Steve McDonald: Earn 11% in
This Bond Now . . . . . . Page 4
Retire Early... Retire Rich
The Oxford Club
Executive Committee
James Boxley Cooke
Honorary Chairman
Baltimore, Maryland
Julia Guth
Executive Director
Publisher
Alexander Green
Investment Director
|
january/February 2013, Volume 05, No. 02
Ain’t Nothing Goin’
On But the Rent...
And It’s Going Up!
by Marc Lichtenfeld
MARC LICHTENFELD
Associate Investment Director
David fessler
Energy and Infrastructure
Specialist
Matthew Carr
Emerging Trends Editor
Jeff Yastine
Editorial Director
Rocco Levitas
Assistant Editor
Chris matthai
Director of Research
Kate Murphy
Member Services Manager
k
Retirement
Advisory Panel
Bob Carlson
jeff winn
evan belaga
k
Investment U
ALEXANDER GREEN
Chief Investment Strategist
Advisory Panelists
Carl delfeld
david fessler
marc lichtenfeld
Dr. scott brown
k
Spiritual Wealth
Alexander Green
Editor
Dear Member,
The title of my column refers to the 1986 hit song by Gwen
Guthrie, famous for its lyric: “You’ve got to have a J-O-B if you
want to be with me.” And while I always thought Ms. Guthrie
should get her own job rather than rely on handouts from
someone else... The song title is more than appropriate for this
month’s recommendation.
Marc Lichtenfeld
In most markets in the country, housing has clearly bottomed. Home
prices, even in the hardest-hit areas, have started to rise. For example, south
Florida’s real-estate market – one of the epicenters of the mortgage meltdown
earthquake only a few years ago – is once again hot.
With home values (including distressed properties) up a robust 7.4% over
last year, affordability becomes an issue for potential buyers. Add in the difficulty of getting a loan (unless your credit history is spotless)… and home
ownership may be nearly impossible for many.
Yet, we’re not talking about a bunch of hobos here. We’re talking about
productive people with, as the song says, J-O-Bs… People who want a nice
place to live, but simply can’t afford to purchase a house.
So it should come as no surprise that demand for rentals is up, huge:
• The national apartment vacancy rate dropped in the last two quarters
of last year from 4.7% to 4.5%... its lowest level in 11 years.
• 2012 marked the third straight year of vacancy declines.
Over, please...
D IN
V EI D
E D
E N HD E A
PA
D YE ER R S
• Of the top 79 metro areas, only nine
saw vacancies increase in the fourth
quarter.
Associated Estates
Realty Corp. (NYSE: AEC)
And with so much demand in the market,
landlords have carte blanche to jack up
leasing rates:
AEC: One Sweet REIT...
17.25
• The average renter now pays $1,097
a month, up nearly 5% from year-ago
levels.
16.50
• Rents have risen for 12 consecutive
quarters.
14.25
12
20
Jul
15.75
15.00
Clearly, the owners of leasing communities are in the driver’s seat, which brings me
to this edition’s new recommendation…
Sep
12
20
v
No
12
20
3
01
2
Jan
Quarterly Funds from Operations
FFO per share
$0.35
Take Home This Apartment REIT
and a 4.7% Yield
Associated Estates Realty Corporation (NYSE: AEC) owns 52 properties in
10 states. It has apartment communities in
markets like Dallas, West Palm Beach and
Raleigh-Durham. In many of its markets –
particularly in the Midwest, like in Indianapolis, and Columbus, Ohio – there’s “absolutely
no new supply” of housing, according to
Associated Estates CEO Jeffrey Friedman.
$0.30
$0.25
$0.20
$0.15
Q1
10
11
11
10
12
12
20 1 20 3 20 1 20 3 20
Q
Q
Q3
Q
Q
20
2.7% is, not surprisingly, sharply below the
national average.
The key figure to watch with REITs is
not their earnings. Rather, it’s their funds
from operations (FFO). FFO more accurately
represents the cash flow that a REIT generates. And for us, that’s what matters most –
whether a company continues to pay or raise
its dividend.
