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EO 11110

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anybody buying anything? i've been shoring up my reit allocation. i have been underweight since i built my divy portfolio. this crash is letting me remedy that. reits that i currently own - WPC, STOR, GTY, IRM, LAMR, MPW, PSTL

reit diversity in the symbols - warehouses/industrial, retail, gas stations, document storage, billboards, medical, post offices
 

specsaregood

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Pays a 15% yield. They have been warning about the market for awhile, have 2billion in cash and more available.
I suspect they are gonna a go aviking on the market soon.
And one more note on Icahns holdings from the quarter.

Carl Icahn trims Delek stake, exits Occidental, adds International Flavors & Fragrances
  • Carl Icahn reduces his stake in Cheniere Energy (LNG), Newell Brands (NWL), and Delek (DK) and increased holdings in Icahn Enterprises LP (IEP) in Q1, according to his 13F filing.
  • Reduces Delek (DK) to 1.34M shares from 6.98M shares, Cheniere Energy (LNG) to 9.72M shares from 16.17M shares.
  • Boosts Icahn Enterprises LP (IEP) holding to 326M shares from 257M shares at the end of 4Q21.
  • Exits only one position in the quarter. Sold 45M shares of Occidental Petroleum (OXY) during the quarter.
  • Acquires 0.64M shares of International Flavors & Fragrances (IFF)
Added to his partnership (IEP) holdings and unloaded a lot, freeing up a lot of cash.
 

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And one more note on Icahns holdings from the quarter.


Added to his partnership (IEP) holdings and unloaded a lot, freeing up a lot of cash.
Do you think it is getting out or expecting an opportunity?
 

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Buying more of some current dividend holdings now that prices are down, and dividend is still good. Not adding anything new to the port. I do have a couple low ball limit orders in place in case there's another 1200 point drop someday.
 
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specsaregood

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Do you think it is getting out or expecting an opportunity?
opportunity, it is what he does. he's been losing his ass the past year or so with shorts on the market waiting for this to happen. Now he has unloaded his big gains on his longs and gonna go bargain hunting again. I've got a fair amount of IEP and gonna go along for the ride.
 

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You guys see the FED jump into todays market?

They stopped a breaker from kicking in, looked like a potential $X,XXX drop for Dow and Nasdaq.

They will be doing this until November, slowly boiling the .
 

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Those limit orders from post #1006, both hit yesterday. What a hoot! One was a sell and the other a buy. Made a few sheckles and got a better dividend in the trade. A win win kind of day.
 

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Have any of you looked into buying distressed corporate bonds? I was looking at a BBBY bond today and the return isn't looking bad. You can buy the 2024 debt for ~72 cents on the dollar. Pays a 3.9% coupon. But the real payday would be getting the 100 cents back when (if) it comes due. A little too long/boring right now for me but something to consider.
 

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anybody buying anything? i've been shoring up my reit allocation. i have been underweight since i built my divy portfolio. this crash is letting me remedy that. reits that i currently own - WPC, STOR, GTY, IRM, LAMR, MPW, PSTL

reit diversity in the symbols - warehouses/industrial, retail, gas stations, document storage, billboards, medical, post offices

I have a starter position in XBI at $66. Biotech has been bashed brutally lately and we are getting near the bottom, with most many biotechs selling for less than their net cash holdings. It could go lower still, but the recent beatdown to $62 looked like a classic capitulation on the chart.
 

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Have any of you looked into buying distressed corporate bonds? I was looking at a BBBY bond today and the return isn't looking bad. You can buy the 2024 debt for ~72 cents on the dollar. Pays a 3.9% coupon. But the real payday would be getting the 100 cents back when (if) it comes due. A little too long/boring right now for me but something to consider.
i was buying some bonds -- taxable munis, cd's, preferred stocks, bbb corps. then they reversed and exploded higher. so i'm no longer buying

if they make new lows i'll resume accumulating
 

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I have a starter position in XBI at $66. Biotech has been bashed brutally lately and we are getting near the bottom, with most many biotechs selling for less than their net cash holdings. It could go lower still, but the recent beatdown to $62 looked like a classic capitulation on the chart.
i own abbv, hznp, gild, gsk, tak. sold pfe a couple of months ago. all but hznp are big divy payers

wife is holding a hc fund in an ira - which has a large allocation to the bigger biotechs. i sold off a bunch of her holdings in january. did not sell any of the hc fund. that sector is due for a run
 

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How did you guys who were playing with options on those Russian stocks do?
 

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How did you guys who were playing with options on those Russian stocks do?

Just holding all my POYYF. Haven't bought or sold lately. Luckily just bought shares and not the other Russian stocks. Those would have done very well but Xiden no likey.
 

