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Finished our Buying For The Week

I picked up the CMS Energy 5.875% baby bonds (CMSC) and also the Spire 5.90% perpetual (SR-A) this morning–I had to pay more than I hoped, but I guess given where they were at yesterday it should have been expected that prices would bounce.

The DJIA gains are fading now-up just 189 which is a long way from the plus 1,300 gain on the open. That is fine–we got a good deal of issues purchased yesterday (although just in starter position quantities) so now we can be patient.

Right now I am up around 1/2% on the day–things go lower much faster than they head back up–pretty normal.

Over the weekend I am going to start looking for perpetuals that are of mid to high level quality.

I am thinking (without study this morning) of mREITs (probably Annaly, AGNC or Two Harbors), maybe American Homes 4 Rent (AMH) issues–just don’t know until I go through the list with fine tooth comb.

So for now I am hoping we are by the ‘crash’ type markets falls and will start to move into the slower moves lower (in stocks) as companies in the weeks and months ahead start to fess up to the damage being done by Covid-19. Given that I think we will likely move into a recession later this year I believe common stocks may be too high yet–but who really knows (they why I don’t buy many common stocks).

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