09-04-26 spal
but I read that exempt contributions are only allowed in very small annual amounts.
===
Then check in with Mitt Romney and Peter Theil - both big IRA users. There are clear ways to around limitations. |
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09-04-26 carib
| not really worth a comment.. but if the USA was to stop importing from countries producing cheap stuff.. that would increase US inflation, and require higher rates, not lower ones. |
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09-04-26 victor
savo, also upset because of the usa's trade deficit..
in spite of all his BS, he has been unable to turn the usa into having a trade surplus.
//
Trump threatens to stop trading with countries that have a trade deficit unless the Fed cuts rates
Touting Friday's blowout jobs number, President Trump used the opportunity to weigh in on a new spike in the US trade deficit, threatening embargoes on unfavored countries.
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09-04-26 victor
savo, he's upset because bond traders don't buy his BS.
so he now pressures the fed to lower rates in their next meeting.
//
LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT |
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09-04-26 savo
| the first jobs number is always fake... and revised down in following months. |
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09-04-26 victor
| Great jobs number just announced, breaking all estimates (except mine!) by double and triple - And you haven’t seen anything yet! EMPLOYERS ADDED 162,000 JOB IN AUGUST. Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago! A STRONG COUNTRY MEANS A LOWER INTEREST RATE - IT’S A BETTER CREDIT…Very simple! We should have the LOWEST RATE of any country in the World, like “the old days.” Without the United States agreeing to allow them their big surpluses, and we could stop that immediately, they would no longer be considered financially ELITE! LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged “the President” has an absolute right to do. IT’S BETTER THAN TARIFFS! The Fed Board, with its great new leader, must get smart - BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen! President DONALD J. TRUMP |
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09-04-26 victor
| How crazy is this? We just got GREAT Numbers on Jobs, the Market should go UP, because our Credit and Economy are better but, as always, for the past 25 years, the Stock Market goes DOWN, because we’re living under False Reality that if things are good, you’ve got to “KILL IT” because of a “fear” of Inflation. It should be the opposite, and always was until 25 years ago. If we stay with this Theory, we will never be able to have the True Economic Greatness for our Country that it deserves, because every time we do well, the stupid people want to immediately stop this Great Upward Momentum. GROWTH DOES NOT CAUSE INFLATION! I knew this morning as soon as I looked at these fantastic Job Numbers that the Market would go down when it should be going UP like a Rocketship. We should be doing GDP of 15 and 20%, not 2, 3, and 4%, and America should become Far Greater Financially than it is right now. Our Debt would be paid off, and all of these other things would happen. Remember, every point in the Interest Rate costs the U.S. 650 Billion Dollars a year. We should pay the Lowest Interest Rates in the World because we make everything run, and give otherwise failed countries Great Economic Wealth! Thank you for your attention to this matter. President DONALD J. TRUMP |
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09-04-26 carib
"Venezuela tiene muchísimo más petróleo": Toro Hardy apunta al fracking como clave del potencial real
El exdirectivo de Pdvsa afirmó que al país le habría convenido que empresas líderes del sector, como ExxonMobil y ConocoPhillips, ingresaran para impulsar la recuperación de la industria, pero han evitado invertir por los riesgos políticos y judiciales. Consideró que primero se debió ir a un proceso de democratización para avanzar hacia en acuerdo petrolero con Estados Unidos
El presidente Trump parece no haber obtenido los resultados que esperaba de la reunión que sostuvo con empresarios del sector en la Casa Blanca el 9 de enero, apenas días después de la captura de Nicolás Maduro. El magnate neoyorquino exigió a las petroleras invertir 100.000 millones de dólares en Venezuela para revitalizar la industria, pero los directivos expresaron serias dudas relacionadas con la seguridad política y jurídica del país.
Uno de ellos fue Darren Woods, director ejecutivo de ExxonMobil, quien señaló la confiscación de los activos de la firma en dos ocasiones y condicionó su reingreso por tercera vez a cambios significativos con respecto a lo que históricamente se ha experimentado en la industria y a las condiciones actuales en Venezuela.
