Sunday, October 22, 2017

Guide To New Readers

Guide To New Readers

Good morning.  With my using Twitter every now and then to alert people to my blog posts, I am getting a few more readers than my historical 30 to 40.  And so I thought it might be helpful for me to point new and not so new readers to a few key blogs in my past.

I will also share here some of my key thoughts and findings as well as a highlight of what the heck I am doing.  As I try to always state, I am just a guy (now retired) with a spreadsheet.  So I have no great insights to investing, no CFA, not even any college credits.  So please always try and do your own due diligence and recognize that while I try to be accurate, I probably can and do make mistakes.

About Me And The MFI Diary

I am a retired actuary.  For those who do not know, an actuary is basically a mathematician for insurance companies and are generally responsible for setting up rating/pricing structures as well as working with the CFO on financial statements such as balance sheet.  We look in the rear view mirror a lot, trying to see patterns in history that might help predict the future.  This can be helpful in insurance, but also horse racing and investing.

Actuaries are often very adept at excel and are also generally pretty good scorekeepers.  We do some pretty cool things as a profession, such as


  1. predict shortfalls in social security in the future (The Future Financial Status of the Social Security Program)
  2. create indices tracking changes in weather over time (Actuaries Climate Index).
  3. Make predictions for gambling on sports (Based on Actual Math)
  4. And even jokes about our profession (Actuarial Jokes).

I first read Greenblatt's book (The Little Book That Still Beats the Market) in February of 2006.  I was sold by the patterns of performance in his backtesting by decile.  So at that time, I started investing using his website (Magic Formula Investing).  Being an actuary, I also decided at that time to start keeping detailed records about MFI.  Finally, everyone was talking about Blogs, so I decided to start the MFI Diary.

Just for fun, I just went back and re-read my first post: The Genesis.  It has held up pretty well.

Yahoo Groups

When I first started, MFI was all over the internet. A lot of people were trying it (the book had just come out). One of first things I did was join the Yahoo Group on MFI (Magic Formula Investing - Yahoo Groups).  I was a regular contributor and became (and still am) one of the moderators.  For the first 3 years or so, this was a very active board with some really good research being done.  One thing we were very interested in doing was to be able to create our own list that mirrored the official list.  We wanted to do this in the event the offical site was taken down or went behind a paywall.

Back in those days, the official website was different.  Not only did they give you the top 50 stocks, but they gave you some data points about the return on invested capital and earning yield.  So with those data points and a well-worn edition of the little book that beats the market, we tried to replicate the results.

It was a group effort over several months.  It was not straightforward, but we came pretty darned close.  I highlight the formula in a post I call The Calculation.   After creating a way to calculate earnings yield and ROIC for an individual stock, I needed a way to calculate it for 3000 stocks so I could rank them.  I am good at excel, but automating this was a bit beyond my skill set.

Thankfully, a great guy named Randy Harmelink helped me out.  He is the brains of another great yahoo group (EXCEL Stock Market Functions Add-in - Yahoo Groups).  He maintains and develops stock market functions (SMF) that work with excel through an add-in.  He charges nothing for the work and his formulae allow you to do all sorts of stock market work in excel.  Like I said, great guy.  So Randy and I went through several iterations of taking my framework of an excel spreadsheet with the calculation and expanding it to cycle through several thousand ticker symbols pulling data from financial statements.

So with that, I can create a top 200 list (Top 200 List 10/8/2017) at anytime (well, it does take an hour or so and Yahoo data sometimes gets finicky).  The top 200 lists mirror the official list very closely.  It is pretty uncommon for any stock in the official top 50 not to be in my top 100.

MFI Tracking

For those who have read TLBTBTM (and all of you should read it), you will know that his recommended approach is to buy a basket of stocks from the list four times a year.  And then each basket should be held for a year.  At that point, you sell the basket and buy a new basket.

I decided that while I was starting in Feb 2006 that I also wanted to track how the official stock lists did using that prescribed approach.  So early on, I started saving the top 50 stocks from the list in a spreadsheet once a month and tracking how they did over a year holding period.  This was the birth of my monthly MFI tracking portfolio postings.  Here is my first ever tracking blog post: January 6th, 2006 Model Portfolio.  Guess I called it "model portfolio" instead of tracking in 2007.

