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Strategies & Market Trends : Value Investing
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From: MCsweet3/2/2009 2:37:43 PM
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PIY,

To any bond investors, I think PIY looks interesting here yielding around 19%. Trust preferred (backed by bonds) with 1.05 dividend coming up soon in < 1 month, underlying company (FTR) has good cash flows, no toxic assets like the banks, and minimal debt due this year.

Anyone who owns FTR, by the way, should swap to PIY IMO. FTR dividend is not going up, and PIY is paying higher dividend at very distressed prices.

In case the world ends, you might even short some FTR and buy PIY.

MC
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