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The day started off strong and I waited a bit before getting rid of a small amount of the Proshares Ultrashort SP500 (SDS) hedge that I had–then unloaded that and did a little buying–nibbling. My nibbles were mostly adding to my utility baby bonds an…

I just spent 30 minutes going through comments which Matt had pulled out of the comment stream from yesterday. I went through and removed a fair amount of the comment–I put a note in it–Tim removed the comment–or something like that. In these crazy…

mREIT Invesco Mortgage Capital (IVR) announced they could not meet a margin call on borrowed funds. With mREITS they finance the business with repurchase agreements–generally shorter term loans and they use their mortgage portfolio for collateral. If…

Are the lodging REITs going out of business? Obviously with all the turmoil in the world we never know for sure, but honestly I don’t think most of them are going bankrupt. Some will go bankrupt without a doubt–and I would think that Sotherly Hospital…

The baby, the bath water and the bath tub are all being tossed out the door. I would love to buy–but I can’t! There is no use being a hero until we can see action relative to stopping the spread of Covid 19. I note that Wisconsin just went ‘shelter in…

I am suspending the more normal Monday Morning Kickoff and just touching on more recent news for the day and week ahead. The average $25 preferred stock and baby bond closed last week at $18.02 which is $1.52 higher than where it was on 3/18 (last Wedn…

As expected the futures markets were only open for a few minutes before they become locked for being limit down (5%). When we have locked at limit down in the last few weeks it leaves you without a clue as to what will happen after the open tomorrow. M…

1st off I am thankful to all for keeping the comments throughout the website fairly civil–a little bit of testiness here and there, but not terrible given our current situation. Thanks all. I did find out that my spam parameters for ‘four letter words…

Very early (4 a.m.) in the day it looks like we will have a strong opening to equity markets–too strong as far as I am concerned. But we can use Friday to continue to do work on our portfolios. I did do a bit a nibbling yesterday on investment grade i…

I would call this the ‘pause that refreshes’–refreshes a lot!! Likely you all have good gains today, but have a long way to go to recoup losses from the last week or so. I was very happy to see some nice gains–and right after the market opened today…

NOTE–I would very much like to participate more in comments etc., but I have never been more busy with my real business (appraising) so am forced to be out of the office most of the day. I don’t remember a move like today in preferreds and baby bonds-…

UPDATE–the average $25 baby bond and preferred is now at $16.50/share. Leave the office for 90 minutes and come back to dramatic destruction–I mean my little bit of New Residential NRZ-C down 40%–yikes!! I had a sell in, but obviously it didn’t trig…