Housekeeping – Reader Notes

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Some recent notes from readers.

Dave asks about OTC Temp Ticker CHNPP.  It is now trading under its permanent ticker of CHSCL (CHS 7.50% preferred) and is trading at $27.11. One could have bought it at the ‘wholesale price’ of $25.25 or so when it was first trading.

Gary mentioned an issue we were not aware of Intl FCStone which has some 8.50% notes outstanding which have a maturity date of 2020. We added it to the ETD sheets.

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Craig made a note of Starwood Property Trust (ticker:STWD) releasing earnings. STWD is a commercial mortgage REIT which we have had some interest in and will take another look at it.

Robert had some input on farmland values–Robert would appear to be a commercial appraiser and he notes that the high values Farmland Partners(Ticker:FPI) is paying for farm land would best be described as ‘leased fee’ value versus ‘market value’. Essentially meaning that a piece of land (or a building) is worth a given amount if leased for a number of years for a given amount, versus a piece of land (or building) that has no tenant. The value of an asset without a paying tenant in place is substantially less than a longer term lease at a high price.  Thanks Robert.

Howard wrote us on MLP’s and that there are many good issues available. Unfortunately when we have written we have kind of trashed all MLP’s, when we are really referring to upstream e&P companies.  Howard is correct that there are many MLP’s in the midstream space that deserve a look by investors. Some like Markwest and TC Pipelines come to mind.  These companies have long histories of excellent performance.

Thanks to everyone for input, corrections and clarifications.

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