Real estate investment trusts (REITs) like
Associated use “same-community property
growth” as a way to measure how well
each of its apartment complexes is growing
(much like same-store sales in the retail
industry). At Associated, property growth
was up an impressive 5.9% last year –
higher than the industry average of 5.6%.
And the REIT commands a premium for
its rents, which are 17.5% higher than the
average in its market.
Now, management is smart about investing. Associated picked up eight properties
in the past three years, while prices were
still cheap. Those properties are already up
more than 17% in value, compared to their
purchase prices.
And since properties are up, that can only
mean good things for Associated’s FFO – the
As you can imagine, the company’s properties are highly desirable. Its vacancy rate of
2
D IN
V EI D
E D
E N HD E A
PA
D YE ER R S
Meanwhile, despite its healthy 4.8%
yield, it has a payout ratio of 64%. That’s the
third-largest payout ratio based on FFO in the
industry. It suggests the company should be
able to increase its dividend, as long as FFO
continues to grow.
more valuable their rentals, the more money
they get.
Making All the Right Moves
In Associated’s case, the company generated $0.96 per share in FFO in the first nine
months of the year. Compare that with $0.77
last year. And for 2013, the consensus FFO is
$1.26. That’s important because the company
says its goal is to pay out 65% of its FFO in
dividends.
I’m also impressed with management’s
attitude on dividends. Some companies like
to use their cash (their shareholders’ cash,
mind you) to make acquisitions – instead of
using it to pay dividends.
If it does in fact hit Wall Street’s expectation of $1.26, a 65% payout ratio would
suggest an annual dividend of $0.82 per
share.
But CEO Jeffrey Friedman, in Associated’s
third quarter conference call, clearly understands his fiduciary responsibility. He says:
That would be a 7.8% increase from the
current level of $0.76.
“...our policy is to continue to grow that
dividend in a very measured way. We think
Continued on page 8...
Checking it Out “In Person”
Associated Estates has two communities within a half hour of my
office in Florida. So I took a ride out to West Palm Beach to take a
look at the Vista Lago Community...
The property manager, Luz Medina, said Vista Lago is pretty
representative of Associated Estates’ communities. It’s a nice place
to live for the many middle-class residents, including teachers,
nurses, restaurant workers and policemen and women.
I saw one- and two-bedroom model apartments. The onebedroom has a sun room, while the two-bedroom has a patio
instead. They have a typical Florida feel insofar as the ceilings are
nine feet high, there’s an open and airy floor plan and plenty of
sunlight.
The clubhouse features a gym, computer center, quiet room with
Wi-Fi, swimming pool and common area.
Ms. Medina told me rents were trending higher. They are at
the highest levels since 2006, which was the top of the market.
Occupancy is also at highs, with very few apartments available.
In fact, of the 316 units in the community, there are only seven
currently vacant.
3
TR A D I N G
B O N D S
Earn 11% in a Zero-Percent Market
by Steve McDonald, Bond Expert, The Oxford Club
OK, you’ve heard me say all this a
maturities.
million times before: It’s pathetic – absolutely pathetic – what most interest-bearing
investments pay…
Why? Because when rates finally
move up to more normal levels, a fiveyear corporate bond will drop in price
only about one fifth of what a 20- to
30-year bond will. You’ll still see a little
fluctuation, but nothing like what longmaturity bonds have.
Fortunately, we do have alternatives – if
you know where to look, and buy them correctly.
And I have a particular type of corporate
bond paying as much as 6% to 12%, all
with the safety and stability you expect.
The smaller the price fluctuation, the
less likely an investor will sell at a loss. It’s
that simple. That’s how you make money in
bonds… Stay put!
Get Short... Or Get Called Out
on Strikes
Can you hold long-maturity bonds
through the coming price volatility? Yes. Is it
a good idea? No!
First of all, in this market, you must buy
and own only ultra-short maturities, less
than seven years in maturity. This is an
absolute requirement. There is no latitude
here. Ignoring this advice will cost you a
small fortune when rates turn around.
Here’s why: As rates increase, the yield
on newly issued bonds and existing bonds
will take off. If you’re stuck holding a bond
for the next 10 to 20 years at below-market
rates, you will in all likelihood sell at a loss.