Now tracking stock performance may seem simple.  But it actually takes a good deal of effort as I have 12 portfolios at any given time, each with 50 stocks.   So I have to automate as much as possible and use Randy's SMFs to streamline.  But you do get issues with stock splits, name changes, special dividends, companies getting bought etc.  Unfortunately, I have to rely on Yahoo Finance for a lot of the data and frankly sometimes they miss things (like a recent USNA stock split).  I try to eyeball and I am pretty familiar with the MFI stocks... so I believe I catch most errors.  But I am sure I have missed a few.

The MFI Tracking portfolios (which I want to iterate, I DO NOT Own, but rather just track) are a great resource for an actuary to dig through and create tools and see what has worked or not worked.  I did get disgusted with MFI in 2011 - I had been burned by some Chinese reverse merger stocks (I know, pretty stupid) and had fallen a bit off the wagon about being very disciplined in following the buy and hold for a year rules (it is so easy to get emotional after a bad earings quarter).  So I quit for a year (MFI Diary Abandons Magic Formula Investing | Mark Carter).

Useful Post List

But I went through all my data and came back with a reboot (which has been highly successful) in August 2012.  Here are a few key posts.


Racing To The Finish Line!

Ok.  Thanks for your patience.  I know the almost 2,400 blog posts I have made would be too much for anyone to digest (unless your name is Watson).

I have tried to boil all those posts into a smaller subset that tracks my evolution and findings over time.  Still turned out to be more than I expected.

Keep in mind that these are just my thoughts.  I know that using backtesting for future investing does not always work.  But I also know that at one point I was worried about saying too much in my blog as some of the back-testing results were off the charts. I also know that what I have analyzed and crunched has given me the confidence to increase my stakes in 2017 by 30 to 40% per tranche/portfolio.  It is not a coincidence that those increases came within a month of my "beer-infused ramble".

Signing off!




Saturday, October 21, 2017

MFI Weekend Update 10/21/17

Weekend Update

It was a good week.  Scratch that, a great week - at least for my Magic Formula stocks.  Hard to believe, but they were up over 3% on the week.  I am back home, after being in Pittsburgh and Knoxville the past two weekends.  Back on the road next weekend - visiting daughter in Boston for Parents weekend.

Of course, I have to have a disclaimer - I am just a guy with a spreadsheet and not a stock advisor.  You should do your own due diligence before acting on anything you read here.

Any opinions you read are my own unless they end up being really bad.

The Past Week

It was a very good week, as I mentioned. Especially for MFI stocks.  Not so hot in my dividend portfolio. Really hurt by NS dropping 8% and PSXP falling over 4%.  Not sure why pipelines were under duress.  PSXP actually increased dividend (Phillips 66 Partners declares $0.646 dividend).

Here is where I stand for the year and the 4th quarter:


 Component   YTD   4th Q 
 Overall  +15.42% +1.68%
 MFI Select  +27.12% +2.33%
 MFI Formula  +16.31% +6.16%
 Miscellaneous  +9.11% +1.97%
 Dividend  +13.06% -0.68%
 R3K  +16.11% +2.19%
 MFI Index  +5.02% +0.71%
 GARIX  +6.85% +1.87%


you can see in October how well my MFI portfolios are doing, Select is up 2.33% and Formula is up 6.16%.  You can also see that the broader MFI approach continues to trail in 2017.  My MFI Index is up 5% (versus 16% for the benchmark) and GARIX (a Gotham mutual fund) is up 6.85%.  2017 continues to be a year that favors growth stocks over value.

I did sell my FIX this week and my long held BAC warrants.  I sold the FIX as I had bought them as a reconstruction play. I was already up about 8% and that seemed pretty good to me.  The BAC warrants were up so much for me (overall best trade ever) and I am starting to worry about the markets hitting their top. Of course the warrants went up  another 6% right after I sold!

