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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 35400  
Subject: My Recent Buys Date: 8/20/2012 3:28 PM
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It’s no secret that interest-rates are moving up, that credit-worthiness is moving down, and that it’s getting tougher to find bonds worth buying. So now is as good a time as any to do a quick retrospective.

Over the past thirteen months, I initiated (or added to) 124 positions ($239k face) at a cost of $204k, with a present value of $201k, for an average CY of 8.6% and an average YTM of 12.1%. The credit-ratings range from double-AA to double-CC, but most are spec-grade, because that’s where the opportunities have been. Of them, none have defaulted so far. But I do expect that some losses will occur.

OTOH, my typical position is small, and the damage (individually and cumulatively) will be tolerable. In other words, my benchmark is an 8% return before taxes and inflation. If I achieve that, then I break-even, which is the only thing I care about, i.e., being able to move my purchasing-power forward against the time when I might need it. Though this portfolio generates a lot of income, it isn't income I need to meet current-expenses. It's just a passively-managed (aka, held to maturity), rainy-day savings-account that enables me to lower my overall, financial risks.

Charlie

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Traded Amt Paid Value P/L CY YTM MDY SP
08/11/11 5000 $3,623 $3,306 -9% 12.1% 17.4% Caa1 B-
08/11/11 2000 $1,754 $1,960 12% 8.7% 10.0% Baa3 BBB-
08/11/11 5000 $5,048 $5,475 8% 7.5% 7.4% A2 -
08/12/11 3000 $2,820 $2,927 4% 7.1% 8.4% B1 B+
08/12/11 5000 $4,283 $2,850 -33% 9.5% 11.8% B2 B
08/12/11 5000 $4,711 $4,948 5% 7.8% 8.7% B1 B+
08/15/11 1000 $745 $775 4% 6.7% 16.1% - -
08/15/11 5000 $5,397 $5,856 9% 7.0% 6.1% - AA-
08/17/11 5000 $5,180 $5,400 4% 9.2% 8.5% B3 -
08/17/11 1000 $1,055 $1,100 4% 7.8% 6.9% B2 BB
08/17/11 1000 $990 $1,030 4% 8.6% 8.7% B2 BB
08/22/11 1000 $781 $800 2% 10.7% 12.3% Caa1 B-
08/23/11 5000 $4,523 $4,631 2% 4.4% 7.6% - -
08/24/11 1000 $853 $960 13% 13.2% 16.7% Caa2 CCC+
08/24/11 2000 $1,792 $1,975 10% 8.6% 9.8% Baa3 BBB-
08/25/11 1000 $1,008 $1,129 12% 8.6% 8.4% B1 BBB-
08/25/11 1000 $961 $1,011 5% 9.2% 9.9% Ba3 BB-
08/29/11 2000 $2,171 $2,260 4% 11.5% 10.1% B2 B+
09/08/11 1000 $1,076 $1,147 7% 9.2% 8.1% B3 B-
09/08/11 1000 $998 $1,024 3% 6.4% 6.5% B1 BBB-
09/08/11 1000 $860 $917 7% 5.2% 14.6% - -
09/08/11 1000 $980 $1,011 3% 9.1% 9.4% Ba3 BB-
09/09/11 1000 $681 $720 6% 7.9% 18.6% B3 CCC+
09/19/11 1000 $870 $921 6% 6.0% 7.9% Ba1 BBB-
09/22/11 5000 $2,443 $2,857 17% 0.0% 7.5% - -
10/04/11 1000 $929 $1,021 10% 5.1% 8.1% A3 A-
10/05/11 1000 $898 $1,064 18% 7.0% 9.3% Baa2 A-
10/13/11 1000 $918 $465 -49% 9.0% 10.3% B3 B+