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RSX did well just as a currency play. But sanctions so it's locked........ ya know joe
 

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Just holding all my POYYF. Haven't bought or sold lately. Luckily just bought shares and not the other Russian stocks. Those would have done very well but Xiden no likey.

Well, I spoke too soon. It looks like the commies just couldn't keep their hands off. POYYF and AUYCO looks like they stopped trading ~June 13th. Found this on yahoo.

"The suspension of trading in POYYF/AUCOY in the US has been brought to our attention by investors and by the bank administering our ADR program. While we don’t have the explicit reasons why the trading was halted, we suspect that the decision may have something to do with the new sanctions published on the 6th June. https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1054 and https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1055

Presumably, banks/brokers believe that we’re subject to this blanket restriction even though they acknowledge that we are not under any targeted/designated sanctions as of today. We are challenging this with concerned parties.

We are advised that it's highly unlikely to overturn such decision in a matter of a few days or weeks. If successful, this is likely to take months."

Let's Go Brandon.
 

EO 11110

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RSX did well just as a currency play. But sanctions so it's locked........ ya know joe
is the company that runs RSX getting divs from the russian companies?
 

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is the company that runs RSX getting divs from the russian companies?
Do not know at this time.

2/3rds of the paperwork warns of "Risk of investing in"........... fill in the blank.
 

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The market sucks worse than Joe Biden right now.

I've been trading flat since the big score on POYYF (sorry to any of you guys that are still holding that, it's not looking good).

I've plopped my money into CRF while I wait for the next big trade. CRF is currently paying dividends of $0.173 per month, not bad for a stock trading at $8.38. The $0.173 monthly dividend is already declared through September, so this is a pretty good parking place for cash. I expect the dividend to reset slightly lower for the Oct-Dec months, but that is really dependent on the NAV which, in turn, depends on how the market performs. If we get an extended relief rally, this one will recover nicely as the July x-dividend date approaches.

As background, CRF just raised $410 million in cash through a rights offering, and the price has been knocked down from $13.50 to $8 in a matter of weeks. The settlement price for the rights offering was $7.95 per share, which should put a pretty solid floor on the share price at $8, since no one in their right mind would dump shares below the offering price and leave all those dividends on the table. I bought all of my shares on the open market and am averaged in the mid $8's which, ironically, is below the average of most people that participated in the offering, since they bought most of their shares in the $10-12 range and the offering only allowed you to buy 1 share at $7.95 for every 3 shares already held.

It's a bit of a gamble and the price has been volatile, but it is worth a look.
 

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crf = self liquidating fund? what gimmick(s) do they use? leverage? options?

it appears the fund is paying out more than it is earning - and that was during zirp. are some of the 'dividends' actually return of capital?

what happens now that their borrowing costs have exploded higher?

1656422057355.png
 
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crf = self liquidating fund? what gimmick(s) do they use? leverage? options?

it appears the fund is paying out more than it is earning - and that was during zirp. are some of the 'dividends' actually return of capital?

what happens now that their borrowing costs have exploded higher?

View attachment 265806

It looks like it's actually a closed end mutual fund that pretty much died in 2008. It is definitely paying too much in dividends and shows why big losses can cripple an asset management fund.
 

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It looks like it's actually a closed end mutual fund that pretty much died in 2008. It is definitely paying too much in dividends and shows why big losses can cripple an asset management fund.

The correct way to play this is not to buy and hold. Instead, you buy on the heels of a rights offering, they will do one every year or two, and then hold for 6 months. If you time your entry correctly, you can harvest 6 months of dividends and/or a pretty decent capital gain when the share price rebounds. You don't want to be long for more than one year.

EDIT, here is the latest schedule of investments.......


based on their holdings, I'd say this stock is near perfectly correlated to the overall market indicies. Basically, you can think of this as a fund that unlocks the net asset value of the underlying holdings through higher-than-normal dividends, so some of the dividends will be a return of capital. Stated differently, the fund increases the value of the underlying assets by accelerating the cash flow stream (mathematically, this increases the present value of the assets and allows the stock to trade at a premium to NAV).
 
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The correct way to play this is not to buy and hold. Instead, you buy on the heels of a rights offering, they will do one every year or two, and then hold for 6 months. If you time your entry correctly, you can harvest 6 months of dividends and/or a pretty decent capital gain when the share price rebounds. You don't want to be long for more than one year.

EDIT, here is the latest schedule of investments.......


based on their holdings, I'd say this stock is near perfectly correlated to the overall market indicies. Basically, you can think of this as a fund that unlocks the net asset value of the underlying holdings through higher-than-normal dividends, so some of the dividends will be a return of capital. Stated differently, the fund increases the value of the underlying assets by accelerating the cash flow stream (mathematically, this increases the present value of the assets and allows the stock to trade at a premium to NAV).

Sounds like a game but I'm going to pass. Small potatoes and I'd rather look for something with appreciation potential. But hey, my goals are certainly not everyone else's goals, nor should they be.
 

