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Author: trader2012 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35397  
Subject: Howard: Comparing Portfolios, Again Date: 2/29/2012 4:08 PM
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Howard,

While we’ve swapping info on each other’s portfolio, here is a summary of my YTD buying:

25 new positions ($67k face), bought at an average cost of 84.932, with an average CY of 8.7%, and an average YTM of 14.3%. Below is a more detailed breakdown.

Price Amt CY YTM Rating
79.450 5000 6.5% 8.0% Aa3
98.845 1000 8.0% 8.1% Baa1
86.019 1000 5.2% 11.0% Ba2
104.174 5000 6.6% 6.0% Ba2
97.469 5000 7.4% 7.8% Ba3
92.600 1000 7.8% 9.3% Ba3
79.500 1000 7.5% 12.7% Ba3
92.407 1000 7.0% 9.1% B1
100.199 5000 7.5% 7.4% B1
96.375 1000 7.9% 8.6% B1
76.219 5000 9.0% 11.2% B2
94.815 3000 7.8% 8.7% B3
72.950 1000 10.8% 17.0% B3
92.219 5000 9.8% 13.0% B3
107.000 1000 10.7% 9.4% B3
66.950 5000 13.1% 23.7% Caa1
61.505 1000 11.2% 25.5% Caa1
55.500 1000 12.2% 18.6% Caa1
100.000 1000 8.5% 8.5% Caa2
30.750 1000 38.6% 134.2% Caa3
73.719 5000 11.5% 14.5% NR
66.365 3000 4.5% 71.4% NR
101.250 1000 9.9% 9.4% NR
70.349 5000 7.1% 22.1% NR
109.493 3000 11.9% 10.1% NR

There doesn’t seem to be any consistency in the list. But appearances are deceiving. In each case, I bought what seemed worth buying, letting the price be what it was, as well as factors like CY and YTM. For sure, I’m going to lose some of them to defaults and minimal recoveries. But that just goes with the territory, as you know. My guess is that in a worst-case scenario, I’d end up with a scratch on this group of purchases, i.e., something in the range of 8%-10% (which becomes a zero return after taxes and inflation, hence a scratch), but which is good enough for the girls I go dancing with.

Charlie
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