Chomping at the bit to buy “something” I took a 400 share position in the new Fortress Transportation preferred @$25.15 today. I just checked and after hours it traded up to $25.80–closed the day earlier at $25.40. I like that–sometimes better lucky than good. Get it up to the $25.80 area and I likely am gone–am too conservative to hold it long–we’ll see.
The last flip I tried was the newer New Residential 7.125% preferred (NRZ-B)–a month later I have a profit of $1.05 on 300 shares–not even a cup of coffee–oh well I guess the easy money from the 1st 6-7 months of the year are gone–now we have to actually do some work.