Here’s why: All bonds drop in price
when rates move up… all bonds! But, no
matter how far their market price drops, all
bonds pay their interest every six months
and return $1000 in principal at maturity.
Strike two!
It’s really very simple. If you want to
make money on bonds in this market,
buy ultra-short maturities. They’ll limit price
fluctuations, keep you in the bond when
rates move up, and get you your principal
back a lot sooner.
Despite this fact, the moment bond
holders see a drop in market price, they sell
at a loss.
It’s ridiculous! But it’s the nature of
investors, and most of it is driven by the
money press and media.
When rates move back up, you’ll be able
to move out on the maturity curve to lock in
higher rates for longer periods, but not now!
That’s strike one!
Short-maturity bonds typically pay less
than long maturities. That’s why so many
folks get stuck on the long end of the curve.
They buy on yield only and ignore what’s on
the horizon.
The only way I find possible to keep
bond holders in place, while still making
money, is to limit price swings. And the
only way to do that… is to buy ultra-short
4
T R A D I N G
B O N D S
My response: If they have good
fundamentals, buy as many as you can
find. They’re cheap, and the companies
themselves are going to be around for a
long time to come.
Strike three!
With a little leg work you can get both
short maturities and high yields. Just go
where other folks aren’t…
In just the last few weeks, we took
annual returns as high as 45% on both
bank/financial and coal company bonds.
The holding time for some was as short as
two months.
How to Find Bond Bargains
Since last summer, shares of banks and
energy companies – especially coal miners
– have been under pressure. Banks weren’t
showing the earnings everyone expected,
and coal companies have been under attack
by the President.
That’s what buying bonds – when others
are selling them – does for your bottom line!
Neither industry is going away. Both still
pay their bills, but their bond prices dropped
on the bad news.
The best part, we were earning current
yields as high as 10% while we waited for
the bonds’ prices to move back up.
Here’s where bonds are very different
from stocks:
As I said, this strategy requires some leg
work. It means looking beyond the negative
headlines, but it’s worth it.
When stocks get bad news, they drop in
price – and you never know when they’ll
Charged Up for Yields!
come back. That’s a problem unless it’s a
Here’s an out of favor bond I’m looking
dividend paying stock
at now:
with the resources to
keep paying during a
Exide Technologies has
“…you must buy
bad economic cycle.
a bond that matures in
and own only ultraFebruary of 2018. That’s
But bonds keep
right around a five-year
paying their interest
short maturities, less
maturity.
– and return their
than
seven
years
in
principal at maturity
Its coupon is 8.625%.
– in all cases (except
maturity. This is an
That means it will pay,
in a default). And the
in two equal interest
absolute requirement.”
current default rate,
payments each year, $86.25
even for junk bonds,
per bond.
is around 3%. That means 97% of all junk
The current price of the bond is 88.9,
bonds pay exactly as promised.
or $889. So, the real interest rate you earn
Those are very good odds...
on the $889 is the coupon rate (8.625%),
divided by the price, for a current yield of
During the down time for banks and coal
9.7%.
bonds, I recommended so many my readers
complained. Too many in one portfolio, they
That’s how much interest you earn on
said.
the amount you invested.
5
Continued on page 9...
CL U B
S T R AT E G I E S
Garage-to-Riches Startups?
Now You Can Invest in Those, Too
by Marty Biancuzzo, Guest Political Columnist, The Oxford Club
They say you cannot lead from the crowd.
It didn’t take long for the SEC to shut
down Michael’s social experiment.
Well, I’m here to tell you – in 2013, get
ready for the biggest shake-up in 80 years
of U.S. investment policy. And when it’s
through, you’ll be able to lead because of the
crowd.
The reason is simple…
His means of generating capital was
illegal. The method?
Crowd funding.
Let me explain…
Artists Become Capitalists...
I’d like to begin by bringing you back to
2008. I know, I know. I still have my scars
from that year too.