En el encuentro, en el que estuvieron además representantes de ConocoPhillips, Shell, Hilcorp, Eni y Repsol, Woods también dejó claro que Venezuela no es atractiva para la inversión si continúan vigentes las mismas estructuras y marcos legales y comerciales. Afirmó que, si se solventaran esas condiciones, su compañía trabajaría de inmediato en la nación. |
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09-04-26 carib
| China, militarily, remains a "regional superpower". Venezuela is way too far for "power projection". The main chinese tool in latin america remains trade. Now in Brasil most new cars one sees in the streets tend to be chinese (assembled locally). |
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09-04-26 victor
china.. interesting
//
Bloomberg) -- Venezuela is becoming a major testing ground for Donald Trump's hemispheric ambitions, emerging as another potential source of rivalry with China.
After announcing plans to seize control of more than 65 billion barrels of Venezuela's crude reserves, the Trump administration made clear that was only the start. Ahead is a campaign to squeeze out China and powers like Russia that the White House has called "malign foreign actors," in a push to ensure "American dominance in our hemisphere is never again questioned."
Next on Washington's agenda is an attempt to restructure Venezuela's debt, which includes billions of dollars owed to China. US Energy Secretary Chris Wright on Wednesday declared Beijing won't have any claims to revenue from Venezuela's oil production — severing Caracas' primary channel for making repayments.
The US has cast its campaign as the latest chapter of the "Donroe Doctrine," codified in the White House's National Security Strategy and which asserts a unilateral US right to deny rival powers the ability to own or control "strategically vital assets." Under that banner, taking Venezuelan oil fields from Chinese companies is a geopolitical opportunity to align them with Washington's interests.
China has reduced its exposure to Venezuela in recent years and Trump would likely struggle to replicate the scale of his actions in Venezuela elsewhere, meaning for Beijing the implications are more political than economic.
A more interventionist US risks bumping up against China's broader interests in South America, said Christian Reyes, a Beijing-based political risk analyst originally from Ecuador.
"Venezuela isn't necessarily a precedent for direct expropriation, but it may be a precedent for coerced exclusion," he said. "The United States is increasingly willing to define parts of the region's economic relationship with China as a security concern and to leverage considerable influence to enforce those red lines."
China's reaction so far has been relatively muted. Foreign Ministry spokesperson Guo Jiakun said China's legitimate rights and interests in Venezuela "must be protected," at a regular briefing in Beijing on Thursday. "Cooperation between China and Venezuela is protected by international law," he added. "It doesn't concern any third party."
Ahead of President Xi Jinping's first state visit to the US in over a decade this month, officials from the world's top economies are seeking to avoid any major bust-ups, even as they clash on issues from trade imbalances and Beijing's economic support for Tehran.
For Beijing, Venezuela has become a less important source of energy in recent years. Crude from the country accounted for only 4% of the country's total oil imports in 2025. No Venezuelan cargoes have been recorded arriving in China since the Trump administration assumed control of the assets following the capture earlier this year of then President Nicolás Maduro.
The bigger blow might be to the billions of dollars in debt owned to Chinese banks, which is tied to undelivered oil barrels. While Caracas stopped publishing detailed information about such liabilities after its sovereign default in 2017, the total debt pile to China was believed to total at least $10 billion as of 2025.
That figure has already come down considerably from its peak. China first began financing Venezuelan infrastructure and energy projects in 2007 under former President Hugo Chávez. Publicly available data suggests Chinese state banks had extended more than $60 billion in oil-backed lending to the country by 2015.
As US sanctions on Caracas intensified over the following years, China emerged as Venezuela's largest crude customer and its most significant foreign creditor. State-run companies including China National Petroleum Corp., the parent of PetroChina Co., and China National Offshore Oil Corp. developed oil and gas projects in the Orinoco heavy-oil belt and elsewhere.
Chinese private firms, among them Concord Resources, also invested into stakes in upstream assets.
