Investment Ideas

Grant’s Interest Rate Observer strives to produce rigorously researched and thoroughly analyzed investment ideas. Herewith, a sampling from the not-too-distant past. Paid-up subscribers, please click on the article title in the “Headline” Column to download the entire story.

Greif Inc.
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GEF@US   |  September 22, 2017  |  Barrel roll

Dubious governance, environmental depredation, a stretched valuation and a vulnerable dividend – it's the very stock not to own, and the very dividend yield on which not to depend, on the eve of a recession.

Facebook
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FB@US   |  August 11, 2017  |  Concerning Mark Zuckerberg

Like Alexander the Great, the Facebook CEO has only one world to conquer. Then, again, unlike Alexander's world, Zuckerberg's market is both expandable and contractible. A meaningful community of the rich and liquid?

Bitcoin Investment Trust
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GBTC@US  |  September 8, 2017  |  Crypto 36,000

Craft currencies, fiat money, craft beer and gold bullion – argument holds no power against the locomotive force of a speculative mania.

Nvidia Corp.
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NVDA@US  |  June 29, 2018  |  Crypto’s doppelganger

In the California gold rush, the pick-and-shovel vendors famously out-earned the starry-eyed Forty-Niners. So it may prove in the crypto field today. A good, hard look at the leading pick-and-shovel merchant of the bitcoin-mining mania.

Unum Group
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UNM@US  |  October 28, 2016  |  Disabled no more

Vanishingly rare is the profitable, market-leading, stockholder-attuned, reasonably large, reasonably cheap business that would stand to gain by a rise in interest rates. This party to the mysteries of actuarial science and insurance accounting would seem to tick every box.

Valeant Pharmaceuticals International
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VRX@US   |  March 7, 2014  |  Drug dealer

A financialized age has at last produced a financialized pharmaceutical company. Herewith, a long look at an enterprise that does its compound-hunting not in the laboratory but in the stock market.

SoftBank Group Corp.
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9984@JP  |  December 15, 2017  |  Epitome of the cycle

Every financial epoch has its avatar. For this epoch, we nominate a certain mammoth, leveraged, complex and speculative business a half world away. “The smartest guy in the room.”

Hanesbrands Inc.
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HBI@US  |  July 1, 2016  |  Inside Story

Strange to relate, the collapse of the share prices of Valeant Pharmaceuticals International and Endo International has drawn no line under the era of debt-funded

Snap-on Inc.
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SNA@US  |  June 3, 2016  |  Lending clubbed

"Saving up" for a purchase is a phrase that connotes consumer behavior in the pioneer days of Little House on the Prairie. In impatient millennial America, we borrow to buy.

Signet Jewelers Ltd.
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SIG@US  |  June 3, 2016  |  Lending clubbed

"Saving up" for a purchase is a phrase that connotes consumer behavior in the pioneer days of Little House on the Prairie. In impatient millennial America, we borrow to buy.

