PrefBlog

I am pleased to announce that the Seminar on Fixed Income & Preferred Shares is now on-line and available for purchase of access via PrefLetter.com.

Access to this video is priced at an introductory rate: free to PrefLetter subscribers with an active year’s subscription, $25 to non-subscribers.

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I just want to remind everyone about the seminar on Thursday October 15 in downtown Toronto at 6pm. This one is free, although I haven’t decided yet – decisions, decisions! – whether or not to charge for the video of the event.

In my paper Preferred Shares and GICs I introduced the concept that any fixed-income investment portfolio is a compromise between:

• Security of Principal, and
• Security of Income

Many investors emphasize the first attribute while ignoring the second to their ultimate discomfort.

Other commonly made errors are:

• Paying too much for liquidity
• Insufficient diversification
• Overemphasis on current income
• Insufficient attention to issuer options
• Attempting to address all risks with one particular investment
• Underemphasis on tax effects

In this seminar, I explain that "risk" cannot be thought of as a position on a number line: there are many different kinds of risk and portfolios must be constructed to account for all of them – no single investment can do it. I also explain how preferred shares can fit into a fixed income portfolio, bringing their own strengths to offset the weaknesses of other fixed-income investments.

There is no charge for attendance at this seminar; there will be opportunity after the session to discuss the material informally.

Note that the room at Day’s has changed: it will be the College Room, not the Rosedale Room

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Rosedale College Room (see map).

Time: October 15, 2009, 6pm-9pm.

The seminar will be filmed for later distribution.

Advance registration may be performed on-line.

I just want to remind everyone about the seminar on Thursday October 15 in downtown Toronto at 6pm. This one is free, although I haven’t decided yet – decisions, decisions! – whether or not to charge for the video of the event.

In my paper Preferred Shares and GICs I introduced the concept that any fixed-income investment portfolio is a compromise between:

• Security of Principal, and
• Security of Income

Many investors emphasize the first attribute while ignoring the second to their ultimate discomfort.

Other commonly made errors are:

• Paying too much for liquidity
• Insufficient diversification
• Overemphasis on current income
• Insufficient attention to issuer options
• Attempting to address all risks with one particular investment
• Underemphasis on tax effects

In this seminar, I explain that "risk" cannot be thought of as a position on a number line: there are many different kinds of risk and portfolios must be constructed to account for all of them – no single investment can do it. I also explain how preferred shares can fit into a fixed income portfolio, bringing their own strengths to offset the weaknesses of other fixed-income investments.

There is no charge for attendance at this seminar; there will be opportunity after the session to discuss the material informally.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Rosedale Room (see map).

Time: October 15, 2009, 6pm-9pm.

The seminar will be filmed for later distribution.

Advance registration may be performed on-line.

Fixed-Income investing is a widely misunderstood topic and many investors take excessive risks with their fixed income portfolio while blithely assuming that they are taking no risks at all.

In my paper Preferred Shares and GICs I introduced the concept that any fixed-income investment portfolio is a compromise between:

• Security of Principal, and
• Security of Income

Many investors emphasize the first attribute while ignoring the second to their ultimate discomfort.

Other commonly made errors are:

• Paying too much for liquidity
• Insufficient diversification
• Overemphasis on current income
• Insufficient attention to issuer options
• Attempting to address all risks with one particular investment
• Underemphasis on tax effects

In this seminar, I explain that "risk" cannot be thought of as a position on a number line: there are many different kinds of risk and portfolios must be constructed to account for all of them – no single investment can do it. I also explain how preferred shares can fit into a fixed income portfolio, bringing their own strengths to offset the weaknesses of other fixed-income investments.

There is no charge for attendance at this seminar; there will be opportunity after the session to discuss the material informally.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Rosedale Room (see map).

Time: October 15, 2009, 6pm-9pm.

The seminar will be filmed for later distribution.

Advance registration may be performed on-line.

I am pleased to announce that the four seminars delivered in the spring of 2009 have been approved for Continuing Education credits by the CFA Institute

To subscribe to one or more of these presentations (which include written material, as well as the video seminar), please visit PrefLetter Video Subscriptions.
 
 
 

PerpetualDiscounts

This program is eligible for four CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

SplitShares

This program is eligible for four CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

FloatingRate

This program is eligible for four CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

FixedResets

This program is eligible for four CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

I am pleased to announce that the Seminar on FixedReset issues has been accredited for four hours of IDA Continuing Education – Professional Development.

Access to the material may be purchased by clicking the icon below:

I am pleased to announce that the Seminar on FixedReset Preferred Shares is now on-line and available for purchase of access via PrefLetter.com.

I am pleased to announce that the Seminar on FloatingRate issues has been accredited for four hours of IDA Continuing Education – Professional Development.

Note that this seminar does not cover FixedResets; it deals exclusively with the issues eligible for the HIMIPref™ sub-indices comprising FloatingRate; that is, Ratches, FixedFloaters and Floaters.

Access to the material may be purchased by clicking the icon below:

Spring Series Complete

Fall Series Planned

Four seminars were presented in the spring of 2009; a series for the fall of 2009 is in the planning stages.

Topics for the fall series have not yet been determined. Among the possibilities:

• Updates for each asset class
• Detailed mathematics of fixed-income investment
• Corporate bonds
• The purpose of a fixed income portfolio
• Credit Analysis
• [Your Choice Here]! Send me an eMail!

Videos of prior seminars are available for purchase.

Update, 2009-6-2: One Assiduous Reader suggests “Innovative Tier 1 Capital”. This could be part of a more general seminar on bank debt.

Just a reminder about the next seminar in the series on the theory and practice of preferred share investing.

These seminars are aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution. Please note the slight change of venue: same hotel, different conference room.

Advance registration and payment may be performed on-line.

"FixedReset Issues" are popular with investors who:

• wish to obtain tax-advantaged income
• want protection against future inflation

These issues are characterized by:

• Mostly issued by financial institutions
• Exchange Dates occur every five years
• Dividends are fixed until the first Exchange Date
• On every Exchange Date:
  • Company may redeem the issue at par
  • Rate until next exchange date is reset to 5-Year Canada bonds plus a spread
  • Issue may be exchanged to Floating Rate issues, paying 3-month Treasury Bills plus a spread, reset quarterly
• Issues are perpetual

This seminar will review the theory of FixedReset Preferred evaluation, including:

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to Straight Perpetuals

Examples of relative valuation in current markets will be supplied and discussed.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) College Room (see map).

Time: May 28, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.