I have pondered recently whether I want to move into the domain of GridBird and try to snag some long term holdings of some $50 and $100 preferreds (illiquids).
While I already hold the Tricontinental 5% preferred (TY-P) which I consider the most solid preferred outstanding, the AMG Capital Trust 5.15% convertible (AATRL) and more recently the Bunge 4.875% convertible preferred (BGEPF) maybe I should try to chase down some true ‘illiquids’.
With coupons falling certainly these become more attractive–whether I want the frustration of trying to secure some of these with the low volume is another story.
Anyway–I do maintain an incomplete list of these $50 and $100 issues here. While data is incomplete clicking the ticker will get you a chart and what little information I have dredged up–it is just a start for folks, but it gives a flavor for volumes etc.
Almost forgot why I landed on this page (EP-C it was) after getting sucked into Gridbird’s RR history lessons told via the perspective of antique preferred issues. This concern some express for folks that place market orders for “illiquids” is touching, but, education is like most everything else, you get what you pay for. That a tutor charges the tutored a fee is a tradition going back to Socrates. Why mess with traditions that are actually useful for the next generation of devotees?
I tried to come up with my own reason why it would be unhelpful to disseminate info about, or, to own these exotics for a quick minute. All I could conjure up was they might be ‘inappropriate’ in an estate bequeathment without detailed instructions that a clueless/unmotivated (enter age here)-something(-or-other) could understand. But, you are going to lose them with the ‘detailed’ aspect before they finish the first paragraph anyway, so, there’s no point in that. Probably better off selling them to those that are able to appreciate them. In which case, if Gridbird doesn’t teach us about the illiquids there won’t be anybody left in a hundred years that appreciates them enough to muster up the patience necessary to buy them. Razorbackea (I imagine I get the “razorback” part, so is the “ea” for East African?) conveniently supports my conjecture.
An honest man. We need you in govt.
Anybody knows what happened to nee-q with a 7% increase today?
Is it a weird order or something else?