Good summary 👍 In my view, over many decades of observation, the key is your entry point. If you don’t get that right, you are likely to be disappointed. Happily, every few years, the market serves up a bloodbath in these shares, where discounts completely blow out, and everyone runs for the hills. That’s your entry. Then, over time, the discount will return to its usual range, and you get your capital gain. Same game with preferreds. Those are great plays for dedicated income investors, but you have to take it seriously, and pay attention to these idiosyncrasies
Fund management is where strategy meets execution. Thanks for sharing your perspective.
Thanks very much for this. I've been watching ADX and CET (v.s. Berkshire) as my "buy after a crash" stocks.
Good summary 👍 In my view, over many decades of observation, the key is your entry point. If you don’t get that right, you are likely to be disappointed. Happily, every few years, the market serves up a bloodbath in these shares, where discounts completely blow out, and everyone runs for the hills. That’s your entry. Then, over time, the discount will return to its usual range, and you get your capital gain. Same game with preferreds. Those are great plays for dedicated income investors, but you have to take it seriously, and pay attention to these idiosyncrasies