Lots of dividends and interest hitting accounts this morning along with CD maturities hitting yesterday and throughout the month I am looking to buy. Certainly the low hanging fruit has been picked, but there remains bargains to be had–assuming one believes that interest rates are moving lower for the next 9 months or so. It is likely I will add to some of my current holding, add a mREIT preferred or two, potentially add a taste of an illiquid $50/$100/share issue and maybe even go ahead and invest a little bit back in a 3 month CD –not certain on this one. I want my dry powder put to work within a week, but don’t want to do a bunch of FOMO.
Yesterday was another stellar day for preferreds and baby bonds–gains of 1% or more were very common. Each day this week our portfolios have moved to all time highs–wish I had 100% preferreds (with the benefit of 20/20 hindsight) instead of 50%. We know one can’t time markets perfectly–additionally if we look back a few years we didn’t have tasty CD rates available as an option.
The 10 year treasury is around 3.81% this morning and no real economic news we may see some drifting. Equities are flattish to a little up–at some point this will set back, but there is so much money out there in money market and CDs that we could see an absolute ‘melt up’–maybe we are seeing it already?