A New Spreadsheet Listing with New Data

We were asked to try to present a new spreadsheet based on the ‘Master List‘ that would present the data in a format similar to our “preferred stock by near new lows’.  Thus we would have a listing of over 600 issues sorted in a real time fashion that are either at or within 1% of a new 52 week low.

Our challenges are that in order to do that we need to have the 52 week low and 52 week high data and as everyone who has messed around trying to get decent data knows when dealing with the baby bonds it can be a real challenge.

We were quite surprised that after about 30 minutes of fooling around we could secure the data with a chunk of javascript.

So with the exception of 5 issues (5 won’t work–out of 633 right now) we have posted the new page under the “All Preferreds” tab up on the menu.

We have created a spreadsheet that opens in the Google sheets fashion–thus anyone who wants a copy can copy and it will update as I make changes.  Just be aware that if I make a name or file change your copy will STOP updating as issues are added.  I would suggest simply ‘bookmarking’ the spreadsheet if you want to access on a regular basis.

Here is the link for the spreadsheet.  1 or 2 seconds of patience may be required depending on your internet speed–there is a lot of data on these pages.

37 thoughts on “A New Spreadsheet Listing with New Data”

  1. Tim, while I normally do not invest in distressed real estate properties I was looking at the CBL-E shares this evening by accident. They are down to about $12.60 per share. Obviously, many of their properties are probably worthless but perhaps there is some value in the company.

    Thoughts and comments here from investors ?

    1. kaptain Lou, arguably I have not looked at CBL for a couple months and have never been long the CBL preferreds. Each time I did the analysis on their portfolio of properties, called and spoke to management, reviewed their balance sheet and considered their dying industry; I thought the company was in a death spiral. I kept reading glowing articles on SA and couldn’t believe that we were looking at the same REIT. IF ANYTHING has changed I’d like to be shown just why CBL has become viable again. Wishing you profitable investing, Nomad

      1. CBL is a classic example for newbees who hear preferreds of troubled companies are safer than the common because they have to cut the dividend of common before preferred, so one has time to get out. Safe is a relative term. What the newbees dont understand is the preferred falls right along with the common in lock step and there is no time to get out of a troubled company with capital intact. It just doesnt work that way. The CBL preferreds being touted last year by the small CC cranial capacity subscriber chasers of SA have found this out the hard way (again). Distressed commons leads to a trail of tears in the preferreds also..Look at the MH, AFSi, GaStar, Rait, Frontier, JCP, etc. etc…
        Now keep in mind my post is not in reference to Kaptain Lous post as he is quite familiar with this and is kicking the tires for a different purpose and modest allocation trade. This personally isnt for me at all. But that is a personal indictment of my goals and philosophy, not on whether the idea of owning is at this point is good or not.

        1. Grid, “safe” IS such a misused and overused term on SA and the investing world. All investment author’s have no idea just who is reading their glowing analysis (what their real risk tolerance is) and should always spend time talking about the downside and/or exit strategy if their “research” is wrong. SA has sadly become a wasteland of self serving authors that are looking for 0.014 clicks instead of educating (like Tim McPartland) and greed has taken over rational portfolio thoughts. I think of myself as retired (though I own some operating businesses) and have the time and knowledge to do my own deep due diligence before investing. The vast majority of investors do not have the time and rely on these “experts” and are taken in by their slick colorful graphs, special bar charts, well written prose and never understand the real risks of these “professional” pumpers. Investing is not easy or simple if done properly, but can be very satisfying and rewarding when deep due diligence is applied and one achieves their financial goals.
          Time flies over us but leaves it’s shadow behind, Nomad

