12 Comments
Member
66 April 21, 2023 6:32 pm
Travis, what percentage of your portfolio was your position in CCI? Could you list this on the portfolio in the future when you close a position?
Member 22341April 21, 2023 6:38 pmGood suggestion, thanks.That particular one was about a 1% position for a couple years, reduced to ~0.3% last Fall, then to zero today.
Member
46 April 21, 2023 7:07 pm
I agree with your comment, "Iβm still happily buying 3-6 month T-bills." Even though I've been investing for about 50-years, I've never bought T-bills directly. Can you suggest an ETF that replicates this strategy or perhaps share how you buy T-Bills? Thanks in advance for considering my sophomoric question.
- Member 22341April 21, 2023 8:39 pmA short term T-Bill ETF would pretty much just be a government-focused money market fund, and I would expect that results should be similar. If you want to go out a little further (1-3 yrs) then something like VGSH should be solid, though you get a little smidge of interest rate risk (or reward) from the longer term.I like buying T-Bills directly, using TreasuryDirect.gov , personally. Let's me Just compound and roll them over, over time, and somehow reduces my temptation to pull that $$ out unless I actually need to. Don't know if that will turn out to be better than an ultra-short bond fund or a money market fund, the differences would likely be slim over time, but it works for me. I think the only clear advantages in buying direct are that you don't have to worry about the manager screwing up or the fund being hit with massive withdrawals that impact the price, though that's a pretty low risk in my mind, and you don't pay fees -- though fees for this stuff should be down on the 0.1% range anyway.Using TreasuryDirect is pretty simple, though the website is antique -- you transfer funds over and place orders to buy in whichever auction is coming up (there are auctions every week, often every day, for whatever term you want --4 weeks, 12, 26, etc), and tell them if you want to keep the interest and repaid principal ina Treasury acct to reinvest, or just get it back in your checking account.
- Member 46April 22, 2023 1:16 amThanks Travis, appreciate your insight. You are right about the Treasury Direct site being antiquated. My wife and I have been using it to buy iBonds over the last 4 years and we were surprised at how dated it is.
- Member 88April 24, 2023 12:01 pmSTIP is also interesting
- Member 22341April 24, 2023 12:50 pmYep, though a lot more volatile because of the longer term (holds some five-year TIPS as well as much shorter-term bonds)
Member
124 April 21, 2023 11:10 pm
Regarding IIP, I also sold out my position which I had held since right after the IPO with much of my remaining investment purchased sub $20. The company I am a board member of has been still waiting for our local regulatory authority to give us the ability to begin to grow at the facility, I IP financed over the last two years. Given this long delay, we made our case to IIP for some relief from rent, which was beginning to become due. To make a long story short, youβll read about us in the next IIP update. And I donβt think weβll be the only ones across the countryOur CEO resigned recently, and weβve put our young CFO in charge as the interim. He is managing 13 week cash flow statements to ensure we make it through a very challenging year, and has taken a much different approach to managing the business than the βweed, broβ who had been doing his best for the last couple of years. Sometimes a fresh approach and outlook can make a big difference.
- Member 22341April 22, 2023 8:23 amThanks for the update, Dave... hope it works out. Seeing a dozen dispensaries in our town that rarely have any obvious customer traffic paints a real picture of over-licensing.
Member
104 April 21, 2023 11:41 pm
I still like American Tower for their ownership of CoreSite data centers. Pretty small potatoes, but one of the best when they bought it. I think it will prove to be a great strategic move, but might take a while.
Member
1 April 23, 2023 8:56 am
What is happening to QRTEP and UHALB? They are losing value even with their dividends?
- Member 22341April 23, 2023 10:01 amI expect the weakness is from rising fears of bankruptcy with Qurate, and expectations of stagnant earnings with U-haul.I'm not worried about U-haul in the long run, but Qurate is obviously a high-risk investment in every way (stock, preferreds or debt), and was when I bought the preferreds. I thought the reward was worth the risk, but much depends on how they get through the next year or two.
Member
8 April 24, 2023 11:55 am
On The Debt it may be not just a full delay or 'default' but emerging capital controls that may be a trigger. The US is using 'national security' to veil export controls on USD. Latest is dual use business in China. Targeting other business trade into Russia and other parts of the world may appear rational but smell of implicit capital control as the debt rises past 300% GDP( Federal + State+municipal) with supply chain driven inflation that is unlikely to go away at all. With splinter-net cheaper outsourced goods from China will need to be substituted with far more expensive stuff. TSMC mentioned a CAPEX higher cost ~5X for the fab and expectation of customers paying for geographical diversification.Transit Costs Project at the NYU Marron Institute of Urban Management has data showing US CAPEX costs for civil works are > 7-10X that of South Korea etc.Its beyond my pay grade but I worry not much thinking is going on the impact of revers commodity inflation .What if supply chain inflation is unlikely to be less then 5-6% for decades till the ecosystem adjusts.
Member
35 April 24, 2023 1:41 pm
I don't jump in very often, but I want to highlight the difference between TREASURIES and GOVERNMENTS. Treasuries are direction obligations of the US government. Governments are pretty much everything else "guaranteed" by the government. The point is that if "we" ever get into a nasty, I suspect that we will honor Treasuries, but all the misc agency debt may not fare so well, especially in the market place. I have not worried too much over my 50 years of professional investing, but then again, we have never had a totally dysfunctional congress with the majority party in the house in its own little civil war. I could give a few examples of where the details make a difference (ala treasuries/governments), but don't want to hog my fair share of comments.
- Member 22341April 24, 2023 1:56 pmThanks Adze, always happy to hear any and all comments of substance... makes sense, the agency and GSE bonds are probably as good as the "full faith and credit" bonds and notes issued by the Treasury department, they have generally been backed and saved by the government in past crises, but that word "probably" is a big deal.I'm assuming you refer to things like FNMA or GNMA mortgage bonds, SBA bonds, FHA bonds, etc.And, of course, there are always the municipal bonds from local governments and projects, often a favorite of retirees for their tax benefits... but every now and then, a city does go bankrupt.
Member
June 9, 2023 10:25 pm
FYI Dan Ferris just recommended CCI as a buy.
- Member 22341June 10, 2023 12:19 amThanks for the info... really need interest rates to start drifting lower for that to feel comfortable to me, but the valuation has certainly come way down.