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Sounds like a game but I'm going to pass. Small potatoes and I'd rather look for something with appreciation potential. But hey, my goals are certainly not everyone else's goals, nor should they be.
i owned a fund 10ish years ago that reminds me of this one. i walked away feeling like they had just converted capital gains into income. the share price was flat/slightly down as long as the market went up. it still trades in the same range from then

the chart looks very similar to crf

1656440719055.png
 

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i owned a fund 10ish years ago that reminds me of this one. i walked away feeling like they had just converted capital gains into income. the share price was flat/slightly down as long as the market went up. it still trades in the same range from then

the chart looks very similar to crf

View attachment 265832
It's not for everyone. It requires pin-point timing. Ironically, the optimal strategy is to forgo participation in the rights offering and simply wait for the price drop on the heels of the offering, a point completely lost on most investors that hold CRF. The ideal buy point is just above the price established for the offering which, in this case, would be just above $8.
 

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Have any of you looked into buying distressed corporate bonds? I was looking at a BBBY bond today and the return isn't looking bad. You can buy the 2024 debt for ~72 cents on the dollar. Pays a 3.9% coupon. But the real payday would be getting the 100 cents back when (if) it comes due. A little too long/boring right now for me but something to consider.

Well they did announce earnings and they were pretty ugly. However, that has cut the bond price in half again. Way worse than the stock price. I'm going to see if I can buy some of this bond, as it recently trade at like 35-40 cents on the dollar.
 

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roubini says frbny will wimp out on fighting inflation


"Dr. Doom" economist Nouriel Roubini says stocks could plunge another 50% as the US heads towards a severe financial crisis​

  • Economist Nouriel Roubini said the US is headed for a recession that could send stocks falling another 50%.
  • The S&P 500 just closed its worst first half of the year since 1970.
  • "They will eventually wimp out and accept high inflation," Roubini predicted, referring to the Fed.
Nouriel Roubini, the economist known as "Dr. Doom", thinks the US is headed for a severe recession, a crisis that could send stocks falling another 50%.

In a column on Project Syndicate, Roubini said the US had "ample reason to worry" about an impending recession, as the economy was currently showing characteristics of both the 1970s stagflation crisis and as the 2008 recession.

"[The Federal Reserve] will eventually wimp out and accept high inflation," Roubini predicted of the central bank. He calls the prospect of a soft landing for the economy "dangerously naive," noting that the New York Fed places the odds of such a scenario at just 10%, and adds that the combined pressures of inflation and debt could push stocks down another 50%. For investors, that's a grim omen, as the S&P has already experienced its worst half year since 1970.

"In the current context, any rebound – like the one in the last two weeks – should be regarded as a dead-cat bounce," Roubini said -- not an opportunity to buy, like some market optimists have been touting.

"The next crisis will not be like its predecessors," Roubini wrote. "Today, we face supply shocks in a context of much higher debt levels, implying that we are heading for a combination of 1970s-style stagflation and 2008-style debt crises – that is, a stagflationary debt crisis."

The Frankenstein-style financial meltdown, the economist suggests, has been a source of anxiety for economists and central bankers in the past year, as prices continued to rise amid supply-chain pressures. In April, the New York Fed found that the Global Supply Chain Pressure Index surged to 3.29, the first increase since 2021. That was just a month before the CPI clocked in at a record 8.6% for the month of May, the highest hike in prices since 1981.

Roubini has earned a reputation for being exceedingly bearish in the economic realm, earning him the title of "Dr. Doom" or "permabear," as the New York Times referred to him in 2008. Those titles aren't without merit, as Roubini was among the first to sound the alarm in the mid 2000s on the coming Great Recession, calling the housing crisis over a year before the blowup of the subprime mortgage market.

"There is no real riddle to solve," he warned. "Things will get much worse before they get better."
 

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mega gold miner newmont mining is yielding over 4 percent now. stock just hit a two year low on continued gold price manipulation. i'm buying in - but do recognize that the div could get cut if price of gold doesnt stop falling
 

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mega gold miner newmont mining is yielding over 4 percent now. stock just hit a two year low on continued gold price manipulation. i'm buying in - but do recognize that the div could get cut if price of gold doesnt stop falling
Is Barrick buying Newmont?


--(BUSINESS WIRE)-- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (Barrick) and Newmont Mining Corporation (NYSE:NEM) (Newmont) said today that the two companies have signed an implementation agreement to create a joint venture combining their respective mining operations, assets, reserves, and talent in Nevada.Feb 22, 2022
 

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My latest pickup is OPP, just took a large position in it yesterday on the drop caused by the news of their intent to raise cash through a rights offering (RO). I bought blocks all day at successively lower prices and ended the day with an average of $11.36, slightly above the close of $11.27 and right in line with the NAV.

