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Strategies & Market Trends : Value Investing

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To: sportsman who wrote (31404)	7/9/2008 1:01:01 AM
From: Spekulatius	Read Replies (1) of 78515

Sportsman -re Preferred yes i would be interested in preferreds. i have been looking at a few of them - i like HPT-XX and AFC. HPT has trouble with it's truck stops (TA) but is solidly financed. The preferreds are yielding almost 11%. AFC is indeed unsecured debt and not an equity vehicle, which makes it even safer. ALD would have to get completely wiped out before AFC (together with other unsecured debt) would loose principle. Considering that ALD has 50% equity by design that is very unlikely to happen and if it were to happen, i think ALD would go into runoff mode and simply be like a closed end junk bond fund that slowly liquidates.

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