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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Ralph W. who wrote (94780)	3/2/2002 5:09:34 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 132070

Ralph, Hard to find high quality yields these days. I still own TGG and they are going to merge with your GIM, I can not make a decision on selling or holding. Frozen!!!! GIM's debt is a little more risky than TGG's, on the other hand these Templeton folks do a good job of managing the risk. Right now am leaning towards just holding because at my cost am getting 8.34%. Greed. <g> Recently started purchasing FCO which gives me some more currency debt outside our boarders. Like FCO's debt because it is mostly provincial and government debt of Australia, Canada and England. IMO, higher grade debt than GIM. Still own FAX and do not plan on selling. Both FAX and FCO do pay out capital as part of their dividends. Bought a first 1/3 of TLM preferred A. This yields 9% and generally can be bought close to par after the dividend payout. I looked at their balance sheet and the cash flow looks good for paying interest on their debt. Have been waiting for it to trade under par for a second third, but it has not traded below par since I bought. If I remember correctly the debt is rated BBB- by S&P. Bought a first third of APJ. This is 8.25% at par and also trades close to par after payout. This one was rated BBB by S&P when I purchased it. NAT has a nice dividend and own a third position there. The minimum dividend on this stock should be $1.44 because of the minimum contract payments from BP. Some people on SI own VLCCF in this area of super tankers. I did a trade off between the two and there does not seem to be much of a difference. The reason I bought NAT was there tankers are structured into different legal separate subsidiaries so if they lose one tanker and the insurer does not pay all or partial replacement the rest of the fleet is not affected. A little protection. I could not find that VLCCF has this kind of structure - maybe they do. Gabelli has a 7.20% Tax Advantaged Series B Cumulative Preferred Stock rated AAA. I would buy this if it ever gets down close to par. A couple of stocks I own but would not recommend to my worst enemy. EOT with a yield of over 14.5% and TRU for a return of 16% at Fridays closing prices. If you look at these charts you can see where I have been with them. TRU is a depleting resource company and I will not hold it for the long haul, but have fought this one so I have a decent profit. I am busy fighting EOT and my position is not currently break even by a long shot. <g> Own a 2/3 rds position of USU. Now are you ready for this. Started collecting some long term US government debt. Have a 1/10th position. <ggg> Another place to looks is South African precious metal stocks. GOLD and HGMCY send good dividends and I expect higher dividends going forward. They have had a good run lately but something to think about. Also IMPAY pays a good dividend, but I am waiting to buy if it corrects. Maybe an entry of $20 would be where I would start a first third. AAUK is also on my radar screen, I missed this one during the September melt down. The followings a list collected by SI'rs of companies that deliver respectable dividends: HGT TRU LRT DOM BPT UST CRT SJT NLY HCN USU WTU PCL NAT VLCCF CHC ALD FUN PSD Joan

To: Ralph W. who wrote (94780)	3/2/2002 5:28:50 PM
From: Joan Osland Graffius	Respond to of 132070

Ralph, Oh, another place is coal. Three companies that could be of interest: PVA ARLP and CNX. All three of these have their own story. The stock holders are working over management to unlock shareholder value at PVA, ARLP is having some operational problems at the moment, and CNX has been in a down trend where the dividend starts to look interesting. Have not bit on any of these yet. Have a real problem with CNX. I purchased it at 13 when all the money in the world was chasing the dot.coms in 1999, you know the same time baby Berkshire was trading at 1380. Looking to buy CNX at 23 as a good value is real hard to realize. We always remember the good times when things were "very very" cheap. Kind of like pop for 5 cents a bottle when I was a kid. <g> Am not buying REIT's. IMO the time to buy these is when we know the economy is recovering. Maybe some nursing home REIT's or something that is required for survival. Joan

To: Ralph W. who wrote (94780)	3/3/2002 10:40:39 AM
From: Telemarker	Read Replies (1) \| Respond to of 132070

Hi Ralph. May I add to the yield discussion by stating that I'm still quite positive on the healthcare REITS? Moderately positive on apartments and below neutral to downright negative on the other classes of REITS. By healthcare REIT basket includes HR, HCP, HCN, NHP, UHT and VTR. Waiting and watching SNH after they've recently done some massive equity sales. Also holding HR's "a" preferred and looking at HCPs three preferred issues. Many of these positions were built 1-24 months ago at larceny type prices, but still doing some buying in this area as there is a dearth of other good ideas. FFO multiples now in the 10-11 range after dipping to 6-7 range on last PPS scare and peaking at 15 or so before then. As mentioned before, I'm holding large portfolio of core positions in midstream energy MLP's and trading them on dips. I follow this area quite closely and can discuss further is there's any interest. Generally, I see two places to be in this market: 1) gold miners and 2) non economically sensitive operations with good cash flow that is generously shared with shareholders (preferrably in a single-tax structure). Regards,