I did buy SALT (a dry bulk firm that reports on Monday) and a very small bank (OFED) that appears to be trading at a discount to replace my very successful BYBK play.  I do like some of these smaller banks that pay a little dividend, have limited downside (in my view( and decent upside via catalyst.  Better than 40 basis points in my savings account!

MFI Select

This is where I invest real dollars in MFI stocks. This portfolio consists of 4 tranches of 5 stocks each.  I allow myself total free form on what to pick.  So sometimes from official screens, but sometimes from my own personal screen.  This portfolio started in August of 2012 as a reboot.  I had quit MFI in frustration with my results for a year.

People ask, how do you pick your stocks?  I am just a guy with a spreadsheet, so I certainly have no special knowledge.  But my approach is to try and avoid "stinkers", stocks that have potential to drop 30% or more.  Stinkers can really suck the life right out of your returns. I do read a lot (Barron's, Seeking Alpha, WSJ) and I also like stocks that pay some form of dividend.

Here is how MFI Select has performed month by month, assuming I started with $100,000 spread over original 4 tranches and just kept rolling forward every anniversary date:


 Date   Differential   MFI Value   R3K Value 
12/1/2012 -2.20%          99,765            101,965
1/1/2013 -1.78%        102,798            104,575
2/1/2013 -2.26%        102,594            104,856
3/1/2013 -2.23%        102,881            105,114
4/1/2013 -0.43%        106,804            107,234
5/1/2013 2.00%        110,423            108,423
6/1/2013 4.75%        115,831            111,085
7/1/2013 4.29%        114,888            110,597
8/1/2013 6.91%        124,799            117,889
9/1/2013 10.46%        124,536            114,079
10/1/2013 19.67%        138,655            118,990
11/1/2013 19.75%        143,514            123,764
12/1/2013 23.70%        150,105            126,405
1/1/2014 26.63%        157,138            130,503
2/1/2014 24.70%        150,619            125,918
3/1/2014 25.66%        158,116            132,458
4/1/2014 30.38%        162,991            132,616
5/1/2014 29.65%        162,428            132,779
6/1/2014 31.44%        167,001            135,559
7/1/2014 39.23%        177,971            138,740
8/1/2014 31.13%        167,054            135,922
9/1/2014 35.90%        177,792            141,892
10/1/2014 29.38%        168,321            138,944
11/1/2014 26.14%        168,810            142,666
12/1/2014 30.22%        176,420            146,198
1/1/2015 28.17%        174,306            146,140
2/1/2015 20.63%        162,833            142,201
3/1/2015 25.15%        175,476            150,324
4/1/2015 29.95%        178,565            148,612
5/1/2015 37.31%        186,655            149,348
6/1/2015 51.53%        202,897            151,371
7/1/2015 62.69%        211,437            148,743
8/1/2015 40.75%        192,117            151,369
9/1/2015 36.41%        178,603            142,195
10/1/2015 43.12%        181,175            138,052
11/1/2015 69.02%        217,959            148,936
12/1/2015 73.49%        223,435            149,946
1/1/2016 63.33%        209,514            146,186
2/1/2016 49.49%        187,428            137,934
3/1/2016 56.48%        194,415            137,934
4/1/2016 47.34%        195,770            148,430
5/1/2016 46.38%        194,301            147,923
6/1/2016 51.44%        201,999            150,558
7/1/2016 50.41%        201,092            150,680
8/1/2016 52.72%        207,223            154,501
9/1/2016 67.04%        222,481            155,446
10/1/2016 42.98%        198,563            155,582
11/1/2016 41.86%        195,726            153,863
12/1/2016 45.92%        202,775            156,859
1/1/2017 45.60%        209,503            163,936
2/1/2017 45.20%        212,330            167,146
3/1/2017 48.80%        222,583            173,829
4/1/2017 55.70%        229,473            173,735
5/1/2017 55.80%        231,497            175,712
6/1/2017 53.40%        230,599            177,203
7/1/2017 60.28%        239,060            178,782
8/1/2017 57.76%        239,924            182,163
9/1/2017 68.85%        251,265            182,419
10/1/2017 75.60%        262,489            186,886
Current 76.72%        267,696            190,974

You look at this and say that is great, beating benchmark so far $267,696 to $190,974 (76.7% lead).  But if you look back over time, you'd see in December 2015 I had a 73% lead that shrank to 47% in just a quarter.  So never take victory laps.  One thing I have learned about MFI stocks (I have written about this in the past) is that they are more volatile than broader market. But it has been an outstanding 2017, you can see the MFI Select has gone from 209,503 to 267,696 thus far.

