PrefLetter 2011 Collection Released!

The full collection of PrefLetters published in 2011 has been released and is now available for purchase via the PrefLetter website (click Subscribe Now).

The 2011 Collection includes the following appendices of varying length:

  • January: the run-up in deeply discounted Straight Preferreds “almost certainly driven by speculators attempting to out-guess OSFI regarding the transitional arrangements for the new Basel III bank capital rules.”
  • February: discussing OSFI’s recent regulatory pronouncements and the implications for future analysis.
  • March: discussing Risk, Reward and DeemedRetractibles.
  • April: reprises the very popular “Annuities” topic of the April, 2010, edition. A retirement calculator has been developed that includes annuities as an asset class, in addition to the standard stocks and bonds.
  • May: the concept of Dividend Capture and its applicability to FixedReset preferreds.
  • June: the analytical implications of CIBC’s machinations with respect to its preferred shares. There is also a discussion of Yellow Media’s preferreds
  • July: a brief review of Yield – and outlines some of
    the assumption made in the calculation of yield that are not always defensible.

  • August: the credit quality of the YLO preferred share issues in light of the 11Q2 results, credit rating downgrades and dividend cut.
  • September: updates the news regarding YLO.
  • October: the first is a comparison of four Canadian preferred share measures: CPD, DPS.UN, the BMO-CM “50” index, and Malachite Aggressive Preferred Fund; the second is a discussion of Security of Income vs. Security of Principal
  • November: the first concludes the discussion of yield that commenced in the July edition, while the second is an update of the situation with respect to YLO.
  • December: discusses “Liquidity Black Holes” and shows that sudden drops in price can be both entirely rational and unrelated to fundamentals.

The total length of the 2011 Annual Collection is 421 pages (file size about 17.0 MB) – much of this is, of course, the by now out of date recommendations of individual issues, but more than half of the total is comprised of the appendices.

One Response to “PrefLetter 2011 Collection Released!”

  1. adrian2 says:

    You may want to make it clearer the pricing in the “Subscribe now” contents: currently it list separately:
    * Annual Collection: 2009 : $50.00 + tax
    * Annual Collection: 2010 : $50.00 + tax
    … and possibly replace the above lines with:
    * Annual Collection: $50.00 + tax
    … which will avoid the need of a yearly html update.

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