We had to be out of the office for 4 hours today and certainly we missed some exciting times (although not of huge meaning to us).
What we noticed today was the beat down many of the Retail related REITs took. KIMCO was slapped down to a low not seen since 2009. But as some on Seeking Alpha claim–no problem because you haven’t lost anything until you sell.
Tanger Outlet Centers (NYSE:SKT) is almost in the same boat—bouncing on lows that they hit earlier this year, but previously not seen since 2010.
Believe it or not the average preferred stock and baby bond today was dead flat. We’ll take that given the direction of interest rates.
There was some interesting trading going on in individual preferred issues today. Below you can see that the GDL Fund preferred (a $50 issue) fell big yesterday and gained it all back today–happened so fast we couldn’t react.
We will write more when we have time to digest all the data.