Here are my four open tranches.


11/15/2016  Start   Current   Dividend   Pct Gain   R3K Gain 
 MPAA  $26.55 $29.73 $0.00 12.0% 20.3%
 ATHM  $22.61 $59.14 $0.00 161.6% 20.3%
 AMGN  $145.14 $182.96 $3.15 28.2% 20.3%
 RHI  $43.23 $51.65 $0.94 21.7% 20.3%
 CA  $31.11 $34.10 $0.77 12.1% 20.3%
 Totals  47.1% 20.3%
2/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 AKRX  $19.10 $33.28 $0.00 74.2% 14.1%
 YY  $41.08 $93.12 $0.00 126.7% 14.1%
 KLAC  $85.11 $108.34 $1.67 29.3% 14.1%
 WNC  $17.65 $22.76 $0.06 29.3% 14.1%
 RGR  $52.75 $52.45 $1.15 1.6% 14.1%
 Totals  52.2% 14.1%
5/6/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 WSTC  $24.15 $23.50 $0.00 -2.7% 8.2%
 TGNA  $25.75 $21.55 $0.14 -15.8% 8.2%
 TIME  $15.05 $12.15 $0.04 -19.0% 8.2%
 MSGN  $23.55 $21.10 $0.00 -10.4% 8.2%
 QCOM  $54.93 $52.02 $1.14 -3.2% 8.2%
 Totals  -10.2% 8.2%
8/15/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 GHC  $591.10 $556.20 $1.27 -5.7% 5.3%
 ICHR  $19.80 $33.86 $0.00 71.0% 5.3%
 MD  $43.00 $44.51 $0.00 3.5% 5.3%
 SIMO  $43.05 $51.78 $0.00 20.3% 5.3%
 RHI  $44.15 $51.65 $0.24 17.5% 5.3%
 Totals  21.3% 5.3%

November 2016 and February 2017 continue to be outstanding, up almost a composite 50%.  May 2017 is just a mess, all 5 stocks are in the red (though no stinkers)... that is almost hard to do. August 2017 is off to a tremendous start, already up 21% in under a quarter.

Here is a table showing overall results.  I often iterate that these are more hypothetical as they assume $100,000 at outset and never more money added. In reality, I often add money at anniversary dates and in fact have added substantially (around a 35% bump) at all anniversary dates for all my MFI tranches in 2017.  That is a statement of my confidence that this approach works for me.  My actual results are what I published at very beginning of this blog.


 Category/Tranche   August   November   February   May   Total 
 Initial Investment         25,000             25,000           25,000        25,000         100,000
 Current Tranche  21.3% 47.1% 52.2% -10.2% 27.3%
 Previous Tranche  -0.1% 8.0% 10.7% 19.1% 15.3%
 Tranche -2  2.8% 69.4% -14.3% -25.2% 8.2%
 Tranche -3  11.2% 14.2% 8.5% 18.3% 13.0%
 Tranche -4  41.4% 43.7% 78.3% 33.0% 49.1%
 Tranche -5  14.1% 0.0% 0.0% 0.0% 3.5%
 MFI Overall Gain  123.6% 342.1% 179.3% 25.8% 167.7%
 Current Balance         55,907           110,514           69,830        31,446         267,696
 R3K Current Tranche  5.3% 20.3% 14.1% 8.2% 12.0%
 R3K Overall Gain  101.7% 105.1% 84.5% 72.6% 91.0%
 R3K Balance         50,420             51,271           46,127        43,156         190,974
 Annualized IRR  16.8% 35.1% 24.3% 5.3% 20.4%


So annualized IRR still over 20%.  You can also see current tranches are up composite 27.3% versus 12.0% for benchmark.

