?), Channing Tatum, and many other actors.  Definitely worth seeing.

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NFL getting hit hard.  In anyone surprised other than the owners?

Probably just a coincidence… or just transitory, but The online ticket reseller TickPick told The Washington Examiner that sales have dropped 17.9 percent, far more than the usual Week Three fall…17.9 percent decrease in NFL orders this week compared to the previous week.

Last year the drop was 10.8 percent in orders on Monday & Tuesday following Week Three games.  “We have seen a massive decrease in NFL ticket purchases this past week in comparison to years past. Week 3 seems to usually have less ticket orders than week 2, but this year ticket purchases are down more than 7 percent from this time last year,” said TickPick’s Jack Slingland.

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Fox Business beats CNBC.  You will NOT see this info on the NBC Evening FAKE-News.

CNBC delivered its lowest rated quarter since 1991, and in total viewers, had its lowest rated quarter in 22 years, dating back to 1995

And while the reason for CNBC’s ongoing decline is unclear, an unexpected winner has emerged in Fox Business News, which continued its winning streak against CNBC by drawing more viewers for the fourth consecutive quarter, and in the last quarter average 187,000 total viewers across the business day (9:30am-5pm), up 26%, while the same category at CNBC saw a 14% decline to 152,000 total viewers. For the month of September, FBN averaged 195,000 total Business Day viewers, 23% higher than CNBC, which had 158,000 total viewers, which was its second lowest rated month ever.

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FOUR POSITIONS GO EX-DIVIDEND. THREE TO BUY

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September 28, 2017

Update:  We purchased an Oppenheimer Corporate Bond with 6.75% maturing in 2022.  They are in investment banking.  CUSIP:  683797AD6

We have four positions that are going ex-dividend today, and are at lower prices.

THREE are BUYS or you can add to current positions.  Go to Core Portfolio for links.

BXMT

CLNS

CGBD

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Here is an article on one of the ‘distressed’ corporate bonds that we hold.  You could buy a small position if you do not already own.

TAILORED BRANDS ARTICLE ON CORPORATE BONDS

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Kiplinger, a highly respected financial outfit, is once again offering a free copy of a recent issue of the income newsletter.  We have never been a subscriber, but hey, if they want to give away information, we will take them up on the offer.  You never know when you will discover a good investment.

They are heavy into mutual funds which we do NOT like, but there are some good ideas in this issue that are not mutuals.

https://www.kiplinger.com/store/samples/kv_recent_issue.pdf

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TICKER GECCD CHANGED TO: GECCL

September 25, 2017

(Update:  The price spiked on Tuesday:  we are not going to pay more than $25.00 and it appears the order will not be filled.)

We suggested you look at GECCD today.

We just learned (now 7pm)  that the ticker has been changed to GECCL.  We have never seen a ticker change right before trading…strange.

GECCL has in fact been trading today.  We intend to buy a small position in GECCL first thing Tuesday morning.  Try not to pay more than $25

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BUY GLADN 6% RIGHT NOW AT $25.00

September 25, 2017

BUYING GDDLV 

Gladstone Capital a business development company is selling a new issue TERM preferred.  We LIKE term issues as they have a mandatory redemption, in this case 2024.  In other words, they are NOT a perpetual, which is a good thing.  And we like buying NEW issues.

(We are also holding another Gladstone issue which is GAINM.)  GO TO THE LINK BELOW FOR FULL DETAILS.

FULL ARTICLE

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Here is some commentary from one of our favorite financial sites….link to full article below.

The Fed does NOT honestly believe in the strength of the recovery, that inflationary pressures are present OR that employment is as strong as stated. 
It’s actually quite the opposite.
IF they believed in the strength of the economic data, as they suggest following their regular meetings, they would have been increasing rates and reducing the balance sheet in 2010 as growth exploded from the recessionary lows. But they didn’t.

 

Why do I say that? Because there have been absolutely ZERO times in history that the Federal Reserve has begun an interest-rate hiking campaign that has not eventually led to a negative outcome.
While the Federal Reserve clearly should not raise rates further in the current environment, it is clear they will remain on their current path. This is because, I believe, the Fed understands that economic cycles do not last forever, and we are closer to the next recession than not. While raising rates will accelerate a potential recession and a significant market correction, from the Fed’s perspective it might be the ‘lesser of two evils.’ Being caught near the ‘zero bound’ at the onset of a recession leaves few options for the Federal Reserve to stabilize an economic decline.”

FULL ARTICLE

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BUY GECCD WHEN STARTS TRADING. 6.5%. STAR TREK NEWS.

September 25, 2017

We want to buy a small position in the new issue GECCD.  But the darn thing is still not trading.  We suggest you continue watching and buy as soon as it becomes available:  try to get under 25.00.

WALTHAM, Mass., Sept. 13, 2017 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (NASDAQ:GECC) (the “Company”) announced today the pricing of its public offering of approximately $28.4 million aggregate principal amount of its 6.50% notes due 2022 (the “Notes”), which will result in net proceeds to the Company of approximately $27.0 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.

