The markets have closed and the October 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 October edition will contain an appendix discussing the summer rally in PerpetualDiscount preferred shares which extended from May 20 to September 24 and resulted in what appears to be a regime shift in market valuations of individual issues: Implied Volatility (of the call option embedded in PerpetualDiscounts) is now a very significant determinant of relative market prices.
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 September issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Tuesday (Monday is Thanksgiving). 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 October issue.