But the operating environment became increasingly difficult as Venezuela's economy deteriorated and production facilities ran well below their intended capacity. Such moves accelerated after the US sanctioned Venezuela's oil sector in 2019, although some legacy Chinese joint ventures and contracting staff including those from CNPC may still remain in Caracas.
That means claims the US is taking back oil fields from foreign adversaries won't have a huge impact on Chinese companies, which had scaled back as Beijing's strategic priorities evolved.
The bigger hit might be to Chinese refiners, already suffering from disruptions to their supply from Iran.
Independent processors in Shandong province, in particular, have long relied on Venezuelan heavy crude as a feedstock for bitumen production. The loss of those supplies has tightened the domestic bitumen market, helping drive futures prices sharply higher.
For most Chinese companies and creditors in Venezuela, the risks of doing business were already well known, analysts say, meaning the latest upheaval won't come as a shock.
"South America has long been a geopolitical crossroads where the interests of China and the US intersect and, at times, collide," said Liao Na, founder of energy research focused firm GL Consulting. "Given the importance both powers attach to Venezuela, friction is almost inevitable whenever their interests overlap."
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09-04-26 carib
| Panas: IRAs are a very intelligent tool indeed. |
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09-04-26 panasonic
"only allowed in very small annual amounts"
Yes, contributions to retirement plans are limited, but has been a great way to create wealth in USA, the numbers surprise me for good, compound has been astronomic on the past 30 years.
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09-04-26 carib
Panas: as I suspected.
I understand SPAL has a legal way to avoid withholding tax on US dividends, but I suspect it applies only to US persons.
For those, I know about 401K and Roth IRAs, but I read that exempt contributions are only allowed in very small annual amounts. |
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09-04-26 panasonic
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09-04-26 leopardo
| Carib don’t forget Hat and Glasses When you go fishing… |
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09-04-26 carib
| SPAL: is it dividend or interest payment? |
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09-04-26 leopardo
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09-04-26 carib
Leo: thanks for the advice!
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09-04-26 spal
1. The Arbitrage: Preferred Seniority vs. Discounted Pricing
At ~$16.95 per share, BHR.PRD trades at a ~32% discount to its $25.00 liquidation preference.
Contractual Coupon: It carries a 8.25% fixed coupon on its $25 par value ($2.0625/year). At today’s market price, that translates to a ~12.1% current dividend yield.
Capital Appreciation Upside: If BHR successfully internalizes and normalizes its capital structure, the preferred stock should trade back toward par ($25.00), yielding an additional ~47% capital gain on top of the double-digit dividend.
2. Why Preferreds Area Better "Play" Than Common Equity
CAPITAL STRUCTURE SENIORITY
┌─────────────────────────────────────────┐
│ Property Mortgages & Debt │ ◄── Paid First
├─────────────────────────────────────────┤
│ Series D Preferred Stock (BHR.PRD) │ ◄── YOU ARE HERE (Par Value: $25)
├─────────────────────────────────────────┤
│ Ashford Exit Toll / Termination Cash │ ◄── Contracted Settlement
├─────────────────────────────────────────┤
│ Common Stock (BHR) │ ◄── Residual Value Only (High Dilution Risk)
└─────────────────────────────────────────┘
A. The Cumulative Dividend Shield
Unlike common stock dividends (which can be cut or eliminated at board discretion), BHR.PRD dividends are cumulative. If BHR pauses or trims a preferred payout during a tight liquidity phase while asset sales close, the company cannot pay a single cent to common shareholders or execute common stock buybacks until all accrued preferred dividends are paid in full.
B. Priority Over the Common Equity Ransom
The fundamental risk of the common stock (BHR) is that selling off trophy assets (like the Park Hyatt Beaver Creek or Sarasota properties) to satisfy debt and Ashford's $480 million fee will shrink the company's asset base so drastically that very little common equity remains.
