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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 398.57-0.2%Dec 18 4:00 PM EST
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To: energyplay who wrote (921)9/27/2005 9:56:50 PM
From: Taikun  Read Replies (1) of 218599
 
EP,

Cheers.

I rotated some of my business trusts into PCU last week, turned out to be a good move. I have noticed my PM positions aren't tracking the commodity well-maybe I'm in the wrong ones.

Say, how are you playing nickel now that CNI is being taken out? I guess I own RIO so it has some nickel in there. I am considering the RIO preferred as the chance of a special dividend increases and this will narrow the almost 15% gap.

I am in FAL, N just because I agree with Coxe they are good takeover targets.

By the way, I have an RBC research note on the Canadian trusts that says gov't is going after 1st generation trusts. FDG was a 1st generation trust got an advance tax ruling (ATR) and changed their structure. First gen involves a loan and if the trust income exceeds the debt payments tax is due. FDG never planned for such a rise in coal. 2nd & 3rg gen trusts are trust over partnership and RBC says they are less risk.

CET.UN, TDG.UN, AG.UN, GLC.UN, BAD.UN, EIS.UN are all 1st gen (many energy svcs) and the gov't hold on ATRs means they won't be able to get a ruling on changing their structure. If you notice these aren't performing so well.

I think the safest place now is in the resource trusts.

D
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