The Notes will mature on September 18, 2022, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after September 18, 2019. The Notes will bear interest at a rate of 6.50% per year payable quarterly on January 31, April 30, July 31 and October 31 of each year, beginning October 31, 2017. The Company has also granted the underwriters a 30-day option to purchase up to an additional approximately $4.3 million aggregate principal amount of Notes to cover over-allotments, if any.  

The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about September 18, 2017. The Company intends to apply to list the Notes on the NASDAQ Stock Market under the trading symbol “GECCD,” and if the application is approved, expects trading in the Notes to begin within 30 days from the original issue date.

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Last week we “trekked” out to the West Coast and one of the highlights was visiting the Star Trek exhibit in Seattle.  You see the original ‘real’ Captains chair, costumes, and a huge assortment of other memorabilia.  If you ever get to Seattle, visit the Museum of Pop Culture (www.mopop.org) located on the World’s Fair site.

REVIEW OF NEW SERIES:  STAR TREK DISCOVERY

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A disaster waiting to happen.

FULL ARTICLE

The website Pension Tsunami posts scores of articles, written all across America, about pension problems. We find out today that in places like New York and Chicago and Cook County, pension funds have more retirees collecting than workers paying into the fund. There are more retired cops in New York and Chicago than there are working cops. And the numbers of retirees just keep growing. On an individual basis, it is smart for the Chicago police officer to retire as early possible, locking in benefits, go on to another job that offers more retirement benefits, and round out a career by working at least three years at a private job that qualifies the officer for Social Security. Many police and fire pensions are based on the last three years of income; so in the last three years before they retire, these diligent public servants work enormous amounts of overtime, increasing their annual pay and thus their final pension payouts.

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BUY ECFPRA. 5.5%

September 20. 2017

UPDATE:  Looks like we missed this one.  It jumped up very fast right out of the gate this morning.)

Nothing is going to happen in the markets today until the old Gray Haired lady makes her Fed announcement.  But we are trying to buy a SMALL position in this new issue preferred……the price jumped right out of the box now at $25,15.  Do NOT pay much more than $25.10 for this new issue.  (It is possible the price will come back down to a price we will want.)

ECFPRA

The Ellsworth Growth and Income Fund (NYSE:ECF) is a closed-end fund that is part of the Gabelli fund family. The fund dates back to 1986 and the total returns since inception have been 8.3%.

Total assets in ECF are around $130 million, which makes this a small closed-end fund (CEF). As you may recall, closed-end funds must maintain an asset coverage ratio of 200% on senior securities, which include preferred stock.
This is an added level of safety for holders of the preferreds.

In the case of Ellsworth Growth and Income, it has assets of $160 million after this offering and there is no debt and there are no other issues of preferred stock. As a result, there will be an asset coverage ratio of more than 500% to provide investors with extreme safety. Additionally, this new issue is rated a very solid investment grade by Moody’s with an A1 rating.

FULL ARTICLE

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Urge your legislator to pass meaningful tax cuts for small businesses and the country’s hardworking taxpayers.

http://www.taxcutsnow.com

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Hillary we are begging you:  go away.

Still unwilling to take any responsibility for her loss to Donald Trump, Hillary continues to play the blame game.  So far, she’s blamed everyone from her most trusted advisor, Huma Abedin, to the infamous socialist and fellow democrat Bernie Sanders, for the disastrous campaign and ridiculous ideas she championed last year. But she doesn’t stop there anymore. Now it’s the fault of married women who voted for Donald Trump.

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SELLING VALIDUS VR. BUY KCAPL AND RA

September 18, 2017

Tuesday:  Update:  RA went ex-dividend today.  STRONG BUY at current prices.

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Update:  Good Price on KCAPL today.  BUY

SELL VR.  We have done well with this trade BUT it is not doing as well as expected…another hurricane is expected to hit PR.  Bad news for VR.  Take your profits right now…this was fast and easy money.

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We have several holdings that are going ex-dividend next week:  September 28 to be exact.

This is an opportunity for readers, and new readers, to get into existing Core Portfolio positions. 

Some investors will buy BEFORE the ex dates because they want to earn the dividends with the understanding that the prices will probably jump right back up.  BUT….We prefer to buy at the lower ex-dividend prices.  Next week we will suggest which ones to buy:

BXMT, CLNS, CLDT, CGBD

We are also evaluating two “new” baby bond issues which may start trading this week.  It is always best to buy new issues as you get in at the best price:  most of the time they trade up and stay there.

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We hear that the NFL ratings are down to 2009 levels because of the infusion of politics (and the fears that the public have over the ‘concussion’ threat to the players).  The NFL does not care because evidently they are being paid double their historical rates by the cable companies and ESPN.  And the cale companies are losing subscribers by the millions to NetFlix and their competitors.  Wow it will be fun to watch how this plays out.  Is football dead?

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