          1. Nomad, Sadly not just SA. We were evacuated during the SO CA fires and went for a few days to my 84 yo aunt and uncles. While there they asked if I’d look over their financials. Long story short…their “trusted” fee-based broker at an outfit that rhymes with Raddell & Weed had placed a full 55% (about $700K) of their portfolio into one issue (1st mistake) that goes by the ticker WHIAX. It’s appears to be Chernobyl toxic waste dump inspired S&P/allocation of BB: 9.5% B: 55% below B: 33.5%. It’s marketed as the High Income Ivy fund. On further digging, I found that this brokerage had apparently merged their and Ivy’s funds recently. Based on S&P experience rating, the first downturn would have mowed off about 20% right out of the gate in addition to the 10% decline over the last year. I’m guessing this rep was filling a company quota for the issue. My aunt and uncle are smart people but don’t get past the front page of the WSJ. I can hear the pitch, “How about a nice high income fund?” Music to an 84 year old retiree’s ears. “Sure that sounds great!” Those funds are now in a MM account pending a new plan. Anybody feel their BP rising.

            1. Very scary story Alpha 8–and sad as well because you know there are thousands–10’s of thousands of folks out there with toxic portfolios.

              1. Tim the rep tried to talk them out of selling. I think you’re right, next recession, after this too low for too long rate cycle there’s going to be some carnage.

          2. Nomad (and others) …..

            I kept a lot of the old SA articles and it’s stunning to compare the quality of what’s produced now to what came out in the early days. With some notable exceptions, SA really has turned into a wasteland, if not worse.

            The platform appears to be working, from their perspective, and that of certain contributors. Read Goebbels. Some SA contributors use the same methods that was used to sell the German people on Nazism. Tell a lie, make it a big lie, and keep telling it. Until it is taken as truthful. Back up the truck!

            I would not be the slightest bit surprised to wake up one day and read that the SEC is looking at certain SA contributors for front running.

            1. Hey Bob-in-DE–my entertainment is going to PendragonY comments and reading them–provides hours of good entertainment. What I want to know is if Rida Morwa, BT and others paying this dude just to spend the entire day on SA to respond to any comment in a way that makes me think he is the most unhappy with life person in the world–in need of some sort of treatment.

              1. Tim, he is the lap dog Yorkie guard dog. Pendy would take the side of an argument that the sun sets in the east. See, those people beg to get under a big “click guy”. Then the way I have been told, they then in turn
                get paid more per click from the big dog. So it supports big dog with more articles that he doesnt have to research, and writer gets better eye ball counts and more clicks under his umbrella…That is how the world turns on it…

                1. Yes Grid–seems likely you are correct–the original mission of SA has fallen by the wayside–certainly it is all about the clicks–way too many folks writing ‘for a living’–and honestly likely too many gullible folks paying them $100’s or even $1,000’s per year for their ‘expertise’. The day will come (who knows when) when the big click folks will be exposed for the charlatans they are.

                  1. Tim and Grid – this is how crazy the prices are on SA for some of these newsletters. High Dividend Opportunities (Rida) and Rhino Real Estate Advisiors (BT) will both set you back about $600 per year. Or, if you only want Rhino Real Estate Advisors on a monthly basis, you will pay $75 per month or $900 per year!

                    I’ve been getting the Income Securities Advisor from Richard Lehmann for over 15 years. He sets up four model portfolios at the beginning of the year, tracks their performance and then evaluates the year end result. It covers bonds, preferreds, convertibles and other income securities. Excellent publication. The price: $195 for one year or $345 for a two year subscription.

                  2. They must be desparate as they have messages me a dozen times over past couple years to write an article. I have never even responded. What am I supposed to write about? That they should buy some FIISO and enjoy a safe 8.48% QDI that is noncallable? Oh and also mention only 72 shares have traded this year, lol.

            2. Grid and Nomad – thanks for your comments on CBL. It certainly would be a risky play and many of their locations are sub-prime and probably just worth the land value. If I do purchase a few shares, it will just be with my “gambling” funds.