However, the Preferred Stock doesn't care if the common equity gets diluted. As long as the shrunken, surviving self-managed core (holding ~$1 Billion in luxury hotels) generates enough net operating income to service mortgage debt and cover preferred dividends, preferred unitholders get paid 100% of their money.
C. The M&A / Takeover Ceiling
If a private equity firm (such as Blackstone or Starwood) steps in to acquire the clean, self-managed BHR post-Ashford, they cannot simply wipe out the preferred stock. In a buyout or liquidation scenario, preferred unitholders must be redeemed at their full $25.00 par liquidation preference (plus accrued dividends) before the buyer takes the remaining equity.
3. The Key Risks to Monitor
While BHR.PRD is safer than common stock, it is still a high-yield corporate credit play:
Liquidity Timing Drag: Asset sales take time to close. If hospitality RevPAR softens before the final transactions settle, cash flow could tighten, causing short-term price volatility.
Subordination to Senior Mortgages: The preferred stock sits below property-level debt. BHR must execute its refinancing and debt paydown plan successfully to avoid balance sheet strain.
Summary
Playing the BHR separation via the common stock is an unhedged gamble on the residual "stub."
Playing it via Series D Preferred (BHR.PRD) converts the situation into a senior credit trade: you lock in a ~12% yield to wait out the divorce from Bennett, with a clear legal path to a ~47% upside payout to $25 par value as institutional governance is restored. |
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09-04-26 spal
Savo - there is likely nothing written on it except what I have dredged together with AI. This is a RE REIT controlled by Ashford. It was put together by Monty Bennett who is one of the world's most abusive RE manipulators. Braemar was a spin out of his very upmarket properties. Basically he retained the "externalized" management rights including probably one of the world's most egregious exit clauses (legal under Maryland law). Long story is that an activist is now in charge of Braemar and is exiting all ties with Bennett - at a cost of about 500 million. My view is that there will still be substantial value in the vehicle after they pay the king's randsom, but this depends on REVPAR of very exclusive resorts staying reasonable as they are sold.
1. Probability of a Successful Escape: ~75% to 80%
The probability of physically severing ties with Bennett and remaining an independent company is high, but the probability of doing so without significant equity dilution is moderate.
Why it will succeed operationally: BHR concluded its strategic review by formally agreeing to internalize management and become a self-managed REIT. The board overhaul is underway, executive search firms are placing an internal team, and high-value asset sales (such as the Park Hyatt Beaver Creek for $176M, The Clancy, and the Sarasota/Yountville properties) have already closed to fund debt paydowns and the $480M exit toll.
The Residual Failure Risk (20–25%): The primary remaining operational threat is liquidity/execution drag. If broader hotel RevPAR slows rapidly before the full $480M buyout toll is cleared, asset sale pricing could soften, forcing BHR to sell more of its core properties than initially planned to pay off Ashford.
2. Are the Units Currently Discounted? Yes, Massively
At a common share price of ~$2.00–$2.05 (Market Cap ~$140M), BHR trades at an extreme governance discount:
Discount to Private NAV: Conservative private-market asset valuations (post-asset-dispositions and accounting for remaining mortgage debt and preferred stock) put BHR’s net asset value between $6.00 and $7.50 per share. The stock currently trades at roughly a 65%–70% discount to its underlying NAV.
Preferred vs. Common Disconnect: BHR’s Series D Preferred stock (`BHR.PRD`) trades near $16.95 (a ~32% discount to its $25 liquidation preference) yielding ~10%. This indicates the debt and preferred markets see a surviving business, while the common stock is priced like an distressed asset liquidation.
3. Can They Bounce Back? (The Two Recovery Scenarios)
Yes, but the nature of the bounce depends on how management treats the surviving equity:
Scenario A: The Standalone Re-Rating (Base Case)
Once the $480M fee is fully satisfied and Ashford is legally gone, BHR cuts $25M+ in annual G&A/advisory expenses.
The Math: Adding $25M back to net cash flows raises Adjusted Funds From Operations (AFFO) back to $0.50–$0.70/share. On a standard self-managed hotel REIT multiple (8x–10x AFFO), the common stock naturally re-rates to $4.50 – $6.00.
