Wow – it is just occasionally we get quality issues absolutely hammered, but today is the day. We have quite a few issues down 4%, including baby bonds and preferreds from DTE Energy (DTE) and CMS Energy (CMS)–the saving grace for me is small position sizes for these types of issues.
Additionally we are seeing the same type of losses in some of the community and regional banker issues. CNB Financial (CCNE) preferred (CCNEP) is off almost 5%.
I’m certainly not selling into this fall–but of course I am not buying either. As boring as it is to do nothing for now it is the right thing to do. My portfolios are off .3 or .4% but the world won’t end with those losses–but it certainly hurts.
I guess the best way to look at this pain is that it is preparing us all for future true bargain hunting.