Wednesday, January 7, 2009


The entire sub-category of preferred stocks is not a desirable asset class for me due to their junior status in the priority ladder and lack of a maturity date, except for the Trust Preferred issues. I have now traded for the 4th time in less than 10 months a position in CUZPRA after it spiked almost 20% today to over 16 with my cumulative profit now about double my last cost basis.  The market order was filled at 16.10.  The buy was made on 12/30 at 11.5. Buy of CUZPRA

I view these cumulative preferred issues much differently than investment grade senior bonds.  I have no intention of selling JZE, for example, even though the position was recently bought at $12.5 and was last traded today, before posting these comments, at 22.94.   Maybe I am wrong about my approach to preferred stocks.    I feel in my gut that, if I just keep moving around, buying and selling them, making myself a moving target, I am less likely to be smashed by one of those canon balls similar to the ones used at the Battle of Franklin in November 1864, attended by my great, great grandfather, who then had no shoes, not far from HQ.

I have not decided what to do with PGN, possibly I may put 30 or 40 in one of the IRAs before the close today. 


  I am not a financial advisor but an individual investor trying to navigate my way through a difficult market. In these posts, I am acting as an unpaid financial journalist and an occasional political commentator.   I am also aggregating financial news stories that I view as important and providing any reader of these posts, assuming there are more than a couple, with links to those articles, sort of a filtered, somewhat intelligent, free search engine.  Any discussion made by me of particular securities  is not a recommendation to buy or to sell.  Trade at your own risk.  Consult with your financial advisor prior to making any purchase or sale. I will try to identify my sales too but it may take a few minutes after I implement them to create a post explaining my reasons.  The sale may before or after the post.  Before buying or selling any stock, even one recommended by a trusted financial advisor,  please research it and make up your own mind which is what I always try to do.  Research would include reading reports, reviewing financial records, earnings estimates, sec filings and prior earnings releases and news.  In this post, and all others by me, I am merely describing my reasons for purchasing  or selling securities, and the potential pitfalls that I identified prior to purchase or the reasons for a sale.  The securities mentioned in this and all posts written by me may not be suitable for others based on their unique financial position and risk profile.  Always read the prospectus before buying a Trust Certificate, bond, preferred stock or other bond or bond like investments.  Information contained in my posts has been obtained from sources believed to be reliable but cannot be guaranteed.  These posts by me do not constitute investment advice, nor shall they be construed as a guarantee of future results, or as an offer of any transaction in securities.   All content in these posts is provided for informational and entertainment purposes only, and it is a form of entertainment for me. 


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