Scenario B: The Private Equity Takeover (Bull Case)
Historically, once an externally managed REIT internalizes and cleans its balance sheet, it becomes a prime target for private equity buyers (e.g., Blackstone, Starwood) who want trophy luxury real estate unencumbered by poison pills. An outright buyout would likely clear at $6.50 – $8.50 per share.
4. What Is the Realistic Time Frame? (12 to 36 Months)
A turnaround of this structural magnitude moves through three distinct phases:
```
PHASE 1: Execution & Ransom (Months 0–6)
├── Finalize asset sales & remit Ashford's cash payout.
└── Complete Board seats refresh & hire internal C-suite.
↓
PHASE 2: Baseline Stabilization (Months 6–18)
├── First clean earnings quarters showing $25M+ G&A savings.
└── Re-establish institutional coverage; eliminate legal noise.
↓
PHASE 3: Institutional Re-Rating / Sale (Months 18–36)
└── Stock multiple expands toward peers ($5.00–$7.00+) OR buyout.
```
Near-Term (0–6 Months): High volatility. The stock will remain range-bound ($2.00–$3.00) while asset sales close, legal disputes with activists settle, and cash flows to Ashford.
Medium-Term (6–18 Months): The initial recovery window. As BHR reports its first full quarters as a self-managed entity showing lower G&A costs and improved AFFO margins, institutional investors begin returning, driving a move toward $4.00–$5.00.
Long-Term (18–36 Months): Full value realization. The market fully prices in the clean luxury portfolio, or an M&A buyer acquires the remaining shrunken luxury core, closing the gap to the $6.00–$7.50+ NAV.
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09-04-26 spal
| Only AI compositive stuff ... unfortunately I go by cyber-Schpal these days ... I will check my logs. |
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09-04-26 savo
| thanks spal... do you have anything I can read on it? |
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09-04-26 spal
where is a current fixed income instrument or a non current one in the process of being restructured that can offer 50% upside over the next 2 years like veni today?
===
I am have been buying BRAEMAR HOTELS & RES 8.25% PFD Callable BHR/PRD at c.$17 - it can certainly go to 25 in two years and is current. |
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09-04-26 leopardo
| Just keep your positions and go fishing. |
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09-04-26 leopardo
Every deal that will increase prosuction over time, every good political news will support our Blonds...
No rush to sell.. |
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09-04-26 leopardo
| Our bonds will continue climbing Carib…smoothly |
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09-04-26 pillz
Pill: can't a good AI programme run that call/put programme automatically?
//
NO , I tried some trading with AI , and they have NO feeling for trading ... |
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09-03-26 savo
carib... investors decide on investments in the present... not in the past... that fact that veni was at 3 cents a year ago does not mean at 40 or 50 today is not good value. Depends on the alternatives.
Excluding equity... where is a current fixed income instrument or a non current one in the process of being restructured that can offer 50% upside over the next 2 years like veni today? |
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09-03-26 carib
Veny turning into Venezuela saudita, as Leo wrote.. could have bonds trading at UST + 50bp, for all I know.. after a few years, but not in 2027 (IMHO) if the 200BB debt is not haircutted somehow.
Given recovery is a medium-long term process, I guess a warrant linked to long term factorts could help making the deal more profitable. |
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09-03-26 carib
| could see (there is a not in excess) |
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09-03-26 carib
Savo: I also bought Greece very cheap (using the cash provided by greece itself) and sold it too early around 60. I did not expect that € rates would go to zero because of Covid a few years later!
So, I agree that is very possible that a well managed Venezuela could not see her bonds trading with yields just a tad higher than UST bonds. But I do not expect Veny/PDVsa to recognise the entire claim (about 110BB now)and exchange it for new bonds with 5% coupons.
Of course I would be glad to be proved too pessimistic.
