PrefBlog

Update, 2009-8-25: To gain access to the on-line video of this seminar and the ancillary written material, please visit PrefLetter.com

I am pleased to announce the next seminar in the series on the theory and practice of preferred share investing.

These seminars will be 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.

"Floating Rate Issues" are popular with investors who:

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

These issues are characterized by:

• Issued by Operating companies
  • Extant issues are non-financial
• Dividends are paid by reference to Canada Prime
• An exchange option may exist to lock in a rate for five years on a given date
• Issues are Perpetual

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

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to
  • money market instruments
  • other perpetual instruments

Examples of relative valuation in current markets will be supplied and discussed. Note that Floating Rate issues include the HIMIPref™ Indices:

• Ratchet
• FixedFloater
• Floater

. "FixedReset" issues will not be discussed as part of this seminar.

Attendence is limited; a reservation will avoid disappointment.

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

Time: April 30, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Update, 2009-8-24: The seminar and its ancillary material have been accredited for four hours of IDA Professional Development Continuing Education.

Update, 2009-8-24: ◦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.

 
 

Just a reminder! The next seminar in the series on the theory and practice of preferred share investing will be held this evening, March 26, 2009, at 6pm

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.

"SplitShares" are popular with investors who:

• wish to obtain tax-advantaged income
• want an investment with a fixed-term

These issues are characterized by:

• Fund owns portfolio of stocks (usually financials)
• Fund finances portfolio with two classes of stock
  • Capital Units get increased expected returns at expense of safety
  • Preferred shares get increased safety at the expense of expected return
• Cumulative Dividends
• There is a set wind-up date for the fund

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

• Credit Quality
• Embedded calls
• Embedded puts
• The importance of ex-Dividend dates
• Investment characteristics relative to bonds

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) Yorkville Room (see map).

Time: March 26, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Just a reminder! The next seminar in the series on the theory and practice of preferred share investing will be held a week from today on Thursday March 26.

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.

"SplitShares" are popular with investors who:

• wish to obtain tax-advantaged income
• want an investment with a fixed-term

These issues are characterized by:

• Fund owns portfolio of stocks (usually financials)
• Fund finances portfolio with two classes of stock
  • Capital Units get increased expected returns at expense of safety
  • Preferred shares get increased safety at the expense of expected return
• Cumulative Dividends
• There is a set wind-up date for the fund

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

• Credit Quality
• Embedded calls
• Embedded puts
• The importance of ex-Dividend dates
• Investment characteristics relative to bonds

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) Yorkville Room (see map).

Time: March 26, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Update, 2009-8-25: To gain access to the on-line video of this seminar and the ancillary written material, please visit PrefLetter.com

I am pleased to announce the next seminar in the series on the theory and practice of preferred share investing.

These seminars will be 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.

"SplitShares" are popular with investors who:

• wish to obtain tax-advantaged income
• want an investment with a fixed-term

These issues are characterized by:

• Fund owns portfolio of stocks (usually financials)
• Fund finances portfolio with two classes of stock
  • Capital Units get increased expected returns at expense of safety
  • Preferred shares get increased safety at the expense of expected return
• Cumulative Dividends
• There is a set wind-up date for the fund

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

• Credit Quality
• Embedded calls
• Embedded puts
• The importance of ex-Dividend dates
• Investment characteristics relative to bonds

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) Yorkville Room (see map).

Time: March 26, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Update, 2009-8-24: The seminar and its ancillary material have been accredited for four hours of IDA Professional Development Continuing Education.

Update, 2009-8-24: ◦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.

 
 

Just a reminder – my seminar on PerpetualDiscounts will be Thursday, Feb 26 at 6pm

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.

The seminars will be filmed for later distribution.

Advance registration and payment may be performed on-line.

PerpetualDiscounts: Theory & Practice

"PerpetualDiscounts" are currently the most common type of preferred share in Canada. They are characterized by:

• No mechanism whereby the issue can be forced to redeem the shares
• A fixed dividend rate
• Call provisions in the issuer’s favour
• a trading price below their call price

This seminar will review the theory of PerpetualDiscount evaluation, including:

• Credit Quality
• The embedded call
• The importance of ex-Dividend dates
• Importance of cumulative dividends
• Investment characteristics relative to bonds

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) Yorkville Room (see map).

Time: February 26, 2009, 6pm-8pm.

I am pleased to announce an enhancement to the PrefLetter Website.

As previously announced, I will be presenting a series of seminars on Preferred Share investing; each seminar will focus on a particular kind of issue, presenting analytical techniques, indicators for potential trades and current examples. I’ll be looking for feedback regarding topics and approaches of interest … one puzzle, for instance, is what to do about credit analysis. You can’t talk about preferred shares without talking about credit, but how much overlap is acceptable? Will people be more irritated to sit through very similar material at each seminar, or to attend a seminar and then find out they have to attend another one devoted to credit?

Additionally, each seminar will be recorded to video for later distribution (which won’t be free, by the way!).

At any rate, it is now possible to to register and pay online, but note that I will also be taking cash and cheques (but not credit cards) at the door. Tell all your friends!

Update, 2009-8-25: To gain access to the on-line video of this seminar and the ancillary written material, please visit PrefLetter.com

I am pleased to announce that I will be hosting a seminar series on the theory and practice of preferred share investing.

These seminars will be 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.

PerpetualDiscounts: Theory & Practice

"PerpetualDiscounts" are currently the most common type of preferred share in Canada. They are characterized by:

• No mechanism whereby the issue can be forced to redeem the shares
• A fixed dividend rate
• Call provisions in the issuer’s favour
• a trading price below their call price

This seminar will review the theory of PerpetualDiscount evaluation, including:

• Credit Quality
• The embedded call
• The importance of ex-Dividend dates
• Importance of cumulative dividends
• Investment characteristics relative to bonds

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) Yorkville Room (see map).

Time: February 26, 2009, 6pm-8pm.

Reservations: Please send an eMail to jiHymas@himivest.com.

Update, 2009-4-24: The seminar and its ancillary material have been accredited for four hours of IDA Professional Development Continuing Education.

Update, 2009-8-24: ◦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.