I want to be clear here, crowd funding
isn’t a brand new concept. Chances are
you’ve been part of a collective effort
yourself. Have you ever donated to a
campaign? Disaster relief? Helped fund an
independent movie? People have always
pooled money to support different ventures,
but it wasn’t until the late 1990s that crowd
funding took hold, usually in support of
musicians and other artists…
But I want to bring you to the start of
a very important dialogue. And like most
great conversations, this one started off
with beer…
A few years ago, a “For Sale” sign
went up at Pabst Blue Ribbon (PBR). An
advertising executive, Michael Migliozzi,
decided to put his social media marketing
skills to the ultimate test – well... more
like experiment. Flash forward to 2004 where the Japanese
rock band, Electric Eel Shock, became the
fastest unsigned band to raise $50,000 – all
of it crowd-funded – so it could record a new
album. The resulting effort, “Sugoi Indeed,”
was a hit.
You see, Michael wanted to buy PBR.
But he didn’t have the capital needed to
even humor the idea. So with the help of a
partner, he started a website where he collected “small commitments” – pledges for
money – from as many individual investors
as he could rally. When all was said and
done, he had an overwhelming $282 million
in committed funds to buy Pabst Blue Ribbon
outright.
The group followed that up with a second
fan-funded project, which included the words
every capitalist loves to hear: return on
investment.
In the fans’ case (the first 100 anyway,
which the band coined the “Samurai 100”),
the payoff was a lifetime of free concerts and
backstage passes.
Sounds too good to be true, right? Well…
It was.
6
C L U B
S T R AT E G I E S
TIME FOR THESE “SPEC” BIOTECHS
“
“
If crowd-funded
investing was a fringe
activity in 2004, the
“Jumpstart Our
Business Startups”
Act of 2012 turned it
into something with
mainstream potential.
The era of crowd-funded investing (CFI),
from those humble origins, was on…
process (think of Facebook’s IPO)... Or two,
seek an exemption and sell unregistered securities – but the startup’s pool of potential
investors would remain limited to a select
group of “qualified” (meaning, wealthy) individuals.
Crowd Funding Goes Mainstream
Of course, it’s one thing to ask for money
from rabid fans to create an artistic work. It’s
a whole other beast when you’re soliciting for
business investment that, by its very nature,
involves the exchange of securities and/or
debt. And that’s a beast the SEC didn’t exactly
want roaming the wild until it could fully
dissect and examine every single component.
The JOBS Act implements a third, brandnew registration exemption – specifically for
scenarios like Michael Migliozzi’s proposed
buyout of Pabst Blue Ribbon...
• Funding is capped at $1 million per
year.
Enter the federal government’s JOBS Act,
signed by President Obama last year...
• If you, as an individual investor, have
an income of less than $100,000, you
can invest no more than the greater of
$2,000 or 5% of annual income or net
worth.
If crowd-funded investing was a fringe
activity in 2004, the “Jumpstart Our Business
Startups” Act of 2012 turned it into something
with mainstream potential.
• If your income is over $100,000, your
investment limits jump to 10% of
annual income or net worth (to a
maximum of $100,000).
How?
By changing the nature of securities regulations in place since the Great Depression
era...
• The startup’s offerings must be issued
through a registered broker or a
“funding portal.” (That means an SECregulated website. Startups are not
allowed to solicit through their own
websites.)
Before the JOBS Act, an entrepreneur had
two paths when it came to issuing securities for his startup. One, register its securities with the SEC in a tedious and expensive
7
C L U B
S T R AT E G I E S
The Devil in the Details
financials. A straightforward document could
lay it out in five pages. But a wary SEC
might require startups to submit a 50-page
document instead...
Those are the broad brushstrokes to the
new era of government-sanctioned crowdfunded investing. Sounds simple, right?
So... Despite being passed nearly
a year ago, crowd funding is still very
much illegal until we get the SEC’s official
nod of approval. But once that happens, it’s
full steam ahead.
Ah, but with the government, it never is... See, when the JOBS Act passed, the SEC
was given 270 days to iron out all the details.
270 days from April 2012 is… well… now.
Look at it this way, Steve Jobs and Steve
Wozniak started Apple out of a garage.
Imagine if you had the opportunity to give
them your money when they needed it most.