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Company Ticker Issue Date Print Headline
Greif Inc. GEF@US Sep. 22, 2017 Barrel roll
Facebook FB@US Aug. 11, 2017 Concerning Mark Zuckerberg
Bitcoin Investment Trust GBTC@US Sep. 8, 2017 Crypto 36,000
Nvidia Corp. NVDA@US Jun. 29, 2018 Crypto’s doppelganger
Unum Group UNM@US Oct. 28, 2016 Disabled no more
Valeant Pharmaceuticals International VRX@US Mar. 7, 2014 Drug dealer
SoftBank Group Corp. 9984@JP Dec. 15, 2017 Epitome of the cycle
Hanesbrands Inc. HBI@US Jul. 1, 2016 Inside Story
Snap-on Inc. SNA@US Jun. 3, 2016 Lending clubbed
Signet Jewelers Ltd. SIG@US Jun. 3, 2016 Lending clubbed
W.R. Berkley Corp. WRB@US Feb. 23, 2018 Let’s assume
Arrow Global Group plc. ARW@LN Nov. 3, 2017 Pay Me, Plc.
Kraft Heinz Co KHC@US Mar. 25, 2016 Sell Big Food
Campbell Soup Co. CPB@US Mar. 25, 2016 Sell Big Food
Whirlpool Corp WHR@US Feb. 10, 2017 Spin cycle
The most recent two years of investment ideas are only available to paid-up subscribers. (Please log in.)
Kinder Morgan Inc.
KMI@US Jun. 29, 2012 $2 and a dream
iShares iBoxx $ Investment Grade Corporate Bond Fund
LQD@US Jun. 27, 2014 ‘Doesn’t have to be a reason’
Tocqueville Gold Fund
TGLDX@US Jun. 27, 2014 ‘Doesn’t have to be a reason’
AllianceBernstein Income Fund
ACG@US Sep. 4, 2015 10% off sale
BlackRock Taxable Municipal Bond Trust
BBN@US Sep. 4, 2015 10% off sale
DoubleLine Income Solutions
DSL@US Sep. 4, 2015 10% off sale
Blackstone/GSO Senior Floating Rate Term Fund
BSL@US Sep. 4, 2015 10% off sale
Blackstone/GSO Strategic Credit Fund
BGB@US Sep. 4, 2015 10% off sale
Deutsche High Income Trust
KHI@US Sep. 4, 2015 10% off sale
Fondual Proprietatea
FP@RO Sep. 4, 2015 10% off sale
Detour Gold Corp.
DGC@CN Jun. 13, 2014 A million for Pierre
New Gold
NGD@US Jun. 13, 2014 A million for Pierre
Africa Opportunity Fund
AOF@LN Jan. 27, 2012 Above its weight
Reis Inc.
REIS@US Nov. 30, 2012 Above their weight
Ocean Bio Chem
OBCI@US Nov. 30, 2012 Above their weight
Mastech Holdings
MHH@US Nov. 30, 2012 Above their weight
Forestar Group
FOR@US Oct. 16, 2015 Acres of hope
Financial Engines
FNGN@US Apr. 22, 2016 Advice at a price
Dorian LPG Ltd.
LPG@US May. 30, 2014 All ahead full
Sprouts Farmers Market
SFM@US Nov. 15, 2013 All you can eat
Franklin Resources
BEN@US Sep. 4, 2015 Almighty ringgit?
iShares JP Morgan U.S. Dollar Emerging Markets Bond ETF
EMB@US Sep. 4, 2015 Almighty ringgit?
iShares J.P. Morgan EM Local Currency Bond ETF
LEMB@US Sep. 4, 2015 Almighty ringgit?
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD@US Sep. 4, 2015 Almighty ringgit?
Templeton Emerging markets Income Fund
TEI@US Sep. 4, 2015 Almighty ringgit?
Western Asset Emerging Markets Debt Fund
ESD@US Sep. 4, 2015 Almighty ringgit?
Restoration Hardware Holdings
RH@US Dec. 11, 2015 Anticipating Mr. Friedman
Wal-Mart Stores
WMT@US Oct. 4, 2013 Assets less crummy
3M Co
MMM@US Oct. 4, 2013 Assets less crummy
Raytheon Co.
RTN@US Oct. 4, 2013 Assets less crummy
North Atlantic Drilling Ltd.
NATDF@US Dec. 12, 2014 Baiting a hook
Pan American Silver
PAAS@US May. 15, 2015 Balance-sheet story
Westpac Banking Corp.
WBC@AU Mar. 22, 2013 Banking on China
Bank of Queensland
BOQ@AU Mar. 22, 2013 Banking on China
Texas Capital Bancshares
TCBI@US Nov. 27, 2015 Banking on energy
Cullen/Frost Bankers
CFR@US Nov. 27, 2015 Banking on energy
BOK Financial
BOKF@US Nov. 27, 2015 Banking on energy
Hancock Holding Co.
HBHC@US Nov. 27, 2015 Banking on energy