40% of CLAIM would mean recovery on PDVsa 2022 12,75% around 90
by end of next year, an upside of 70% from current levels. |
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09-03-26 savo
I have difficulty imagining a recovery value in the next 18 months above 40% of claim.**
i remember feeling a hero when I sold Greece's 3% new bonds at 30 something having bought them at 12... only to see them climb all the way to 100.
we do not know the haircut... we do not know the coupon... we do not know if a warrant...
what we do know is that veni producing oil at full throttle should not trade above Peru, Paraguay, Brazil, Mexico, Costa Rica, Honduras...etc... |
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09-03-26 carib
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09-03-26 carib
To be clear: at the end of april, almost no investor (except Trump+gang) new that a deal involving Betacourt, the pentagon nd oil majors was about to be sealed.
Priced reflected expectations before such news.
If the news are positive (and I agree they are) prices should be higher, coeteris paribus, with the increasing claim being just a small detail.
Time will tell, as you wrote earlier. |
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09-03-26 carib
Leo: that is obvious.
All I noted, is that if the defaulted bond xx was priced at 60 on april 28 2026 and is still priced at 60 today, the implied recovery % of the claim would be lower today than on april 28.
It's not an issue of expectation on future recovery, but simply math. |
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09-03-26 leopardo
It is not a question of Claim or accrued Carib it is
a question of oil production and gdp.
The Last Us/Vnz Deal gives value and certainty to the
Price of oil /oil production warrants and gdp warrants
that will be assigned to bondholders Thus increasing
Defaulted bond prices.
Have I been clear?? |
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09-03-26 leopardo
It is not a question of Claim or accrued Carib it is
a question of oil production and gdp.
The Last Us/Vnz given value and certainty to the
Price of oil /oil production warrant and gdp warrants
that will be assigned to bondholders Thus in reading
Defaulted bond prices.
Have I been clear?? |
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09-03-26 savo
hann.. FWIW.. the rally in stocks is the other side of the coin of the increase in the money supply (M1,M2, etc) the fiscal deficit... the expansion of credit... the fed balance sheet (the famous ample reserves) and the size of the federal debt..
They go hand in hand... I doubt one will survive without the other... if you are negative on the dollar... you are negative on the debt... and if the US does not find takers of its debt at reasonable rates... the whole architecture will collapse.
Not saying it will happen soon... or that it will happen in what remains of our lives. But it may happen. |
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09-03-26 carib
| Pill: can't a good AI programme run that call/put programme automatically? |
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09-03-26 pillz
unless you cover the risk with opposite bets.
Correct?
//
yes correct , and mostly it is the premium that make the money ... |
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09-03-26 leopardo
Venny Is on the right path bond prices can continue
Climbing… |
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09-03-26 Merlino
I have difficulty imagining a recovery value in the next 18 months above 40% of claim.
..........................................
I agree however that implies a very nice 60% plus move from current levels. Not bad. Besides, any further move from here in that direction even not reaching those levels would confirm the positive trend and the practical cancellation of any downside from here, which imho is still something we can not yet totally dismiss. The trade at these levels is still a binary one. |
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09-03-26 carib
María Corina Machado, líder opositora y Premio Nobel de la Paz, exigió transparencia sobre los acuerdos en materia energética firmados entre Estados Unidos y el gobierno interino de Delcy Rodríguez.
Destacó que el alcance de los acuerdos todavía se desconoce y generan preocupación por sus implicaciones para Venezuela.
La dirigente planteó preguntas sobre quiénes firman el convenio, qué establece realmente, quién aportará el dinero, cuáles serán las garantías y cómo beneficiará a los venezolanos. Explicó que esperó varios días para obtener información antes de pronunciarse.
"Venezuela vale mucho más que su petróleo. El verdadero valor de Venezuela es su gente, que por las buenas es el mejor socio del planeta, y que jamás pondrá en venta nuestra libertad y la de nuestro país", expresó. |
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09-03-26 carib
Leo: claim increased by 2.5-4.5 points from april, so prices should already be higher by at least one and a half point an average.