OPP pays a monthly dividend of $0.148, current annual yield is 16%, which isn't bad at all. Now, the RO pricing is not onerous at all, they will offer 1 share for every 3 shares held at the higher of 92.5% of NAV, which is currently $11.35 or 95% of the prevailing share price. At current price and NAV, this would imply an RO price of $10.71, although it very well may be higher if the market continues to recover. Prior to the RO announcement, the stock traded in the $11.00 to $12 range, so existing shareholders participating in the RO would bring their average to anywhere from $10.90 to $11.68.

The monthly x-dividend date for the August payout is this Tuesday, the 16th. Right now, the $10.71 prospective RO price should set a solid floor, untill the NAV resets. My plan is to sell on Monday if the stock pops to $11.52, as that would lock in a capital gain equivalent to the August dividend, without the risk of holding through x-dividend date. Alternatively, if this thing sells off hard on Monday, I'll YOLO it by plowing every dollar of margin I have to get as many shares as I can and hold it to the x-dividend date. The additional dividend will easily offset the margin fee, since I won't be holding much beyond the x-div date.

With investment funds doing RO's, the best strategy is to time your buys and totally ignore the RO, it's a suckers game.

Anyone care to partake of my madness? Comments welcome, even scathing criticisms, feedback is always helpful.
 

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T has over a 6% dividend.
 

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looks interesting.

I need to investigate further.


Sucks that it’s a closed end fund not supported on Robinhood. I would go stupid with margin and options on it maybe if it were.

Maujahideen, I didn't know Robinhood had a limitation on closed end funds. Out of curiosity, do you think Robinhood has advantages over the older existing platforms? I use TD's ThinkorSwim platform exclusively and, honestly, I probably don't utilize more than 10% of the features on it. I really love the layout and features that I do use, though, and I rarely if ever pay a commission, the exception being $5.95 for OTC trades and a $15 fee for buying foreign securities (Schwab charges $75, I believe, which is highway robbery). As best I can determine, the foreign transaction fee is charged once per day, so you don't have to worry about the nightmare scenario of getting hit with a string of partial fills and getting dinged $15 each time.

BTW, for anyone curious about OPP, here is a limited history of the Price-to-NAV ratios at selected dates, taken from bits and pieces I could gather, it appears that this one generally trades right around it's NAV..

1660566909529.png
 

Mujahid

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The only thing Robinhood is good for is that if you are a noob with options the layout is very user friendly, and the rate to borrow on margin is low. No costs to make trades on stocks or options either.

And yeah, no closed end funds, or else I’d say it would be nearly perfect.
 

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Maujahideen, I didn't know Robinhood had a limitation on closed end funds. Out of curiosity, do you think Robinhood has advantages over the older existing platforms? I use TD's ThinkorSwim platform exclusively and, honestly, I probably don't utilize more than 10% of the features on it. I really love the layout and features that I do use, though, and I rarely if ever pay a commission, the exception being $5.95 for OTC trades and a $15 fee for buying foreign securities (Schwab charges $75, I believe, which is highway robbery). As best I can determine, the foreign transaction fee is charged once per day, so you don't have to worry about the nightmare scenario of getting hit with a string of partial fills and getting dinged $15 each time.

BTW, for anyone curious about OPP, here is a limited history of the Price-to-NAV ratios at selected dates, taken from bits and pieces I could gather, it appears that this one generally trades right around it's NAV..

View attachment 270673

God no.... There is no way I'd stay with that firm.
 

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Some good suggestion here this week, I like both T and NEM as great bottom picks.

I'd take a look at SBSW.... The dividend is going to change more but highly worth it IMO. Trading at something stupid like a P/E of 3, (granted earnings are likely going to be lower), $1.3 dividend last year. One downside is that it only pays the Divy 2x a year... May be a better option for those who like to trade the Ex-Div as well.
 

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I'd take a look at SBSW.... The dividend is going to change more but highly worth it IMO. Trading at something stupid like a P/E of 3, (granted earnings are likely going to be lower), $1.3 dividend last year. One downside is that it only pays the Divy 2x a year... May be a better option for those who like to trade the Ex-Div as well.
Noted, and added to my watchlist.
 

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VALE posted a 10% div and under 3PE.
It's been good for me so far.
I'm not really following the company news, but I'll just hold what I've got.
Might buy more if it goes under $13
 

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Some good suggestion here this week, I like both T and NEM as great bottom picks.
VZ isn't far behind T in yield. I might double up on my VZ holdings next month, hold through the dividend date, then sell all my old shares and harvest some losses. Might do the same with CSCO.

I just added some OKE a couple weeks ago; looking long and hard at NEM. I'll see where things are at after tax loss harvest season...
 

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Careful going into September here guys... Maybe hedge with some puts or QID.