Hang Seng Bank Ltd
11@HK Nov. 11, 2016 Banking on Turmoil
Bank of Queensland
BOQ@AU Jun. 14, 2013 Beijing to Sydney
Westpac Banking Corp.
WBC@AU Jun. 14, 2013 Beijing to Sydney
Fleetwood Corp.
FWD@AU Jun. 14, 2013 Beijing to Sydney
Genesee & Wyoming Inc
GWR@US Jun. 14, 2013 Beijing to Sydney
Monadelphous Group
MND@AU Jun. 14, 2013 Beijing to Sydney
Zoomlion
1157@HK Jun. 14, 2013 Beijing to Sydney
Treasury Wine Estates
TWE@AU Jun. 14, 2013 Beijing to Sydney
MetLife
MET@US Oct. 19, 2012 Ben Bernanke kicks Snoopy
Ares Capital Corp.
ARCC@US Oct. 19, 2012 Ben Bernanke kicks Snoopy
New Gold
NGD@US May. 18, 2012 Bid wanted—please!
Hallador Energy Co.
HNRG@US Jan. 15, 2016 Black as coal
Petroleo Brasileiro SA
PBR@US Oct. 3, 2014 Bonds of debt
Enstar Group Ltd.
ESGR@US Jun. 13, 2014 Book’s closed
Deere & Co.
DE@US Mar. 11, 2016 Borrow to plow
United Rentals Inc.
URI@US Jul. 15, 2016 Borrow to rent
Ashtead Group plc
AHT@LN Jul. 15, 2016 Borrow to rent
Deere & Co.
DE@US Apr. 21, 2017 Bots buy beans
Infosys
INFO@IN Jun. 14, 2013 BRIC-laying
BASF SE
BAS@GY Jun. 1, 2012 Bubble in safety
Nestle SA
NESN@VX Jun. 1, 2012 Bubble in safety
Cairn Energy
CNE@LN Mar. 20, 2015 Bullish even now
Paramount Resources Ltd.
POU@CN Mar. 20, 2015 Bullish even now
General Motors
GM@US Aug. 10, 2012 Bullish on the one with the hair
Kohl’s Corp.
KSS@US Jan. 25, 2013 Call on prosperity
Pan American Silver
PAAS@US May. 18, 2012 Calling Mitt Romney
AGNC Investment Corp.
AGNC@US Oct. 5, 2012 Calm before the storm
SL Green Realty Corp
SLG@US Dec. 23, 2016 Can make it anywhere
Hudson Pacific Properties Inc.
HPP@US Jan. 27, 2017 Changing places
Kilroy Realty Corp.
KRC@US Jan. 27, 2017 Changing places
Pretium Resources
PVG@US Jul. 12, 2013 Cheap and cheaper
Wendy’s
WEN@US Jun. 26, 2015 Check, please, waiter
Monadelphous Group
MND@AU Mar. 8, 2013 China sneezes
Hallador Energy Co.
HNRG@US Jan. 9, 2015 Christmas came early
Deutsche High Income Opportunities Fund
DHG@US Sep. 18, 2015 Closed-end days
Eaton Vance Municipal Bond Fund
EIM@US Sep. 18, 2015 Closed-end days
Dorman Products
DORM@US Jan. 10, 2014 Collision course
Apollo Global Management
APO@US Apr. 19, 2013 Complexity made simple
Ares Capital Corp.
ARCC@US Oct. 16, 2015 Constructive developments
Golub Capital
GBDC@US Oct. 16, 2015 Constructive developments
Solar Capital Ltd.
SLRC@US Oct. 16, 2015 Constructive developments
Packaging Corp. of America
PKG@US Nov. 25, 2016 Contain your enthusiasm
KapStone Paper and Packaging Corp.
KS@US Nov. 25, 2016 Contain your enthusiasm
Kerry Group plc
KYG@ID Jul. 29, 2016 Corporate mystery meat
GATX Corporation
GMT@US May. 16, 2014 Couldn’t be better
Solar Capital Ltd.
SLRC@US Apr. 22, 2016 Credit the yield
Clean Harbors, Inc.
CLH@US Feb. 7, 2014 Deal us out
Deere & Co.
DE@US Apr. 8, 2016 Dialing for dollars
Unum Group
UNM@US Oct. 28, 2016 Disabled no more
CarMax Inc.
KMX@US Feb. 24, 2017 Disabled vehicles
Dorian LPG Ltd.
LPG@US Aug. 12, 2016 Dorian gray
Valeant Pharmaceuticals International
VRX@US Mar. 7, 2014 Drug dealer
Kone OYJ
KNEBV@FH May. 1, 2015 Elevator going down
Ping An Insurance Group Co.
2318@HK Feb. 6, 2015 Essence of China
Paris Orleans SA
PAOR@FP Dec. 13, 2013 European antique show
Banco Bilbao Vizcaya Argentaria SA
BBVA@SM Jul. 15, 2016 European scavenger hunt
Fortress Investment Group
FIG@US Oct. 16, 2015 Exit, Michael Novogratz
Advanced Micro Devices
AMD@US Aug. 7, 2015 Fault lines in credit