And that’s what has me worried. Leave it
to bureaucrats to take something meant to be
cheap, fast and simple, and make it expensive, slow, and complex...
With crowd funding, you have the opportunity to invest in hundreds of potential
Apples at the ground-floor level – with all the
potential gain and risk that entails. OC
For example, the legislation required
entrepreneurs to submit a “description of
business,” outlining business plans and
Ain’t Nothing Goin’ on But the Rent...
Continued from page 3
• At two times book value, it trades
below the industry average of 2.8.
using that money internally is a great
source of capital, but also [because of] the
message that we send to our shareholders
and are confident in our future expectations.”
• It also trades at 12 times FFO.
(Remember, we look at FFO for
REITs instead of earnings.) The
industry average is 17.1.
In other words, Friedman understands
that a dividend growth policy broadcasts a
strong message to shareholders and Wall
Street: Our future prospects are strong.
Associated Estates is in a great position
to continue to grow FFO from higher rents
due to the macro environment, as well as
the lack of supply in its market. The stock
is cheap compared to its peers and offers a
solid yield that should continue to rise in
the coming years.
Bargain Valuation
Value is harder and harder to find in
the income space. But Associated Estates
offers plenty:
Action to Take: Buy Associated Estates
Realty Corporation (NYSE: AEC) at the
market. Place a stop 25% below your entry
price. OC
• Its 4.7% yield is the highest in the
apartment REIT sector, and is significantly above the average of 3.1%.
8
U LT I M AT E
Earn 11% in a Zero-Percent Market
I N C O M E
L E T T E R
Continued from page 5
teries for computers and smartphones are
the “in” thing now.
But here’s where it really gets good!
We are only paying $889 for a bond
that will mature at $1000. So we also get
the capital gain at maturity of $111 per
bond.
But, lead acid batteries aren’t going
anywhere. Cars and smaller, less expensive applications are not going to foot the
cost of lithium ion batteries.
We are able to buy at a discount
because it’s had some bad earnings
reports and is out of favor.
The company is expected to increase
its earnings from -$1.41 per share to a
positive $0.76 between now and 2014. It
also has a growth rate for next year of
152%, and a five-year average growth rate
of 10%.
This bond also has a call date of
February 1, 2015. That means the
company can buy it back before maturity,
but they have to pay us 104.31 ($1043.10)
per bond to do so.
Double-digit long-term growth and
improving earnings!
If it is called, our yield to the call will
be 17.16% per year. 17.16%!
This company will pay its bills and
will be there when it’s time to return
the principal in 2018. And that’s all that
matters to a bond holder.
If we hold the bond to maturity, our
yield is about 11.5%.
Exide is the largest manufacturer in
the world of lead acid batteries for all
sorts of applications, from cars to airplanes. Lead acid batteries are not the
darlings they once were. Lithium ion bat-
Ultra-short, out of favor, improving
numbers going forward and an improving
long-term picture, that’s how you get 11%
in a 0% interest rate environment. OC
Is This The Holy Grail of Safe-Haven Income Opportunities?
If you’re not familiar with Senior Analyst Steve McDonald’s new Oxford Bond Advantage research
service, now’s a good time to find out about it.
Oxford Club member Adam Felt, a retired dentist, says this strategy “will help my wife and I maintain our income stream for many years, with less risk.”
Club member Jim Scott adds, “I am 62 years old... And if this would have been available ten
years ago, I estimate that I would now be receiving almost $100,000 a year in income.”
And John Gilliam from Chicago says, “I have been too heavily invested in stocks in the past, and
this provides me the opportunity to invest with a much higher and consistent return potential.”
To find out exactly how Steve – and regular investors like Adam, Jim and John –
are doing it, just call VIP member services at 888.570.9830 or 410.545.0498 and
reference code GNMTP101.
9
U LT I M AT E
I N C O M E
M A I L B AG
Ultimate Income Mailbag
We’ve received a tremendous response from members. We always believe it’s good to share
these questions and clarifications of dividend investment strategies with all of our members.
As always, feel free to send us emails at editor@ultimateincomeletter.com.
Q: I recently joined The Chairman’s Circle, and
I’d like to let you know that I sold all of my
IRA account holdings and bought the stocks
in the Ultimate Income Letter.
