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Wow–Power to the People–or At Least to Commenters (corrected)

There is definitely power in the commenters on this site.

Sometime back in early December–maybe 12/4–someone (sorry I can’t find the comment so not sure who it was) mentioned that the 7.10% CHS Reset Rate perpetual preferred (CHSCN) was tumbling hard the last few days.

Probably by pure accident I took a look–since I scan hundreds of comments each day I don’t have time to check everything out–but I did on the 5th. Shares had traded as high as $28.28 and now had tumbled down to around $26.70.

CHS has always been a favorite of mine–for no particular reason–maybe just because they are local to me. Being that the company had an ex-dividend date coming up (12/16) for 44 cents I took a modest position (wish it was more) at $26.76.

Shares went ex on 12/16 and shares were ‘marked down’ by the dividend amount–but it never actually traded at that level (as far as I can tell).

Shares had closed at $27.13 on the 13th (Friday) and closed on ex-date (Monday) at $27.04. It closed at $27.25 yesterday–and now trading at $27.12 (corrected these prices from earlier incorrect prices).

I am exiting today–not because there is anything wrong in holding further, but more so because the account it is in holds almost no cash at the moment–and I need some dry powder.

14 days–3% gain.


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