Here are how individual stocks did for the week.


 Stock   Last Week   Current   Dividend   Change 
 ATHM              60.46         59.14                       -   -2.2%
 RHI              49.01         51.65                       -   5.4%
 YY              93.22         93.12                       -   -0.1%
 AKRX              33.22         33.28                       -   0.2%
 AMGN            183.01       182.96                       -   0.0%
 CA              33.88         34.10                       -   0.6%
 ICHR              32.67         33.86                       -   3.6%
 WNC              22.35         22.76                       -   1.8%
 SIMO              51.93         51.78                       -   -0.3%
 MPAA              29.49         29.73                       -   0.8%
 MD              42.17         44.51                       -   5.5%
 GHC            559.90       556.20                       -   -0.7%
 WSTC              23.50         23.50                       -   0.0%
 QCOM              52.82         52.02                       -   -1.5%
 KLAC            105.30       108.34                       -   2.9%
 MSGN              20.75         21.10                       -   1.7%
 TGNA              21.72         21.55                       -   -0.8%
 RGR              49.70         52.45 5.5%
 TIME              12.70         12.15 -4.3%

So RHI popped back after dropping previous week. ICHR continues to head towards the moon.

MFI Formula

Mt second MFI portfolio is based on a formula I derived from all my back testing. So yes, it is a formula of a formula.  The formula is pretty straightforward. 

(1) start with screen of 50 stocks over $100m. 
(2) filter out the 17 smallest market caps. 
(3) Filter out stocks with a dividend yield up 2.4%.
(4) randomly select 5 stocks from remainders.

Since 2006, this approach would have done very very well.  Since I started with real $ in October 2014 it has done about the same as the benchmark.  But on a relative basis (that is relative to MFI in total), staying even with benchmark has been good.  

Same tables.


 Date   Differential   Value   R3K Value 
10/1/2014 0.00%        100,000            100,000
11/1/2014 1.63%        102,288            100,658
12/1/2014 0.30%        101,375            101,075
1/1/2015 -0.33%        100,664            100,995
2/1/2015 1.67%        101,281              99,611
3/1/2015 3.62%        106,073            102,454
4/1/2015 5.09%        106,781            101,695
5/1/2015 5.78%        107,859            102,077
6/1/2015 5.08%        108,213            103,134
7/1/2015 4.82%        106,423            101,604
8/1/2015 3.71%        107,112            103,404
9/1/2015 4.38%        101,523              97,139
10/1/2015 6.39%        100,703              94,312
11/1/2015 2.93%        104,835            101,907
12/1/2015 -3.48%          99,443            102,926
1/1/2016 -3.36%          96,830            100,012
2/1/2016 -0.72%          93,797              94,367
3/1/2016 4.07%          98,588              94,367
4/1/2016 0.34%        102,371            101,548
5/1/2016 -1.91%          99,774            101,200
6/1/2016 -0.42%        103,145            103,568
7/1/2016 -0.19%        103,022            103,216
8/1/2016 2.56%        109,419            106,857
9/1/2016 -0.34%        106,704            107,048
10/1/2016 -0.85%        106,377            107,230
11/1/2016 0.42%        105,421            105,003
12/1/2016 1.62%        110,705            109,088
1/1/2017 1.57%        113,406            111,832
2/1/2017 1.32%        114,809            113,486
3/1/2017 -5.09%        112,930            118,024
4/1/2017 -1.86%        116,227            118,091
5/1/2017 1.11%        120,403            119,296
6/1/2017 -2.65%        117,824            120,472
7/1/2017 -2.40%        119,144            121,545
8/1/2017 -1.96%        121,873            123,828
9/1/2017 -6.09%        117,879            123,973
10/1/2017 -2.56%        124,448            127,007
Current 1.60%        131,401            129,796

You can see I have really accelerated since 9/1/17.  A chunk of that was very good SYNT earnings and a part is that the tax plan congress is thinking about is pretty favorable to these types of stocks (many 100% domestic and have profits).

