No. of Recommendations: 1
- Ack! all the REED gains just disappeared over the last few days. I suppose I could have
taken the 15% gain after about 10 days. Then again, this one is about potential, and is
currently a small stake. No biggie, I can wait on this one.

- Closed out NAT on the dividend cut news. Will have a couple of days next week to decide
if I want to wash the stake, and start over. The new rate, 16c, extrapolated, would yield
about 7.5%. Not bad, but I could add to my NNA stake with a higher yield here. Also, so far this
year, Spot Suezmax rates haven't exactly been on a tear. Lowest debt/vessel among its
tanker cohorts, a renewed credit facility, trading around book (my estimates), looking to
grow ... yet, I'm still ambivalent.

- Added a little more FRO here. DCA move, and playing the price for an earnings run-up.
May happen, may not happen. While FRO has no dividend payout, they do have some upside.
Two Suezmax newbuilds deliver in Q2 & Q3. Small money piles add to FRO's cash position
in Q4 2012 and Q1 2013. Not for dividend, but for extending FRO's life as a fleet manager.

- Added more OHI to DRIP position. Will it be my next DRIP ac core pick? It could,
behaving very nicely so far.
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