Category: PrefLetter

PrefLetter

August PrefLetter Now in Preparation!

The markets have closed and the August edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. The recommendations are taylored for “buy-and-hold” investors.

The August edition will contain an appendix discussing the relative pricing of FixedReset issues and the historical record of the pricing model that has been developed.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The August issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the July issue.

PrefLetter

July Edition of PrefLetter Released!

** See Update Below for Delivery Problems **

The July, 2010, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The July edition contains an appendix discussing the potential for calls in the PerpetualDiscount sector and the evidence (or lack thereof!) that the market is accounting for this potential.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the July 2010, issue, while the “Next Edition” will be the August, 2010, issue, scheduled to be prepared as of the close August 13 and eMailed to subscribers prior to market-opening on August 16.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Update, 2010-7-12: I regret to advise that there were delivery problems with the July issue – the file was somehow corrupted at some point during the delivery process. If you are unable to open your issue, please either contact me or use the subscriber download feature and it will be replaced.

PrefLetter

July Edition of PrefLetter Now in Preparation!

The markets have closed and the July edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. The recommendations are taylored for “buy-and-hold” investors.

The July edition will contain an appendix discussing the potential for calls in the PerpetualDiscount sector and the evidence (or lack thereof!) that the market is accounting for this potential.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The July issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the July issue.

PrefLetter

June Edition of PrefLetter Released!

The June, 2010, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The June edition contains an appendix discussing yield approximations and reviewing the implications of errors in yield calculation on FixedReset pricing.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the June 2010, issue, while the “Next Edition” will be the July, 2010, issue, scheduled to be prepared as of the close July 9 and eMailed to subscribers prior to market-opening on July 12.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

PrefLetter

June Edition of PrefLetter Now in Preparation!

The markets have closed and the June edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. The recommendations are taylored for “buy-and-hold” investors.

The June edition will contain an appendix discussing closed-form approximations to precise yield calculations and review the method the market is apparently using to value FixedResets.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The June issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the June issue.

PrefLetter

May Edition of PrefLetter Released!

The May, 2010, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The May edition contains an appendix discussing analytical implications of the behaviour of individual FixedReset issues during the recent slump in that class. There is a review of the previous month and a listing of FixedResets currently trading thrown in.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the May 2010, issue, while the “Next Edition” will be the June, 2010, issue, scheduled to be prepared as of the close June 11 and eMailed to subscribers prior to market-opening on June 14.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

PrefLetter

May Edition of PrefLetter Now in Preparation!

The markets have closed and the April edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. The recommendations are taylored for “buy-and-hold” investors.

The May edition will contain an appendix discussing various analytical approaches to FixedResets and examining how well these approaches explain relative price changes during the recent slump in the FixedReset market.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The May issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the May issue.

PrefLetter

Sympatico Spam Filters Out of Control

Assiduous Reader PB informs me:

Totally irrelevant, but your reply got caught in the spam filter that the Microsoft mail servers curse Bell Sympatico users with. It has become wildly over-aggressive of late, and there is no way to turn the !@#$% thing off. I have to visit their webmail site periodically and retrieve missing messages before they get flushed.

That was a normal reply to his eMail, sent without attachments.

Sympatico users are urged to contact the company and complain; this has highly annoying repercussions on the distribution of PrefLetter.

Additionally, subscribers should add the two eMail addresses used for distribution, jiHymas@himivest.com and jiHymas@prefLetter.com to their Sympatico on-line list of “Trusted Senders”.

Update: Assiduous Reader NS comments:

I think you can turn the sympatico email filter off for a particular email address / domain. It’s just not easy for non-tech types.

1. They’ve got to login to webmail.
2. Select “Options”, then “More options”
3. Select “safe and blocked senders”
4. Select “safe senders”
5. Add the email address you use to send out the letters to the safe senders list.

They may also have a separate spam filter on their local machine (i.e. via the email reader / antivirus) that also has to be trained properly.

The anti-spam stuff is frustrating for legit businesses. 🙁

Yes, it is frustrating for legit businesses – especially since the spam problem is so easy to fix: Sending an eMail should cost a penny. Receiving an eMail should earn a penny. ISPs should neither pay nor collect amounts of less than $10/month.

Normal users will never notice this, since they will rarely send 1,000 more eMails than they receive. Malware can be guarded against by setting an account limit: requre specific authorization once X emails have been sent. X is set separately by the client (so they don’t have to pay a huge amount by surprise) and by the ISP (as part of their credit policy). The counters get reset to zero monthly. eMails sent in excess of either limit get bounced back with a message.

Is Very Nice ISP transmitting 10-million eMails from Nigerian Spam ISP Inc.? They’ll bill NSISP $100,000 and pay it when the eMails are forwarded along the Internet backbone. NSISP didn’t pay? Well, golly, VNISP has gone bankrupt, and good riddance.

There were thoughts of something along these lines at one point, but the boohoohoo brigade insisted that everything about the Internet should be free. HIPPIES RUINED THE INTERNET!

Update: Assiduous Reader PB comes back with:

Thanks for the tip. It turns out that marking mail as “not junk” in the webmail spam folder automatically populates the safe sender list and when I checked, your email address was already in the safe list.

Update, 2010-4-29: Most readers will be sheltered behind ISP, corporate, or home-made spam filters and may have no real idea of just how much spam there is. I have several domains, and all of them forward all eMail to my single eMail account. There’s no filtering, because I have a horror of filtering out a genuine communication from a genuine prospect (note to geeks: yes, I could probably do this better. But I don’t.). In the last week, I have deleted 3,169 spam eMails.

PrefLetter

PrefLetter 2009 Collection Released

The twelve editions of PrefLetter published in 2009 have now been collected and are available for purchase via PrefLetter.com.

The monthly security recommendations are now merely of historical interest, but some may wish to determine PrefLetter’s track record relative to the various indices.

Of more interest will be the monthly appendices:

  • January: Estimation of “Blended Yield”, FixedReset data, FixedReset spreads to PerpetualDiscounts. (all short notes)
  • February: FixedReset data, Estimation of Perceived Yield (short note)
  • March: FixedReset data, Estimation of Perceived Yield, Importance of Current Yield (short note)
  • April: Valuation of SplitShare Capital Units
  • May: FixedReset Relative Valuation, Errata for April appendix
  • June: FixedResets Break Even Rate Shock
  • July: Convexity of PerpetualDiscounts
  • August: Market Spread Risk and FixedResetPremium Preferred Shares
  • September: Preferred Share Benchmarks and Passive Funds
  • October: Market Timing and the Canadian Preferred Share Market
  • November: The Rise of Alternative Trading Systems (includes essay on Pegged Orders)
  • December: Naïve Hedge Funds in the Canadian Preferred Share Market

The price of this collection is $50 + taxes – get yours today! Note that due to its immense size (about 7.5MB), this collection is not eMailed to clients; instead, purchasers are emailed a link/password that enables download of the file. The procedure is:

  • Input eMail address
  • Receive eMail with link to payment screen
  • Select “Collection” and input credit card information (secure server)
  • Receive eMail with download link/password
  • Click link in eMail to download file and save to your hard drive.
PrefLetter

April Edition of PrefLetter Released!

The April, 2010, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The April edition contains an appendix discussing Preferred Shares and Annuities. There is a review of the previous month and a listing of FixedResets currently trading thrown in.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the April 2010, issue, while the “Next Edition” will be the May, 2010, issue, scheduled to be prepared as of the close May 14 and eMailed to subscribers prior to market-opening on May 17.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.