Here are the four tranches:


12/30/2016  Start   Current   Dividend   Pct Gain   R3K Gain 
 GILD  $71.69 $81.21 $1.56 15.5% 16.0%
 HPQ  $15.00 $22.02 $0.53 50.3% 16.0%
 TGNA  $21.33 $21.55 $0.28 2.3% 16.0%
 CA  $31.99 $34.10 $0.77 9.0% 16.0%
 SYNT  $19.79 $24.25 $0.00 22.5% 16.0%
 Totals  19.9% 16.0%
4/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 BKE  $18.45 $16.60 $0.75 -6.0% 10.0%
 CSCO  $33.76 $34.25 $0.87 4.0% 10.0%
 GILD  $67.50 $81.21 $1.04 21.8% 10.0%
 OMC  $85.53 $73.69 $1.10 -12.6% 10.0%
 SYNT  $16.76 $24.25 $0.00 44.7% 10.0%
 Totals  10.4% 10.0%
7/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 CSCO  $30.98 $34.25 $0.29 11.5% 6.8%
 GME  $20.95 $20.13 $0.38 -2.1% 6.8%
 HPQ  $17.60 $22.02 $0.13 25.9% 6.8%
 RGR  $60.70 $52.45 $0.23 -13.2% 6.8%
 SYNT  $16.21 $24.25 $0.00 49.6% 6.8%
 Totals  14.3% 6.8%
10/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 DIN  $43.14 $45.83 $0.00 6.2% 2.2%
 GILD  $82.85 $81.21 $0.00 -2.0% 2.2%
 GME  $20.50 $20.13 $0.00 -1.8% 2.2%
 HPQ  $20.22 $22.02 $0.00 8.9% 2.2%
 OMC  $74.80 $73.69 $0.00 -1.5% 2.2%
 Totals  2.0% 2.2%

Quite a reversal of fortune over just a few weeks ago.  All four are either leading or very close to leading the benchmark.  Woo-hoo! But no victory lap.  The SYNT move in 3 of my tranches really helped.  But like my Select portfolio, we continue to at least avoid stickers.


 Category/Tranche   October   January   April   July   Total 
 Initial Investment      249,820        249,939     250,180      249,728         999,667
 Current Tranche  2.0% 19.9% 10.4% 14.3% 11.6%
 Previous Tranche  7.0% 9.3% 25.2% 26.7% 16.5%
 Tranche -2  5.5% 11.0% -0.2% -12.5% 1.0%
 Tranche -3  0.5% 0.0% 0.0% 0.0% 0.1%
 MFI Overall Gain  15.6% 45.5% 37.9% 26.8% 31.4%
 Current Balance      288,890        363,597     344,878      316,640      1,314,005
 R3K Current Tranche  2.2% 16.0% 10.0% 6.8% 8.7%
 R3K Overall Gain  37.1% 29.6% 28.3% 24.3% 29.8%
 R3K Balance      342,487        324,023     321,025      310,429      1,297,965
 Annualized IRR  4.9% 14.3% 13.3% 10.8% 10.8%

Wow, annualized IRR now up over 10%.  Better than sharp stick in the eye.  And current tranches leading benchmark in aggregate 11.6% t0 8.7%.

Here are individual stocks during week:


 Stock   Last Week   Current   Dividend   Change 
 SYNT              19.39         24.25                       -   25.1%
 HPQ              21.71         22.02                       -   1.4%
 GILD              81.17         81.21                       -   0.0%
 CSCO              33.47         34.25                       -   2.3%
 OMC              75.14         73.69                       -   -1.9%
 GME              19.71         20.13                       -   2.1%
 CA              33.88         34.10                       -   0.6%
 DIN              43.40         45.83                       -   5.6%
 TGNA              21.72         21.55                       -   -0.8%
 BKE              15.55         16.60                       -   6.8%
 RGR              49.70         52.45                       -   5.5%

When your largest holding pops up 25%, that does help. But good week across the board.

Dividends and Misc

As I mentioned, my dividend stocks struggled during the week as my two pipeline MLPs (NS and PSXP) got clocked.  But I do not worry that much about how the market values these securities.  This is really about income stream and dividend yield.  And no bad news on that front.