Monmouth Real Estate Investment Corporation
MNR@US Jun. 27, 2014 FedEx’s little friend
Lumber Liquidators Holdings
LL@US Sep. 6, 2013 Floor to ceiling
Sberbank
SBER@RX Aug. 8, 2014 For the outcasts
Market Vectors Russia ETF
RSX@US Aug. 8, 2014 For the outcasts
Moscow Exchange
MOEX@RX Aug. 8, 2014 For the outcasts
Transocean Ltd.
RIG@US Mar. 11, 2016 For the un-meek
Atwood Oceanics
ATW@US Mar. 11, 2016 For the un-meek
National Oilwell Varco
NOV@US Mar. 11, 2016 For the un-meek
NOW Inc
DNOW@US Mar. 11, 2016 For the un-meek
Blackstone Group L.P.
BX@US Feb. 22, 2013 For the unrepressed
KKR & Co. LP
KKR@US Feb. 22, 2013 For the unrepressed
Forest City Enterprises
FCE/A@US Sep. 20, 2013 Forest and trees
Post Holdings Inc.
POST@US Sep. 16, 2016 From hunger
Gazprom OAO
OGZD@LI May. 16, 2014 From Russia with value
Rosneft OAO
RUSN@LI May. 16, 2014 From Russia with value
Lukoil OAO
LKOD@LI May. 16, 2014 From Russia with value
Sberbank
SBER@RX May. 16, 2014 From Russia with value
Altice N.V.
ATC@NA Oct. 2, 2015 Frontiers of junk
Frontier Communications Corp.
FTR@US Oct. 2, 2015 Frontiers of junk
Hallador Energy Co.
HNRG@US Nov. 29, 2013 Fuel least popular
Waste Management
WM@US May. 2, 2014 Garbage time
Boardwalk Pipeline Partners
BWP@US May. 4, 2012 Gas-fired income
HomeAway
AWAY@US Mar. 6, 2015 Get out of town
Quest Diagnostics
DGX@US May. 29, 2015 Get your free money!
Moscow Exchange
MOEX@RX Aug. 7, 2015 Global verbiage glut
Sberbank
SBER@RX Aug. 7, 2015 Global verbiage glut
Avianca Holdings SA
AVH@US Aug. 7, 2015 Global verbiage glut
General Shopping Brasil S.A.
GSHP3@BZ Aug. 7, 2015 Global verbiage glut
Grupo Nutresa SA
NUTRESA@CB Aug. 7, 2015 Global verbiage glut
Kone OYJ
KNEBV@FH May. 30, 2014 Going down
Northern Dynasty Minerals
NAK@US Jan. 25, 2013 Gold by the share
Pretium Resources
PVG@US Jan. 25, 2013 Gold by the share
Forest City Enterprises
FCE/A@US Jan. 23, 2015 Good news for a change
Metal Constructions of Greece (Metka)
METTK@GA Oct. 19, 2012 Greek bearing news
Westlake Chemical Partners LP
WLKP@US Nov. 27, 2015 Guilt by association
North Atlantic Drilling Ltd.
NATDF@US Sep. 19, 2014 Heavy seas
China Cinda Asset Management Co.
1359@HK Jan. 24, 2014 Heretofore unimagined
Calavo Growers
CVGW@US Jul. 24, 2015 Holy guacamole!
Marmara Capital Equity Fund
SRMDSMH@TI Jan. 13, 2017 Horrible to bad
Dogan Gazetecilik A.S.
DGZTE@TI Jan. 13, 2017 Horrible to bad
Gunes Sigorta A.S.
GUSGR@TI Jan. 13, 2017 Horrible to bad
Akenerji Elektrik Uretim A.S.
AKENR@TI Jan. 13, 2017 Horrible to bad
Turkish Airlines
THYAO@TI Jan. 13, 2017 Horrible to bad
National Commercial Bank
NCB@AB Aug. 12, 2016 Hostile banking
Sberbank
SBER@RX Aug. 12, 2016 Hostile banking
BlackRock
BLK@US Sep. 30, 2016 House of fads
Restoration Hardware Holdings
RH@US Jan. 23, 2015 House of mirrors
Google
GOOG@US Jul. 27, 2012 Human progress at a market multiple
Rackspace Hosting
RAX@US Jan. 25, 2013 In case the music stops
Hanesbrands Inc.
HBI@US Jul. 1, 2016 Inside Story
Customers Bancorp, Inc.
CUBI@US Dec. 11, 2015 Interest rates by the clock
Diamond Resorts International
DRII@US Dec. 11, 2015 Interest rates by the clock
Tile Shop Holdings
TTS@US Nov. 15, 2013 Introducing the Grant's Story Stock Index
Boulder Brands
BDBD@US Nov. 15, 2013 Introducing the Grant's Story Stock Index
Opko Health
OPK@US Nov. 15, 2013 Introducing the Grant's Story Stock Index
ENI S.p.A
ENI@IM Oct. 18, 2013 Investing in Yellen
Pretium Resources
