I just published my first article on talkmarkets.com. It is a fairly new site started by Boaz Weinstein (who previously worked at Seeking Alpha).
The article covers BIF: http://www.talkmarkets.com/content/mutual-funds/a-good-way-to-buy-berkshire-hathaway-at-a-21-discount?post=97918
- Hillary Clinton has opened up a big lead versus Donald Trump and has a 75.5% probability of winning the election.
- The Brexit probability is down to 25.7% which explains the recent rally in world stock markets.
- Top VP candidates for Clinton: Kaine 31.5% Warren 17.6%
- Top VP candidates for Trump: Sessions 23.7% Gingrich 19.9%
Just published a new article on Seeking Alpha on VVR:
I also submitted a new article to talkmarkets.com on BIF. I will let you know when it has been published.
After seven straight down days, the Merrill Lynch H0A0 high yield index finally had a small up day today. It looks like the junk bond index may be setting up for the usually strong high yield seasonal period in January.
Some recent articles published on Seeking Alpha:
– AGC looks pretty cheap (Nov. 21)
– Afraid of higher interest rates- Check out EVG (Nov. 17)
– Tax-loss selling opportunities in Option strategy CEFs (Nov. 14)
– Article on GAM (Nov. 9)
– Article on ARK High Yield fund (Oct. 31)
– Article on VVR Senior Loan Fund (Oct. 23)
– Article on JLS Mortgage Fund (Oct. 14)
Steve Jobs passed away tonight. If this had occurred a year ago while he was still the CEO, AAPL stock would have dropped sharply. But I think AAPL will likely hold its value, or the opposite may even occur now. Apple is getting a tremendous amount of positive attention on the media, and I even heard of some investors who plan to buy AAPL stock as a way of honoring Steve.
Some recent articles published on Seeking Alpha:
1) Aug. 16- Buffett’s Tax Proposal is Bullish for Municipal Bonds
2) Sept. 4 – VTA: Senior Loan CEF Currently on Sale
3) Sept. 20 – Tortoise Energy Capital: An Attractive CEF that owns MLPs
4) Oct. 5- INF: Recent IPO’d Infrastructure CEF is Crumbling
As we approach the end of the second quarter, mutual fund and hedge fund portfolio managers will be “window dressing” their portfolios for their second quarter reports. I just read that Paulsen & Co. dumped their entire stake in Sino-Forest for a loss of hundreds of millions of dollars. Many fund managers are also trying to get stocks like RIMM and NOK out of their portfolios before the end of the second quarter.
Aside from dumping individual stocks, many money managers appear to be using new cash to re-position their portfolios into more defensive sectors like health care and consumer staples which have been moving up in my relative strength models.
I recently published several new articles on Seeking Alpha:
NIE: Convertible Income Fund
TFC is Open- Ending
Pimco Closed-end Funds Under Pressure (over 6,000 page views so far).
I just submitted another article on a TIPS closed-end fund (WIW) which will probably be published tomorrow.
The market has been in a sideways pattern for the last two months, but there has been some changes in the relative strength models that I run. There has been shift out of energy and commodities toward more defensive sectors- REITs, biotech, health care, medical delivery etc. Small caps/Mid caps are still pretty high up in the rankings, but have dropped back a bit.
I recently wrote some more articles on Seeking Alpha covering a few different asset classes:
1) JTP: Preferred Stock CEF
2) ETY: Equity Covered Call CEF
3) What Happened to the Municipal Bond Defaults?
4) ACG: High Quality Investment Grade Bond Fund
5) TYG: Closed-End Fund holding MLP’s
The GDL Pfd B shares were issued. For shareholders who owned GDL pfd A prior to the offering there was an opportunity to oversubscribe, but the oversubscription amounts were a bit of a disappointment.
In one account, I subscribed for 1000 shares and oversubscribed for another 2000 shares at $50. But I only received an extra 119 shares with the oversubscription request.
GDL Pfd B opened up around 51.75 and is currently trading a little above $52. Mario Gabelli owns about $31 million of this issue with his personal family money.
Here is a seeking alpha artice I wrote on GDL pfdB- http://seekingalpha.com/article/262025-gdl-fund-preferred-b-good-investment-for-the-risk-averse
Another recent article on Seeking Alpha on JTP, a preferred share CEF:
This weekend, Seeking Alpha selected me for their “Spotlight on SA Authors”. http://seekingalpha.com/
I recently added an article on MSD, an Emerging market closed-end fund:
Recently there have been several rights offerings by Gabelli:
GDLXR: Rights offering for new Gabelli Deal Fund preferred stock at $50.00
GRXRT: Roghts offering for new shares of GRX at $6.50
GGTRT: Rights offering for new shares of GGT at $7.00
Last week there were two rights offering that went “ex-rights”. :
– Gabelli Health Care &Wellness (ticker: GRX): Three rights will enable you to buy one share at $6.50 which is considerably below the last closing price of 7.44.
– GDL Fund Preferred B shares: The owners of the existing A preferred shares will receive rights to purchase the new B shares at $50.
I am participating in both of these rights offerings.
I recently published some more articles in Seeking Alpha:
1) Article on the EXD closed-end fund which uses an interesting multi-strategy approach. I think EXD could be a good buy if the VIX ever goes over 30 again.
2) article on DDF, a conservative income play available at a decent discount to NAV: