Wow–I sure picked some doozy days to be out of the office. Unfortunately preferred stocks and baby bonds didn’t mirror common equities yesterday–my accounts hit a low for the year.
Today we have many of the big banks reporting earnings and this will set the tone for today, but I suspect there will be plenty of movement – up and down.
While doing a little reading last night I noted a number of the ‘smart folks’ saying ‘the bottom is in’. I have no clue and after 51 years of investing I know better than to think I know whether the bottom is in or not. But in preferred stocks and baby bonds I do know that there are genuine great buys available. I will be doing a little more buying on Monday (I will be out of the office again today and don’t trade on my phone)–not sure which issues I will be buying but it is a target rich environment.
As I noted to someone we really have to keep our eyes on the prize–it is really tough to get beaten up day after day with losses–but in the end we have opportunities to garner huge capital gains while collecting really nice yields on costs. It’s scary sometimes–buying when you likely will take some level of loss of the course of the next week or month–but issues will turn higher–we just don’t know when that will occur.