PVG@US Oct. 18, 2013 Investing in Yellen
Seacor Holdings
CKH@US Mar. 25, 2016 Investment value—“on”
Pan American Silver
PAAS@US Jun. 17, 2016 Just enough hair
Tahoe Resources
THO@CN Jun. 17, 2016 Just enough hair
Paramount Resources Ltd.
POU@CN Jul. 13, 2012 Just in case
Cairn Energy
CNE@LN Jul. 13, 2012 Just in case
Pennsylvania Real Estate Investment Trust
PEI@US Mar. 22, 2013 Just looking
Keryx Biopharmaceuticals
KERX@US Dec. 13, 2013 Just say no
Forest City Enterprises
FCE/A@US Jul. 11, 2014 Just you wait
United Rentals Inc.
URI@US Oct. 28, 2016 Keep selling it
Ashtead Group plc
AHT@LN Oct. 28, 2016 Keep selling it
Ball Corp.
BLL@US Oct. 28, 2016 Kicking the can
Oasis Petroleum Inc.
OAS@US Mar. 10, 2017 Laddered oil play
Suncor Energy Inc.
SU@CN Mar. 10, 2017 Laddered oil play
Copperbelt Energy Corp plc
CEC@ZL Mar. 10, 2017 Laddered oil play
Atwood Oceanics
ATW@US Mar. 10, 2017 Laddered oil play
Transocean Ltd.
RIG@US Mar. 10, 2017 Laddered oil play
Amrep Corp.
AXR@US Nov. 30, 2012 Land rush
Tejon Ranch Company
TRC@US Nov. 30, 2012 Land rush
Barrick Gold
ABX@US Mar. 6, 2015 Last to first
Surgutneftegas
SGGD@LI Apr. 17, 2015 Leaders have to lead
Royal Bank of Scotland
RBS@LN Apr. 8, 2016 Least to beast
Snap-on Inc.
SNA@US Jun. 3, 2016 Lending clubbed
Signet Jewelers Ltd.
SIG@US Jun. 3, 2016 Lending clubbed
Annaly Capital Management
NLY@US Apr. 6, 2012 Like typos
NovaGold Resources
NG@US Apr. 21, 2017 Long Shots, Inc.
Midas Gold Corp.
MAX@CN Apr. 21, 2017 Long Shots, Inc.
Tower Hill Mines Ltd.
THM@US Apr. 21, 2017 Long Shots, Inc.
Daishi Bank
8324@JT May. 6, 2016 Made (up) in Japan
Nanto Bank
8367@JT May. 6, 2016 Made (up) in Japan
Shizuoka Bank
8355@JT May. 6, 2016 Made (up) in Japan
Zoomlion
1157@HK May. 18, 2012 Made in China
Horsehead Holding Corp.,
ZINC@US Mar. 8, 2013 Metals redux
Pretium Resources
PVG@US Mar. 8, 2013 Metals redux
Northern Dynasty Minerals
NAK@US Mar. 8, 2013 Metals redux
New Gold
NGD@US Feb. 10, 2017 Mine disaster
Methanex Corp
MEOH@US Feb. 20, 2015 Mistaken identity
Cameco Corporation
CCO@CN Jan. 13, 2017 Mushroom cloud parts
Jazz Pharmaceuticals PLC
JAZZ@US Sep. 5, 2014 Narcolepsy blues
NovaGold Resources
NG@US Jan. 10, 2014 Nature's own bitcoin
Klondex Mines
KDX@CN Jan. 10, 2014 Nature's own bitcoin
Teranga Gold
TGZ@CN Jan. 10, 2014 Nature's own bitcoin
Casino Guichard Perrachon SA
CO@FP Jan. 15, 2016 Neither fish nor fowl
Quest Diagnostics
DGX@US Jul. 24, 2015 New diagnosis
Wells Fargo Short-Term Municipal Bond Fund Class A
WSMAX@US Oct. 28, 2016 No yield for you
Emmis Communications Corp.
EMMS@US Mar. 23, 2012 Not preferred
Progressive Corp.
PGR@US Nov. 1, 2013 Not so fast, Joseph Schumpeter
Coca-Cola Co.
KO@US Mar. 9, 2012 Not so fast, Warren Buffett
Northern Dynasty Minerals
NAK@US Sep. 20, 2013 Not so golden
LifeLock
LOCK@US Feb. 6, 2015 Not such a lock
Babcock & Wilcox Co.
BWC@US May. 3, 2013 Nuclear option
Cameco Corporation
CCO@CN Mar. 22, 2013 Nuke ‘em
Annaly Capital Management
NLY@US Feb. 22, 2013 Oases of income
AGNC Investment Corp.
AGNC@US Feb. 22, 2013 Oases of income
PNC Financial Services
PNC@US Jun. 14, 2013 On the authority of Bill Gross
MGIC Investment Corporation
MTG@US Jul. 24, 2015 On the rebound
Radian Group
RDN@US Jul. 24, 2015 On the rebound
Nordea Bank AB
NDA@SS Apr. 5, 2013 On the true meaning of Cyprus
Danske Bank A/S
DANSKE@DC Apr. 5, 2013 On the true meaning of Cyprus
Fosun International Ltd.
656@HK Sep. 30, 2016 One-stock ETF
