In Plus episode 544, we analyze the Reckoner suite of AAA ETFs that includes a version that eliminates ordinary income tax. We also revisit mortgage REIT preferreds and find a more attractive AGNC REIT preferred than the one David owns. Finally, we review new options for earning yield by holding Ether and Solana ETFs. … [Read more...]
546 Plus: CLO Equity and Bank Loan Update, Investing in Retirement, Roth IRA Asset Location
In Plus episode 546, David discusses why CLO equity closed-end funds are selling off in 2025. We also provide an update on SEIX. We answer a member's question about investing more conservatively as they approach retirement. Finally, we look at what assets are appropriate for Roth IRAs. … [Read more...]
539 Plus: Member Survey Follow Up, David’s Research Process, CLO Update, and Why Morningstar Downgraded DEM
This week on Plus episode 539, we share some feedback on the Plus member survey, and David reviews his process for creating investment-related content. We also review an insight piece by DoubleLine on collateralized loan obligations. Finally, we discuss why Morningstar downgraded its view on the WisdomTree Emerging Market High Dividend Fund (DEM), one of the adaptive model portfolio holdings. … [Read more...]
529 Plus: Annual Reports, Baby Bonds, and CLO Equity
In Plus episode 529, we discuss whether it is worth reading the annual reports of funds and ETFs. We contrast investing in baby bonds versus preferred stock. Finally, we examine the investment in CLO equity-focused closed-end funds. … [Read more...]
509: How to Invest in Private Credit / Direct Lending?
We explore what private credit, or direct lending, is and how to invest in it. We also show how it is similar to and different from investing in leverage loans and CLOs. Topics covered include: Why more companies are staying private How private credit differs from the leverage loan market Why private credit is growing so rapidly What are the benefits to private credit investing What are liquid and less liquid ways to invest in private credit Show Notes The … [Read more...]
497 Plus: Portfolio Trade, Bond and CLO Defaults, and Non-U.S. Stock Valuations
This week on Plus episode 497, we review David's trade to sell ASGI. We review historical default rates for bonds and CLOs. We also explore why non-U.S. stock valuations are lower today than 20 years ago. … [Read more...]
487 Plus: Bank Loans, CLOs, and Pershing Square’s New Closed-end Fund
In Plus episode 487, we answer some members' questions on bank loans and collateralized loan obligations. We also analyze Pershing Square USA (PSUS), Bill Ackman's anticipated closed-end fund initial public offering. … [Read more...]
483 Plus: Private Credit, BDCs, CLOs, Cash Balances and Is This Portfolio Too Aggressive
In Plus episode 483, we analyze the Virtus Private Credit ETF (VPC), which invests in business development companies (BDCs), leveraged loans, and collateralized loan obligations (CLOs). We review the characteristics of all those asset categories. We also discuss the appropriate cash balance for retirees and consider whether a retired member's portfolio has too much in stocks. … [Read more...]
Portfolio Trade: Adding CLO ETF
423: A “Safe” 6% Yield: The Case for Investment Grade CLOs
How leveraged loans and CLOs work and how to invest in them. What are the risks and opportunities with the new CLO ETFs. Topics covered include: What are the characteristics of leveraged loans and how David has invested in them in the past, both professionally and personally. Why LIBOR reference rate for leveraged loans is being phased out What is the current investing climate for leveraged loans How collateralized loan obligation work Why insurance companies are fighting … [Read more...]