              Bob in DE – I used to be an avid reader of SA a few years ago and the quality of the articles and work there has really declined over the past few years. There are some excellent articles and I enjoy reading about early retirement and some fixed income ideas. However, most of the articles are junk. Either the author is trying to make money from page views or they are trying to sell their pricey subscription service to as many people as possible. No accountability. Plus, I feel like some of the authors are trying to say: “If you had subscribed to my $500 newsletter, then you would have been able to purchase this thinly traded security before I posted the free article on SA to drive up the price.” I’m in complete agreement that sooner or later some of the writers are going to find themselves under an SEC investigation for this.

              1. Kaptain, you know what the funny thing is…Any small gains off of a thinly traded issue doesnt make up for AMID, CBL, etc beat downs they have walked people into. They dont know a damn thing about balance sheets.. Cash on the books doesnt mean a darn thing without other key variables that support the cash.
                I just wonder how much misery is on CBLs books still. They had a one time very nice mall in my area appraised at $260 million in 2007. They turned in the keys a couple years ago to the bank and last year bank sold the mall for around $12 million. Only so many keys they can turn in without having nothing. And how many do they have still that are worth less than book value. Its hard to repurpose a buggy whip factory. And tier 3 malls are the equivalent of a buggy whip factory.

                1. Grid – I agree the small flips on thinly traded stocks do not make up for the massive losses on securities like AMID and CBL. But some of these authors clearly state “My private newsletter subscribers had this information a day or two being published on Seeking Alpha.” CBL common stock was pushed from about $12 and today it trades at about $2.50.
                  Overall I share your concern about the Tier 3 malls. Book value means absolutely ZERO for mall REITs. About five years ago PEI sold a Tier 3 mall near me for $19 per square foot. You can’t buy a used mobile home (whoops, I mean manufactured housing) for that price. And now five years later, Sears and JC Penney and Bon Ton are all gone so three of the four anchors are vacant. Burlington is the only one left, and they generate only moderate foot traffic. I’ve gone there on cold winter days in the past – just to get my 3 miles of walking in and the place is a ghost town.

                  1. Tim, Grid, Lou, Bob et al, this is EXACTLY what I miss about SA. The back and forth banter of ideas and thoughts without someone like BT, Pendragon or Rida ruining the “knowledge” by pushing their foolish and dangerous agenda. Dangerous because many will believe they are “experts” and “professionals” looking out for their readers 8nterests when all they care about are your clicks for 0.014 cents and subscriptions to their basically worthless newsletters. Tim, thank you thank you THANK YOU for bringing back some sanity and passion to helping each of us become better investors and gaining knowledge with each post. All the very best, Nomad

                  2. Good point, Kaptain…..They use that “little disclosure” as a back door advertisement implying…”You missed out because you were not a subscriber”.
                    BTW, UMH is still monitoring your posts and they appreciated you correcting yourself to properly refer to them as “manufactured housing”. 🙂

    2. kaptain–I have been so tempted–but thus far I have successfully not speculated. I think over the course of the next few years they will survive–but nothing is certain if we hit a soft economy.

      1. Tim, it’s a little tempting at the present time with a price of about $12.60. One of their properties is close to my area (The Outlets at Gettysburg) and they do have some decent locations. However, I believe some of the properties are just worth the value of the land. Overall, I think they will survive as well, but there is still a substantial amount of risk with the company. That is my concern too – they are not doing well and the economy is fine – so what will happen when a recession hits?

  2. Excellent spreadsheet Tim. Many thanks for great effort.
    Do you have any thoughts on PBI-B, it is IG (BBB-), 6.7 % coupon and over 8% yield? It appears very cheap, something does not add up.

    1. A few months or a year ago, the once upon time, PBI, like a old boat anchor suffered from their “new” software development was way off the target in the progress. I recall that Moody downgraded their senior unsecured debt with negative outlook. I bought a few shares of B and quickly sold it when it came close to par with some small realized loss, off set by 1 quarter of dividends. The old rating was IG when it was first issued.