Second, I’m concerned about the valuation
of some of the recommended stocks. How do
you determine the value of these stocks, and
do you consider valuation as the stock rises in
price?
Then I found out that these aren’t the
stocks that meet the 10-11-12 strategy you
mentioned in your book! Why don’t you have
such a system in your Ultimate Income Letter?
– Tom
Marc Lichtenfeld responds:
I use valuation metrics such as price to
earnings (P/E), price-to-earnings growth
(PEG), price-to-cash flow (P/CF), etc.
– Ronald
Marc Lichtenfeld responds:
Valuation is certainly a factor in the stocks
I recommend, but there isn’t a specific
threshold that will disqualify a company.
You’re correct, not all of the stocks in the
Perpetual Income Portfolio match the
10-11-12 system I wrote about in my book,
Get Rich With Dividends.
I look at its prospects, yield, safety of
the dividend, likelihood it’ll get raised,
management and so on. I try to understand
the complete picture, where valuation is just
one part of that.
Because so many members have been
asking for it, in just a few months, I’m going
to launch a newsletter whose strategy will
primarily be investing in 10-11-12 stocks. We
mentioned this new newsletter (prematurely,
as it turns out) in our August/September
edition last year.
As far as which stocks you should buy and
in which order, I am not permitted to give
personal advice. My suggestion would be to
add all the “Buy” rated stocks if it makes sense.
For those of you who have not read Get
Rich With Dividends, the 10-11-12 system is
a conservative strategy for obtaining either
11% yields in 10 years or 12% average annual
total returns over 10 years.
By that I mean, if you only have $1,000 to
invest, it won’t make sense to spend $200 in
commissions buying 20 stocks.
But diversification is always a good idea. So
however much you’re planning on investing,
try to spread it out among the different
industries, asset classes (regular stocks, REITs,
MLPs, preferreds) and market caps that are in
the portfolio.
Q: I am just now starting to buy the
recommended positions in the Perpetual
Income Portfolio. I have two questions:
First, how do I select which stock to buy, and
in what order should I buy them?
10
U LT I M AT E
I N C O M E
M A I L B AG
C O N ’ T
Ultimate Income Mailbag Con’t
We’ve received a tremendous response from members. We always believe it’s good to share
these questions and clarifications of dividend investment strategies with all of our members.
As always, feel free to send us emails at editor@ultimateincomeletter.com.
Q: I read your recommendation on KKR.
Sounds like a great opportunity, if the price
were right. Please explain how you can justify
a “Buy” recommendation at the top of the
market?
We didn’t do that by calling the tops or
bottoms of the market.
We did it by picking great stocks, and holding
them until our stops are hit or there’s a
fundamental reason to sell.
– Betty
Q: What’s the best way to find the
ex-dividend date for each of the stocks
recommended in the Perpetual Income
Portfolio?
Marc Lichtenfeld responds:
How do YOU know it’s the top of the market?
In August of 2011, Mark Arbeter, Chief Technical
Strategist of Standard & Poor’s, said, “We believe
we are seeing pretty clear signs that the 2009
to 2011 bull market is over and that the bear is
just starting to get its claws into the market.”
– Gary
Marc Lichtenfeld responds:
Here’s how to look up ex-dividend dates
on stocks:
The market’s rallied about 35% since then.
1. Go to Yahoo Finance. (The website is:
http://finance.yahoo.com.)
At the same time, Pete Boockvar, Equity
Strategist at Miller Tabak & Co., said, “This is the
end of the run.”
2. Type in your stock’s ticker symbol in
the box on the upper-left section of the
screen (next to “Get Quotes”).
It wasn’t. Not by a long shot.
Betty, you could be right and may have
picked the top in the market. Or this market
could rally another 100%.
3. Click the “Get Quotes” button.
At The Oxford Club, though, we don’t time the
market. And that has led us to a track record
that is the envy of everyone in the newsletter
publishing business.
5. Look in the lower-right-hand corner –
almost to the bottom – and you’ll see
“ex-dividend date.”
4. Look for the “Key Statistics” link on the left
side of the page and click there.