On the other hand, higher rates on UST bonds make restructuring less easy..
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09-03-26 leopardo
Vnz 31 trading very near to May highs....let's' see
My take is that they will be broken if not tomorrow in the next few weeks... |
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09-03-26 carib
Pill: I guess the risk there is almost unlimited liability, actually limited by margin calls, unless you cover the risk with opposite bets.
Correct?
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09-03-26 pillz
| I am still in the biz of shorting puts and calls and make good money with it... the tax advantage is big , no tax in buying or selling , no tax on capital gain ... as the tas people consider put and call as a contract and not an asset or shares ...the only cost is max 1$ per option ... |
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09-03-26 carib
Merlino: it is now easy to say buying Veny/PDVsa at 10 cents on the $ was a good idea.. but the question now is if buying it at 50 cents is still an equally good idea.
For prices to move higher.. we obviously need more buyers than sellers.
The question, therefore, are expected recovery values, and exit yields.
It is not reasonable to expect Veny to have many billion $ to service debt in 2027.. but eventually, if they get production over 2MMB a day, and have good reasons for staying current on restructured debt, there can be a significant cash flow.
All that said, I have difficulty imagining a recovery value in the next 18 months above 40% of claim.
Just an opinion. |
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09-03-26 Merlino
The limited info I can get indicates Veni/Pdvsa bond prices are already very near recent April/May tops although not yet there.
Some senior commentators (i.e. F Rodriguez, politicians, bankers, etc.) have criticized the NABEP deal as highway robbery indicating that USA will get some oil at extraction cost, all the rest are just promises and that not much money will flow to the country/gov and even less to pdvsa.
Fwiw I do not see it this way and remain optimistic even accepting that USA will have her good take. I think that all current negative comments are holding prices to move higher.
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09-03-26 panasonic
"It's wrong 40% of the time but it's fast"
LOL, better than CNBC guys ;-)
Hann, I'm using coupons to buy directional bets, aka calls on similar things you are looking at.
Advantage: stop loss in place, markets are acting like "the one flew over the cuckoo's nest" i.e. GLD recent selloff
https://en.wikipedia.org/wiki/One_Flew_Over_the_Cuckoo%27s_Nest_(film) |
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09-03-26 spal
BHRpD
BRAEMAR HOTELS & RES 8.25% PFD Callable
17.63
If it comes back in to 17 I buy more. I think div is safe and capital gain likely as Braemar shakes free of Monty Bennett. Very expensive to do that, but I think possible.
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09-03-26 CAC
Sorry
Or, if you prefer an ex-US , & NO WHT / No US shares exposure: |
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09-03-26 CAC
Hahn; I’ve actually been investing with pretty much the same spirit lately, solid dividend payers and cash flow.
I’m lazier than you when it comes to stock picking, leaning towards ETFs to do the work.
You might wanna take a look at this ETF:
https://www.justetf.com/es/etf-profile.html?isin=NL0011683594
Or, if you prefer an ex-US , & WHT / No US shares exposure:
https://www.justetf.com/es/etf-profile.html?isin=IE000QYDXKV5
Might be worth taking a look also at their underlying holdings just to get some ideas
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09-03-26 carib
Hi Hann.
I like your logic.
After all, all we need is just one or two good ideas every year, allowing for significant margins of error.
I like dividends when I can cash them tax free, but otherwise I prefer capital gains.
Bonds were very unattractive for many years of extra-low interest rates.Traditional Colores biz was brain dead.
The only exception, more recently, was probably Brasil, where REAL interest rates are still 8-9% (inflation indexed).
Venezuela is a case of resurrection, but I suppose most of the upside is now behind us. |
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09-03-26 spal
| Hann - nice posts and I agree 100% with your strategies. Keep up posted as you develop your ideas. |
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09-03-26 hann
09-03-26 carib
Hann: thanks for in the inputs..
--- welcome!
09-03-26 panasonic
Hann, tks for posting, pdvsa chapter will free sizeable money for most every colores.
