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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Musings on Yield |
Seeking Alpha - March 2, 2011 - by David Merkel
When I closed my piece on Warren Buffett’s Annual Letter, I ended with an important statement tat when I read it in the morning, I thought many would find it cryptic. Here it is:
And much as I like Buffett and Ray DeVoe, I would like my readers to internalize that there is no such thing as yield. Yield is the decision of the company, but what you should ask is what is the increase in value of the company. Look for investments that increase your net worth the most.
And I would add “With an eye toward safety.”
When I say there is no such thing as yield, I am overstating a matter to make a point.
Will the debtor make the interest (or principal) payment?
Will the company pay the regular dividend? Will they increase it?
Will you be able to hold the instrument so that you can realize the yield over the long haul?
During times of stress, yield has a nasty tendency to disappear, often with significant principal losses. Thus I am skittish whenever I hear someone say that they need to get a certain yield.
Individuals and Institutions, for better, but usually for worse, often rely on getting a certain yield from fixed income investments.
If I don’t get this yield, I won’t be able to meet my monthly expenses.
If I don’t get this yield, my quarterly earnings will miss.
If I don’t get this yield, our ability to support our charitable endeavors will suffer.
Sigh. Look, this could have been entitled “Education of a Corporate Bond Manager, Part 13,” but I didn’t because this is more broad and important. It affects everyone.
For the complete article.
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| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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