Blackstone Group L.P.
BX@US Jul. 27, 2012 Opportunism still knocks
Seacor Holdings
CKH@US Nov. 11, 2016 Opportunity droops
Halcon Resources
HK@US Nov. 28, 2014 Opportunity in confusion
Transocean Ltd.
RIG@US Nov. 28, 2014 Opportunity in confusion
Paragon Offshore
PGN@US Nov. 28, 2014 Opportunity in confusion
Goodrich Petroleum
GDP@US Nov. 28, 2014 Opportunity in confusion
Middleby Corp.
MIDD@US Dec. 23, 2016 Out of the kitchen
CBL & Associates Properties
CBL@US Nov. 13, 2015 Over here, Carl Icahn!
Exor SpA
EXO@IM Jun. 15, 2012 Panic of the headline writers
Fairfax India Holdings Corp.
FIH/U@CN Feb. 6, 2015 Passage to capitalism
Constellation Software Inc.
CSU@CN Dec. 9, 2016 Past Performance, Inc.
Conn’s Inc.
CONN@US Jan. 24, 2014 Paycheck to paycheck
Hallador Energy Co.
HNRG@US Jun. 12, 2015 Pessimism to burn
Petroleo Brasileiro SA
PBR@US Nov. 14, 2014 Pick to not click
Blackstone Mortgage Trust
BXMT@US Nov. 29, 2013 Plugging for 9%
Annaly Capital Management
NLY@US May. 17, 2013 Pole-vault yields
AGNC Investment Corp.
AGNC@US May. 17, 2013 Pole-vault yields
Hatteras Financial Corp
HTS@US May. 17, 2013 Pole-vault yields
Transportadora de Gas del Sura SA
TGS@US Jun. 3, 2016 Popular Pariahs
Adecoagro S.A.
AGRO@US Jun. 3, 2016 Popular Pariahs
iShares Silver Trust
SLV@US Jun. 3, 2016 Popular Pariahs
Grupo Financiero Galicia
GGAL@US Jun. 3, 2016 Popular Pariahs
Capstead Mortgage Corp.
CMO@US Oct. 16, 2015 Postscript to value
AGNC Investment Corp.
AGNC@US Oct. 16, 2015 Postscript to value
SolarCity Corp.
SCTY@US Oct. 2, 2015 Predatory borrower
Hyundai Motor
005380@KS Dec. 13, 2013 Preferred by more
Weiss Korea Opportunity Fund
WKOF@LN Dec. 13, 2013 Preferred by more
Capstead Mortgage Corp.
CMO@US Nov. 28, 2014 Preferred income
Monmouth Real Estate Investment Corporation
MNR@US Nov. 28, 2014 Preferred income
Golub Capital
GBDC@US Nov. 28, 2014 Preferred income
Ares Capital Corp.
ARCC@US Nov. 28, 2014 Preferred income
AGNC Investment Corp.
AGNC@US Nov. 28, 2014 Preferred income
Annaly Capital Management
NLY@US Nov. 28, 2014 Preferred income
Kraft Heinz Co
KHC@US Mar. 24, 2017 Price war for Warren Buffett
Pretium Resources
PVG@US Dec. 13, 2013 Problem child redux
NovaGold Resources
NG@US May. 17, 2013 Puts on Ph.D.s
MGM Energy
MGX@CN May. 17, 2013 Puts on Ph.D.s
Lumber Liquidators Holdings
LL@US May. 17, 2013 Puts on Ph.D.s
Capstead Mortgage Corp.
CMO@US Aug. 9, 2013 Quartered and drawn
Annaly Capital Management
NLY@US Aug. 9, 2013 Quartered and drawn
AGNC Investment Corp.
AGNC@US Aug. 9, 2013 Quartered and drawn
Hatteras Financial Corp
HTS@US Aug. 9, 2013 Quartered and drawn
Quest Diagnostics
DGX@US Nov. 28, 2014 Quest and ye shall find
AerCap Holdings NV
AER@US Apr. 17, 2015 Radical negative one
athenahealth
ATHN@US Apr. 17, 2015 Radical negative one
Valeant Pharmaceuticals International
VRX@US May. 30, 2014 Reality check
Parkway Inc.
PKY@US Nov. 25, 2016 Redheaded stepchild REIT
Fibra Uno
FUNO11@MM Jan. 27, 2017 REIT numero uno
Golub Capital
GBDC@US Nov. 2, 2012 Reluctant optimist
Destination Maternity
DEST@US Jan. 11, 2013 Returns to illiquidity
Kulicke & Soffa
KLIC@US Jan. 11, 2013 Returns to illiquidity
Market Vectors Gold Miners ETF
GDX@US Jun. 28, 2013 Revenge of the invisible hand
AGNC Investment Corp.
AGNC@US Jun. 28, 2013 Revenge of the invisible hand
Hatteras Financial Corp
HTS@US Jun. 28, 2013 Revenge of the invisible hand
Annaly Capital Management