I'm trying to lock 8% rates in decent names duration 20+ years.
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welcome also.
imho USD over time short medium long term likely to significantly weaken against reasonably priced real assets (commodities, real businesses, EM, gold) over the long term. Debt is just too big so the only answer is currency debasement combined w trying to break up Ru, Prc, Iran (5th highest natural resources) and keep africa, indo etc in tow.
so am not sure long dated bonds are the right play.
they/Rick Rule say oil is still ok because of significant underinvestment past decade (global warming crowd etc), $300bn a year shortfall.permian shale has peaked hence the venz heist.
my portfolio strategy is 70% high dividend, value equities that are growing. Bear in mind that 19/20 of these are value traps and cheap for good reason. 30% i target companies that can at least 2x in 3-5 years. my port div yield is about 4.5% to 5%. i spend about 1/3 of divs. these exclude port appreciation. i'm able to grow divs at about 15% per year w biz growth, harvesting, redeploying. i have some companies that are yielding 20-30+% on cost.
i don't trade. i hold for years. am ok w illiquid stocks. if right, then these eventually become liquid and get re-rated. if wrong, there's an exit penalty. generally these companies are market leader at something.... i probably just do 2-3 trades year. it's worked over time. Ph max was 15% of my portfolion Now it's not even 1%. a dog mkt but i've done very ok.
anyway am lookng for ideas. AI is good for data gathering. It's wrong 40% of the time but it's fast.
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09-03-26 panasonic
Hann, tks for posting, pdvsa chapter will free sizeable money for most every colores.
I'm trying to lock 8% rates in decent names duration 20+ years. |
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09-03-26 panasonic
| BondbloX, will use try the screener, seems easy to use, thanks. |
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09-03-26 panasonic
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09-03-26 leopardo
| I do not use it for trading just for infos |
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09-03-26 leopardo
Carib I use it since beginning of 2025
I pay 25 usd per month.
I round it usefull…big big number of different bonds
you can follow…
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09-03-26 carib
BondbloX simplifies bond investing by allowing investors to track & trade bonds electronically – just like stocks. Founded in 2016, we are a team of debt capital market bankers & technologists, spread across Singapore and India, working to realise one vision: Provide easy access to bonds for all investors. The BondbloX Bond Exchange is the world’s first fractional bond exchange, regulated as a Recognised Market Operator by the Monetary Authority of Singapore.
found the site accidentally.. |
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09-03-26 carib
| Hann: thanks for in the inputs.. |
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09-03-26 hann
I exited all PDVSA 2026 at net 39 and 2035 at 47. Traded up after I sold. The slippage is not insignificant. But it's ok.
Anyway it's mark to market. With interest, a modest USD gain over the years. Much better than most stocks in Ph, much better than my singapore friend's asia fund over a decade
The new oil agreement strips PDVSA of a lot of assets. Venezuela share goes to govt rather than PDVSA. Legally PDVSA has no recourse because these are sub soil rights - according to AI. I have no faith in gangster economics.
With my panic sale at the start of the war, I'm at 26% cash. My panic buy was Seplat which is up about 75% since 9 March. Best performing oil co over period. Div on cost this year will be 10+%. Not sure what to invest in. Looking mainly for high dividend with growth, high quality, value. And then some potential multibaggers for a small portion.
Interested in Nu which is up about 30% since i started looking this year. Not cheap though. Also 388.hk hk exchange mkt cap over 6 years but on valuation metrics cheapest since 2002. Both are 6x book. 388 owns LME (london metal exchange) so if it is sanctioned it will get clobbered. in addition to all the funds that will exit hkg. not impossible... hkex is 50x since 2002. eventually hkg might be global south/brics financial capital when world bifurcates completely
I feel US tech can correct 80%. Not sure i will wait if I can find enough high div high quality etc. What i see is high div - as long as it real and doesn't blow up - can survive severe market crashes.
Cheers and thanks to all. Without colores i probably would have exited in the 20s.
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