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Strong Markets Make for a Nice Day

Well we have carried over some strength from yesterday into today–accounts look nice.

On the other hand the bid/ask spreads on some of the stuff I wanted to buy are pretty wide–many at $1 to $2. I have been adding to many positions, but not chasing too hard–if I have to pay 25 cents more than I want that is fine–but a buck or two per share–not.

I did add a perpetual back in with VEREIT 6.70% preferred (VER-F) down in the $19.xx area

I bought a little more of mREIT Chimera 8% FF (CIM-B). I had started a position earlier in the week–nice gains here as CIM has NOT suspended dividends as far as I have found.

I did sell my Hersha Hospitality 6.50% preferred (HT-E) for a few steak dinners. I want to build some sort of lodging REIT position, but thinking I am too early–so much pain coming in this sector.

So I have redeployed 5-10% of my cash, but continue to hold really ample amounts of dry powder.

Relative to the strong movements in the markets I am certain we will see lower prices ahead–we really know nothing on the Covid 19 and real economic damage is being done. My intention is to keep watching and buy when it seems opportunistic. With my conservative positioning now I don’t see selling much of anything.

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