You can look up more ex-dividend dates from
that page – just look for “Get key statistics for”
on the upper right, enter a stock symbol, and
away you go. Many other finance websites
have the info, as well (such as MarketWatch
and Morningstar).
Everyone claims a great track record, but The
Oxford Club’s track record is a perennial top
performer in Hulbert Financial Digest’s (an
independent newsletter tracker) top 10 for
risk-adjusted returns over the past decade.
11
N E E D
H E A D E R
T h e perpet u al i n come P O R T F O L I O
Companies and funds with the financial wherewithal to consistently deliver dividend payouts
and a modest amount of capital appreciation to shareholders.
Company/SYMBOL
stocks
Rec.
Rec.
CurrentDividendsCURRent RatingTrailing
DatePrice
pricecollectedyieldstop*
Aqua America Inc. (NYSE: WTR)
Feb-10
Associated Estates Realty Corp. (NYSE: AEC) REIT
Automatic Data Processing, Inc.
(Nasdaq: ADP)
$16.67
$26.95
$1.75
2.6%
Buy
$20.21
Feb-13NewNew
$0.00
4.7% Buy Use 25% TS
Nov-10
$45.27
$59.96
$3.46
2.9%
Buy
$44.97
Bristol-Myers Squibb (NYSE: BMY) Aug-11
$28.48
$34.85
$2.04
4.0%
Buy
$26.55
Brookfield Infrastructure
Partners (NYSE: BIP) MLP
Dec-11
$25.65
$37.05
$1.50
4.1%
Buy
$27.88
The Chubb Corp. (NYSE: CB)
Jan-10
$50.65
$80.90
$4.68
2.0% Buy
$60.68
Clorox (NYSE: CLX)
Mar-11
$67.94
$77.10
$4.87
3.3% Buy
$57.82
Community Bank System (NYSE: CBU)
Sep-11
$22.06
$28.78
$1.32
3.8% Buy
$21.76
Genuine Parts Co. (NYSE: GPC)
Nov-09 $37.15
$66.06
$5.82
3.0% Buy
$49.54
Hasbro (Nasdaq: HAS) Nov-12 $36.17
$38.87
$0.36
3.7% Buy
$29.26
Kimberly-Clark Corp. (NYSE: KMB)
Jul-10
$62.40
$87.20
$7.08
3.4% Buy
$65.40
Kohlberg Kravis Roberts & Co. (NYSE: KKR)
Jan-13
$15.23
$17.08
$0.00
5.6% Buy
$12.81
Main Street Capital Corp.
(NYSE: MAIN)
Jan-12
$20.68
$31.91
$2.23
5.6%
Buy
$23.93
Mercury General Corp. (NYSE: MCY)
Sep-11
$36.72
$40.14
$3.05
6.1% Hold
$32.71
Mobile TeleSystems (NYSE: MBT)
Mar-12
$18.25
$19.39
$0.76
4.6%
Hold
$15.05
Omega Healthcare
Investors (NYSE: OHI)
Nov-11
$17.76
$25.85
$1.69
6.8%
Buy
$19.39
Jan-11
$69.34
$72.38
$6.78
4.8%
Buy
$55.97
SL Green Realty Corp. (NYSE: SLG-PI) Oct-12 $25.35
$25.54
$0.41
6.4% Hold
$19.25
Southern Co. (NYSE: SO) Nov-09 $31.96
$43.85
$5.62
4.5% Buy
$35.57
Tanger Factory Outlet (NYSE: SKT) REIT
Nov-09 $20.21†
$35.39
$2.40
2.4% Buy
$26.54
$22.99
$27.12
$1.02
7.5% Hold
$20.34
REIT
Royal Dutch Shell
(NYSE: RDS-B) ADR
Bond/Income Funds
GMAC Capital Trust (NYSE: ALLY-PA) Jun-12
Prices as of 1/22/2013. * Use a 25% trailing stop. Trailing stops are adjusted to reflect dividends collected. † Prices adjusted for stock split. ADR – American Depository Receipt.
MLP – Master Limited Partnership. REIT – Real Estate Investment Trust.
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