NLY@US Jun. 28, 2013 Revenge of the invisible hand
Bancolombia SA
CIB@US Jun. 28, 2013 Revenge of the invisible hand
Credicorp Ltd.
BAP@US Jun. 28, 2013 Revenge of the invisible hand
CME Group
CME@US Oct. 31, 2014 Rise of the machines
Intercontinental Exchange
ICE@US Oct. 31, 2014 Rise of the machines
NovaGold Resources
NG@US Oct. 30, 2015 Rock-paper-scissors
Lincoln National Corp.
LNC@US Jun. 14, 2013 Rooting rates higher
MetLife
MET@US Jun. 14, 2013 Rooting rates higher
Charles Schwab
SCHW@US Jun. 14, 2013 Rooting rates higher
Allergan Inc.
AGN@US May. 2, 2014 Sacrificial creditors
Valeant Pharmaceuticals International
VRX@US May. 2, 2014 Sacrificial creditors
Valeant Pharmaceuticals International
VRX@US Oct. 30, 2015 Saul Steinberg's second coming
BHP Billiton Ltd.
BHP@AU Jan. 13, 2017 Sell a non sequitur
Rio Tinto Ltd.
RIO@AU Jan. 13, 2017 Sell a non sequitur
Fortescue Metals Group Ltd.
FMG@AU Jan. 13, 2017 Sell a non sequitur
Evercore Partners Inc.
EVR@US Sep. 19, 2014 Sell advisory
Campbell Soup Co.
CPB@US Mar. 25, 2016 Sell Big Food
Kraft Heinz Co
KHC@US Mar. 25, 2016 Sell Big Food
SL Green Realty Corp
SLG@US May. 6, 2016 Sell New York
Franklin Resources
BEN@US Jul. 11, 2014 Sell to whom?
Genesee & Wyoming Inc
GWR@US Mar. 23, 2012 Short a short line
Alibaba Group Holding Ltd
BABA@US Apr. 22, 2016 Short and a long
Swiss National Bank
SNBN@SW Oct. 31, 2014 SNBN is the Ticker, in Zurich
Amazon.com
AMZN@US Jan. 24, 2014 So close to the sun
Blackstone Mortgage Trust
BXMT@US Feb. 24, 2017 So long for now
Transportadora de Gas del Sura SA
TGS@US Sep. 5, 2014 So long then, Cristina Fernandez de Kirchner
InRetail Peru Corp.
INRETC1@PE Apr. 22, 2016 South of the border
Empresa Nacional de Telecomunicaciones SA, ENTEL
ENTEL@CI Apr. 22, 2016 South of the border
iStar Financial
SFI@US Aug. 9, 2013 Special situation redux
J.P. Morgan Chase
JPM@US Jul. 29, 2016 Speculating for income
Capstead Mortgage Corp.
CMO@US Jul. 29, 2016 Speculating for income
Blackstone Mortgage Trust
BXMT@US Jul. 29, 2016 Speculating for income
iShares International Treasury Bond ETF
IGOV@US Jul. 29, 2016 Speculating for income
Whirlpool Corp
WHR@US Feb. 10, 2017 Spin cycle
Kohl’s Corp.
KSS@US Feb. 8, 2013 Standing pat
North Atlantic Drilling Ltd.
NATDF@US Jul. 12, 2013 Stormy weather
Hospira
HSP@US Nov. 2, 2012 Thanks, Mr. Market
Wright Medical
WMGI@US Nov. 2, 2012 Thanks, Mr. Market
CIT Group
CIT@US Nov. 2, 2012 Thanks, Mr. Market
Monadelphous Group
MND@AU Jan. 13, 2012 The Big 'However'
Societe Internationale de Plantations et de Finance
SIP@BB Jan. 13, 2012 The Big 'However'
CBL & Associates Properties
CBL@US May. 15, 2015 The only game
Fleetwood Corp.
FWD@AU Jul. 13, 2012 The People's Outback
Golub Capital
GBDC@US Dec. 13, 2013 The price is wrong
AGNC Investment Corp.
AGNC@US Dec. 13, 2013 The price is wrong
Annaly Capital Management
NLY@US Dec. 13, 2013 The price is wrong
Redwood Trust
RWT@US Nov. 16, 2012 The votes are in
MFA Financial Inc.
MFA@US Nov. 16, 2012 The votes are in
AGNC Investment Corp.
AGNC@US Nov. 16, 2012 The votes are in
Hatteras Financial Corp
HTS@US Nov. 16, 2012 The votes are in
Horsehead Holding Corp.,
ZINC@US Sep. 5, 2014 Three amigos
iStar Financial
SFI@US Sep. 5, 2014 Three amigos
North Atlantic Drilling Ltd.
NATDF@US Sep. 5, 2014 Three amigos
Prada SpA
1913@HK Jun. 15, 2012 Time piece
Richemont SA
CFR@VX Jun. 15, 2012 Time piece
Tiffany & Co.
TIF@US Jun. 15, 2012 Time piece
LifeLock
LOCK@US Jul. 24, 2015 Toss away the key
