Joshua Byrini's Market View
Byrini's obeservations should not be considered recommendations, advice or suggestions to buy, sell or hold securities, commodities, commodity contracts, options, futures, warrants, insurance contracts, real estate, gemstones, art work or derivatives, as he is neither a registered securities, commodities or real estate broker, diamond merchant, art dealer, or investment advisor. These observations are for informational purposes only. In other words, you are on your own chief.Tuesday, December 27, 2005
here is what Bill Gross can do to a Bond Fund
What can you say, when Gross speaks on bonds?
Barrons' reports:
PIMCO'S GROSS REMAINS a huge fan of municipal bonds. "Having been the last bond sector touched by foreign hands, it presents the last value for domestic hands," he says. In the muni market, Gross points out, closed-end funds are being "tossed away" because of tax-loss selling during this time of year. Consequently, there's value in this arena.
Funds in the Van Kampen family look attractive to Gross, as they are selling at a discount to net asset value of 10% to 15%. Van Kampen Advantage Municipal (VKA), for example, trades at a discount of more than 14% to NAV and sports a yield of 6.30%, tax-free. "That's my third-favorite of these types of funds aside from the Pimco and BlackRock closed-end funds, but those are trading at premiums," he says.
Wednesday, December 21, 2005
a few Chirstmas Gifts
EGLE, a dry shipping, yields a wopping yield. The company is also loved by Seth Glickenhaus, who is a 91 year old living legand on Wall Street. He offered up PGH last year for those of you who bought at 10 know what that means.
So Merry Holidays.
As for Seth's one of other picks (out of 4 picks two months ago in Barrons) , Enterra, EENC, the gas company from Canada, which was jacked and whacked by Vito Racanelli in Barron's, lets just say Josh would not make any sudden moves in light of Vito's recent observations, in spite of the ol' G's 7.5% stake in the EENC, the four letter wonder that trades 2 to 4 times the valuation its comps. Yes, it yields 10%, but at a valuation far greater than similarly situated, and with far less reserves than others. That spells yield-- the three point yellow traffic sign kind, as in proceed with caution, if not STOP and look before crossing the road.
Tuesday, December 20, 2005
Where to Park: A Few Floating Rate Closed Funds
PFN, Pimco's Floating Rate closedend fund is a diversified portfolio of adjustable rate securities, which make a good alternative place to park for those who need to "realize losses" at year's end. Say you were down 4 to 10 percent in VVR, or, PPR and you want to carry those losses to offset taxes next year. PFN looks like just the parking place in light of Bill Gross' recent insider buy of 33,000 shares (over 700k). PFL is a second space to place what's left over after harvesting a loss on the year in other vehicles, in which Billiam Gross placed another 500k of his own money. PFN yields 7, closer to 8%, and PFL is yielding 8, closer to 9%.
NCZ is a third, managed by the same group that manages the Pimco closed end funds listed about, where Gross placed his bets. NCZ is a Nichlaus Applegate fund of convertable securities, yielding over 9%, but with no vote of confidence by Gross.
The Pimco charts show that they have tanked a bit with other adjustable rate funds as interest rates have risen (and Greenspan was retired). Other funds that have tanked in the same way in spite of the adjustable feature include PPR and VVR. The stock prices have declined, raising the yields further, which also adjust upward inside the portfolio as interest rates rise. We think these provide something to look at with yields crossing 8 percent in most cases.
Gross overseas PIMCO, an asset manager with one of the largest Bond portfolios in the world.
Tuesday, December 06, 2005
Emerging Markets...
Responding to the buzz about emerging markets, I found these lower risk ways to play the growth in emerging markets in the absence of growth here in developed countries.
Emerging
VWO-- no div., but wide exposure to top names in Emerging markups.
EEM-- pays a div., not much but it has a track record too.
GECDX-- mutual fund, low fees, top ranking on Morningstar,
GMDRX-- same as above
GMCDX-- same as above
Saturday, December 03, 2005
The Distributed Power Business Index Companies
We think these trade with tight oil, and drop with the price of energy.
Active Power Inc.
American Power Conversion
American Superconductor
Ballard Power Systems
Beacon Power Corp
C&D Technologies
Capstone Turbine Corporation
Cooper Cameron Corp
Cummins Power Generation
Distributed Energy Systems Corp
Echelon Corp
Energy Conversion Devices
Evergreen Solar
Fuel Cell Energy Inc.
Hydrogenics Corp
IMPCO Technologies
Ingersoll-Rand
Intergraph Corp
Itron Inc.
Mechanical Technology Inc.
O2Micro International
Plug Power
Power One Inc.
Quantum Fuel Systems Tech
SatCon Technologies
UQM Technologies
American Power Conversion
American Superconductor
Ballard Power Systems
Beacon Power Corp
C&D Technologies
Capstone Turbine Corporation
Cooper Cameron Corp
Cummins Power Generation
Distributed Energy Systems Corp
Echelon Corp
Energy Conversion Devices
Evergreen Solar
Fuel Cell Energy Inc.
Hydrogenics Corp
IMPCO Technologies
Ingersoll-Rand
Intergraph Corp
Itron Inc.
Mechanical Technology Inc.
O2Micro International
Plug Power
Power One Inc.
Quantum Fuel Systems Tech
SatCon Technologies
UQM Technologies
Archives
October 2005 November 2005 December 2005 January 2006 March 2009
