For no particular reason the market is grinding higher today–buy the dip I guess.
Interest rates are pretty steady in the 4.40%, but when we get a nice equity rally it lifts all boats so our accounts are a little green right now (not much).
Did you see the earnings from WR Berkley (WRB) last night? Not a record this last quarter but pretty darned good. This is an insurance company that is extremely well run and their ratios of losses remain at very nice level, although up a little from recent numbers. I hold a small position in the WRB-E 5.7% baby bond—and just may add a little bit to be as time goes by—average in to a larger position–currently trading at $21.50. Decent capital gains potential or even a ‘call’ if we could get rates under 4%–maybe.
Well let’s see how the next 4.5 hours go–maybe we can get through the day without market disruptions caused by various politicians.
There is a reason for this rally.
https://www.cnbc.com/2025/04/22/bessent-trump-tariffs-china-deescalate.html
OK, so…
The U.S. Cabinet secretary noted that negotiating with China is likely to be “a slog”, but neither side “thinks the status quo is sustainable.”
but the press secretary echoed the positive outlook toward talks with China, though neither official suggested that those negotiations have actually begun, and
“we’re doing very well in respect to a potential trade deal with China”, Trump is “setting the stage for a deal with China,” “and the ball is moving in the right direction”, but they won’t say if Trump has spoken directly with Chinese President Xi Jinping.
I remember similar word salad from my high school friends when asking them about asking a girl to a dance. They usually ended up going stag.
Or a very recent vice president. She could teach world salad at a 500 course level at university.
Guess the Trump administration learned word salad vocabulary from the master.
Bad vocabulary is abhorrent no matter which political party is involved. Say what you mean clearly or don’t say it at all.
Anyone understand why BFS-E yields more than BFS-D while the E issue is cumulative, and the D issue is not?
Dan,
Where are you seeing that the D issue is not cumulative?
Quantum online shows the D is cumulative along with Fidelity showing that as well.
On fidelity I see exactly what Dan says. E pays 7.5 and is cum, while D pays 7.3 is NOT cum. The D coupon is 6.125 while the E is 6.
I wonder as well, but I do that about a lot of this stuff.
They (BFS-E, BFS-D) are both cumulative.
https://www.sec.gov/Archives/edgar/data/907254/000119312519243002/d692573d424b5.htm
https://www.sec.gov/Archives/edgar/data/907254/000119312518013319/d526239d424b5.htm
voner is correct–
We are offering 3,000,000 depositary shares, each representing a 1/100th fractional interest in a share of 6.125% Series D Cumulative Redeemable Preferred Stock (the “Series D preferred stock”), which we refer to in this prospectus as the depositary shares. 30,000 shares of Series D preferred stock underlying the depositary shares will be deposited with Continental Stock Transfer & Trust Company, as depositary. As a holder of the depositary shares, you will be entitled to all proportional rights, preferences and privileges of the Series D preferred stock represented thereby, including dividend, voting, redemption and liquidation rights and preferences. The proportionate liquidation preference of each depositary share is $25.00.
Thank you so much to everyone here on this site!
I will send a note into Schwab to correct this. One really, really cannot trust Schwab’s data.
Dan, the prospectus is THE BIBLE for all information related to a preferred stock or bond. Tim has a link to the prospectus on the details page for each preferred stock, baby bond, or note found on his extensive listings at the top of the website home page when you first enter the website. Also there are links to all SEC filings and the company’s investor relations page there too!
Amazing the amount of information available on this website.
Not sure about buying the dip, but I did make a move a couple weeks ago to swap some equities for an S&P index fund when it hit a 20% decline. I also posted on another thread how I’ve been selling secured puts & covered calls in this volatile market to earn decent income the last month.