    2. MFZ, I cant tell you if this is a buy or not, but lets add some color here…As recently as 10 years ago the PREFERRED was A2. This company continually recieves credit downgrades as it is floundering trying to diversify away from its core horse and buggy whip factory of metered stamps..
      Also….DO NOT TRUST Quantum credit ratings. They are frequently wrong and PBI is no exception…Look at PBI senior unsecured bond ratings..They are presently Ba1/BB+….PBI-B is AT BEST a Ba2/Ba3 since it is unsecured subordinate debt below the senior unsecured stack.
      The senior 2037 maturing unsecured debt issued at 5.25% is now trading at $70.16. This is your marker reference point. PBI has done nothing of great consequence to reverse its secular downturn and risk, so that needs to be thought about also, if one is considering as a long term hold and not just a trade.

    3. To expand on other comments ……

      QOL is a fine starting point for research, but you can’t end there. QOL doesn’t update information reliably. Most especially credit ratings. But at times they will have the call date wrong, the QID status wrong, and even the interest rate or dividend wrong. Usually, because these things changed after IPO. It does happen.

      Confirm with other sources, preferably authoritative. SEC, FINRA, etc. If you’re only buying a 100 shares no big deal but before you “go big” do your homework.

      As to the assessment of PBI, I concur. I liken it to Kodak. It’s in a downward spiral. It’s not an issue I would touch.

      Leave for the SA pump-and-dump crowd.

  3. Tim,
    Thank you so much for your spreadsheet. It really brings everything in focus.
    I bought way too many recent preferreds at IPO and paid too much with little dry powder. Someone (probably on SA or Investors.com pointed out JCAP-B. JCAP was a dicey eREITS without mall with the founder kept on doing more acquisition, loved by quite a few SA PRO writers including Richard Lejeune. Their recent quarter seems to be working. JCAP-B, 7% preferreds went up some, but certainly not to a level near its initial IPO or par. For you and others, HMLP-A and GLOP-A with its QDI are certainly more attractive. I have large positions on both and GMLLP plus unfortunately GMLP commons, following Karen Finerman of CNBC FAST MONEY.

    1. If you rally want to go broke, follow Cramer. Arguably the best negative indicator the world has ever seen. Summer of 2007 – buy everything. Winter of 2009 – sell everything. See how that worked out.

      There are much, much better people to follow.

  4. Tim, outstanding effort to corral all of this data into a single spreadsheet. I used your sheet to update/verify my sheet and found a few discrepancies, mostly on mine. Here are a few that you might want to look at:

    BHFAL Div=0.390
    COWNL Div=0.484
    CPTAG Div=0.359
    DSX-B Price_24.630
    DTW Div=0.328
    ESGRO Div=0.437 (Off by 10X, appears typo)
    HBHCL New ticker HWCPL
    NLY-F Price_24.75
    RFTA Price_23.15
    WALA Div=0.390
    WRB-E Price_22.49
    ZB-A Price_20.4

    All of the dividend differences are small except for ESGRO. I have highlighted the largest closing price discrepancies. This is a problem I see all of the time. You check three different sources and they all have different closing prices. It appears there is no universal truth. Most of the time, the differences are small, but in the case of ZB-A, the difference is $4.20. You just do not want to make an incorrect buy/sell decision based on an erroneous price.

    Thanks,
    Tex

    1. Hi Tex–yes for sure in particular on the baby bonds pricing is not the same across all platforms–no matter which quotes I pull in there are always small differences–if I check etrade against Fido I even find differences. I can live with nickels and dimes-no dollars. I will check yours list out and see what I find.

    2. Tex–got them all fixed–most were typos–as you can imagine out of this entire sheet there will be some errors as I have to enter all the data–and I am human. Just a caution that no one should ever make decisions on buying and selling off our data–this is a starting point.

      Thanks for the proofread—I am sure we will find more errors as time goes by.

    1. Hi Wilson–if you see grey shading on any lines they are ‘monthly payors’. It doesn’t transfer after the sort to the main page.

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