 Dividend Stocks  Start  Current   Divvy   Overall Pct Gain   Weekly Pct Gain   9/30/17 Price   Yield 
 FDEU    18.40       19.02      0.57 6.5% -1.9%        19.42 7.6%
 EVG    14.46       14.23      0.18 -0.3% -0.4%        14.24 6.5%
 PSXP    47.39       50.96      0.38 8.3% -4.5%        52.56 4.8%
 KCLI    49.31       49.00      0.22 -0.2% 0.0%        49.75 2.4%
 LADR    13.01       13.79      0.30 8.3% -0.1%        13.78 8.7%
 ISBC    13.25       13.84      0.06 5.0% 1.4%        13.64 2.3%
 NS    41.04       34.77           -   -15.3% -8.1%        40.59 12.6%
 RLJ-PA    28.45       28.50      0.49 1.9% -1.2%        27.82 6.9%
 JQC      8.20         8.40      1.54 21.3% -0.9%           8.49 6.8%
 TK      5.24         8.73      0.06 67.5% -2.8%           8.93 2.5%
 DSL    19.47       21.10      1.50 16.1% -0.9%        21.25 8.5%
 OIBAX      5.85         5.94      0.42 8.7% -0.3%           5.95 4.4%
 OCSI      8.68         9.04      0.19 6.4% 1.6%           8.80 8.4%
 RILY    15.58       16.55      0.13 7.1% 0.0%        17.05 1.6%
 SBRA    23.13       21.32      0.52 -5.6% 1.0%        21.94 6.8%
 TGONF    11.04       12.82      1.61 30.8% 0.4%        12.80 5.5%
 VTIBX    10.92       10.92      0.02 0.2% 0.0%        10.89 1.1%
 GLDI      9.29         8.98      0.19 -1.2% -2.4%           9.07 12.1%
 CPLP      3.54         3.57           -   0.8% 0.3%           3.50 9.0%
 NRZ    16.22       17.49      0.88 13.3% 1.6%        16.73 11.4%
 DHF      3.34         3.49      0.14 8.6% -0.6%           3.53 8.1%
 BKE    14.15       16.60      0.25 19.1% 6.8%        16.85 6.0%
 CA    34.79       34.10      0.26 -1.3% 0.6%        17.85 3.0%
 O    25.38       55.54    20.66 200.3% -2.3%        57.19 4.6%
 Totals  8.1% -0.7% 6.4%

Note OCSI is "new", but in reality FSFR just changed names.  Some of these stocks/securities are just going to take patience.  KCLI is a lightly traded life insurer that pays a 2.4% dividend but is also trading at 65% of BV.  Someday, that discount will tighten.  TGONF is an off shore investment fund also at a 30% discount to NAV with a 5.5% yield.  I can wait and just collect dividends.  RLJ-PA is a prefered stock, will never be exciting (I hope).  VTIBX is a currency hedged Intl bond fund.  Even ISBC just sits there most weeks, a smallish regional bank. But has a safe 2.3% dividend and trades at 1.3 P/BV.  Sexy? No.

My Misc names are certainly more "exciting", but in today's world I am not sure you want exciting
Does rising tide lift all shipping stocks?
holdings.  I do have two names that pay dividends, SSW and OFED.  I may move SSW into dividend portfolio at year end - the difference being that dividend stocks I intend to hold for longer term.

BLDR is largest Misc name, I sold FIX but kept BLDR as reconstruction play.  I do have a fair number of biotech stocks that are pretty volatile.  I have a theory that Trump and FDA are becoming more lenient and faster in approving new drugs, so I think that increases odds of these names in Phase II or III of being successful. I also have three or four positions in shipping stocks as I did so well with TK and the BDI has been on a strong upwards trajectory.

I will say that both shipping and biotech stocks are not for the faint of heart.  I did get bad news on one shipping holding (SHIP) after the bell on Friday as they announced a secondary offering that took SHIP down about 17%.  I will say that press releases on stocks after the closing bell on Fridays are rarely good news.

Have a great week everybody!