Kilroy Realty Corp.
KRC@US Oct. 2, 2015 Towers of deflation
Cullen/Frost Bankers
CFR@US Mar. 11, 2016 Trade closed
Hancock Holding Co.
HBHC@US Mar. 11, 2016 Trade closed
BOK Financial
BOKF@US Mar. 11, 2016 Trade closed
Texas Capital Bancshares
TCBI@US Mar. 11, 2016 Trade closed
Allison Transmission Holdings Inc.
ALSN@US May. 20, 2016 Transmission mechanism
Nordic American Tankers Ltd.
NAT@US Apr. 3, 2015 Turn of the tide?
Euronav NV
EURN@US Apr. 3, 2015 Turn of the tide?
Fortress Investment Group
FIG@US Nov. 14, 2014 Unaccountably cheap
Fortress Investment Group
FIG@US Sep. 18, 2015 Unaccountably cheaper
Hyundai Motor Co., preferred
005387@KS Sep. 21, 2012 Uncommonly preferred
Under Armour
UA@US Jun. 12, 2015 Under analyzed
Boardwalk Pipeline Partners
BWP@US Mar. 7, 2014 Under the Boardwalk
Fastenal Co.
FAST@US Feb. 7, 2014 Unfasten it
Bank of Nova Scotia
BNS@CN Jul. 12, 2013 Unsafe havens
Danske Bank A/S
DANSKE@DC Jul. 12, 2013 Unsafe havens
Reliance Industries Ltd.
RIL@IN Apr. 17, 2015 Up with India
iShares Silver Trust
SLV@US Jun. 3, 2016 Up with the accidental metal
Ironwood Pharmaceuticals
IRWD@US Apr. 3, 2015 Use as directed
MannKind Corp.
MNKD@US Apr. 3, 2015 Use as directed
Accelerate Diagnostics
AXDX@US Apr. 3, 2015 Use as directed
Valeant Pharmaceuticals International
VRX@US Mar. 11, 2016 Valeant's fine print
Owens-Illinois
OI@US Apr. 17, 2015 Value times three
Koppers Holdings
KOP@US Apr. 17, 2015 Value times three
Tidewater Inc.
TDW@US Apr. 17, 2015 Value times three
Middleby Corp.
MIDD@US Jun. 17, 2016 Waiter, the check
Royal Bank of Scotland
RBS@LN May. 20, 2016 We hardly knew ye
Kinder Morgan Inc.
KMI@US Sep. 20, 2013 We said, he said
iStar Financial
SFI@US Dec. 14, 2012 Well-marked book
Fortress Investment Group
FIG@US Feb. 24, 2017 White flag at Fortress
Kilroy Realty Corp.
KRC@US Apr. 8, 2016 Wide open spaces
Endo International Plc
ENDP@US May. 29, 2015 Wire-pullers of the twenty-first century
Paris Orleans SA
PAOR@FP May. 29, 2015 Wire-pullers of the twenty-first century
Deere & Co.
DE@US Sep. 16, 2016 Worst is yet to come
Sprint Corp.
S@US Dec. 23, 2016 Wrong number
Canadian Apartment Properties Real Estate Investment Trust
CAR-U@CN May. 20, 2016 Yield from hunger
Ares Capital Corp.
ARCC@US Oct. 3, 2014 Yield on sale
Golub Capital
GBDC@US Oct. 3, 2014 Yield on sale
Fifth Street Finance Corp.
FSC@US Oct. 3, 2014 Yield on sale
Fifth Street Senior Floating Rate Corp.
FSFR@US Oct. 3, 2014 Yield on sale
Capstead Mortgage Corp.
CMO@US Oct. 17, 2014 Yield times four
AGNC Investment Corp.
AGNC@US Oct. 17, 2014 Yield times four
Blackstone Group L.P.
BX@US Oct. 17, 2014 Yield times four
Annaly Capital Management
NLY@US Oct. 17, 2014 Yield times four
iShares JP Morgan U.S. Dollar Emerging Markets Bond ETF
EMB@US Oct. 17, 2014 Yield to hope
Goldman Sachs Group
GS@US Aug. 8, 2014 Yield to steepness
Western Asset High Yield Defined Opportunity Fund
HYI@US Sep. 18, 2015 Yield to term
Western Asset Global Corporate Defined Opportunity Fund
GDO@US Sep. 18, 2015 Yield to term
Nuveen Build America Bond Fund
NBB@US Sep. 18, 2015 Yield to term
Nuveen Build America Bond Opportunity Fund
NBD@US Sep. 18, 2015 Yield to term
Netflix Inc.
NFLX@US Mar. 10, 2017 You only get par
Restaurant Brands International Inc.
QSR@US Mar. 10, 2017 You only get par
TransDigm Group Inc.
TDG@US Mar. 10, 2017 You only get par
SoftBank Group Corp.
9984@JP Mar. 10, 2017 You only get par