While we love the large gains we have racked up during the last week we knew that share prices wouldn’t keep moving higher day after day–there has to be a pause and then a backing and filling on various issues. The average $25 share has barely moved the last 2 days.
We have gains for the year of 1.5% to about 3% depending on account so we have to love it–but with the quick rise we never were able to get too much money deployed with the exception of the purchases from last week.
Our thoughts now are simply to keep watching the preferreds and baby bonds for some bargains–or simply some that are fairly priced. We are showing only 5 issues within 1% of their 52 week low so we know that we are going to have to search harder for true bargains–for now the quick rise in prices took the juiciest issues up quickly.
We did do 2 really quick flips this week. We bought and sold the Teekay Offshore 8.5% perpetual (TOO-B) yesterday at $19.30 and sold it a couple hours later for $19.80. Additionally we had bought 1000 shares of REIT Ashford Hospitality (AHT) on Monday and we sold it yesterday for a really nice gain of 40 cents/share. It is nice to have a couple quick winners-it helps to balance out some of losers which we have held longer term-like GasLog Partners 8.5% perpetual (GLOP-C) where we have incurred a $1.75/share loss. We don’t generally write about the quick flips as they are happening as we don’t consider them investments–just something to potentially add a little juice to the portfolios–sometimes done out of boredom.
For folks looking for some bargains–for flips or longer term holds it helps to watch the “share price loss” listing here. This is where we picked up on the Teekay Offshore plunge yesterday (all 3 preferred were off 1.50 to 2.25/share).