10/19/11 1000 $885 $984 11% 7.6% 9.6% B1 B+
10/20/11 1000 $914 $1,011 11% 4.7% 8.1% - -
10/24/11 1000 $1,070 $1,005 -6% 9.8% 8.8% B1 B+
10/25/11 1000 $730 $868 19% 12.7% 14.7% B2 B+
10/25/11 1000 $983 $1,080 10% 7.1% 7.4% Ba2 BB
11/02/11 5000 $4,719 $3,132 -34% 9.2% 9.7% - -
11/08/11 1000 $880 $995 13% 8.7% 10.4% B2 B+
11/08/11 1000 $801 $872 9% 5.9% 9.3% Ba2 BB+
11/08/11 1000 $976 $1,135 16% 8.7% 9.0% Baa2 BBB
11/10/11 1000 $886 $1,035 17% 6.2% 9.0% Baa2 BBB
11/16/11 1000 $926 $970 5% 13.4% 16.0% B3 BB-
11/16/11 1000 $925 $1,135 23% 9.2% 10.2% Baa2 BBB
11/29/11 1000 $970 $1,080 11% 7.2% 7.7% Ba2 BB
11/29/11 1000 $858 $1,019 19% 6.4% 8.0% A2 A
12/01/11 1000 $805 $780 -3% 9.6% 12.6% B1 BB
12/02/11 1000 $880 $1,004 14% 5.7% 10.3% Ba2 BBB
12/07/11 2000 $2,226 $2,272 2% 8.9% 7.4% Baa3 BBB-
12/09/11 1000 $950 $1,040 9% 7.7% 8.5% Ba1 BB+
12/14/11 1000 $661 $872 32% 7.1% 13.6% Ba2 BB+
01/05/12 1000 $924 $974 5% 7.0% 8.9% B1 B+
01/05/12 1000 $926 $1,020 10% 7.8% 9.2% B1 B+
01/06/12 1000 $615 $819 33% 11.2% 20.0% Caa1 CCC+
01/20/12 1000 $964 $1,072 11% 7.9% 8.5% B1 BB-
01/23/12 5000 $3,348 $3,306 -1% 13.1% 20.2% Caa1 B-
01/23/12 3000 $2,844 $2,325 -18% 7.8% 8.6% B3 B
01/24/12 1000 $811 $916 13% 6.0% 12.9% - -
01/24/12 5000 $4,055 $5,050 25% 8.5% 11.7% Ba3 BB-
01/24/12 5000 $3,686 $2,887 -22% 11.5% 13.7% - -
01/30/12 1000 $860 $882 3% 5.2% 10.2% Ba2 BB+
01/31/12 1000 $795 $986 24% 10.8% 14.9% B1 B+
02/01/12 1000 $730 $505 -31% 10.8% 15.3% B3 B-
02/01/12 3000 $1,991 $885 -56% 4.5% 48.9% - -
02/03/12 1000 $308 $364 18% 38.6% 68.0% Caa3 CCC
02/07/12 1000 $1,013 $987 -3% 9.9% 9.4% - -
02/07/12 1000 $1,000 $1,002 0% 8.5% 8.5% Caa2 CCC
02/07/12 5000 $4,873 $4,950 2% 7.4% 7.8% Ba3 BB
02/09/12 5000 $4,611 $4,206 -9% 9.8% 12.7% B3 B-
02/10/12 5000 $3,811 $4,462 17% 9.0% 10.7% B3 B+
02/14/12 5000 $3,517 $2,250 -36% 7.1% 17.7% - -
02/16/12 5000 $3,973 $4,200 6% 6.5% 7.7% - AA-
02/16/12 1000 $988 $1,064 8% 8.0% 8.1% Baa1 A-
02/17/12 5000 $5,010 $4,946 -1% 7.5% 7.4% B1 B+
02/23/12 1000 $555 $467 -16% 12.2% 15.7% Caa1 CCC+
02/27/12 3000 $3,285 $3,090 -6% 11.9% 9.9% - -
02/28/12 1000 $1,050 $1,061 1% 8.8% 7.9% B3 B
02/29/12 1000 $1,070 $1,039 -3% 10.7% 9.3% B3 -
03/01/12 2000 $1,698 $1,270 -25% 8.0% 13.1% B3 CCC+
03/01/12 1000 $1,111 $1,052 -5% 12.3% 10.6% Baa3 BBB
03/05/12 5000 $2,923 $2,350 -20% 9.8% 19.9% Ca CCC+
03/07/12 2000 $1,968 $2,100 7% 7.8% 8.0% B1 -
03/08/12 1000 $921 $895 -3% 8.0% 9.3% B3 CCC+
03/09/12 1000 $810 $881 9% 6.8% 16.5% B3 CCC
03/09/12 1000 $789 $770 -2% 7.0% 8.4% Ba1 BBB-
03/12/12 2000 $2,030 $2,102 4% 8.1% 8.0% B2 B
03/14/12 1000 $965 $982 2% 10.6% 11.2% B3 B-
03/16/12 1000 $1,026 $930 -9% 10.2% 9.7% B3 B+
03/28/12 1000 $1,015 $950 -6% 10.3% 10.1% B3 B+
04/24/12 2000 $1,718 $1,611 -6% 6.3% 8.4% Ba1 BB+
04/24/12 2000 $1,592 $1,586 0% 7.2% 8.5% Ba1 BBB-
04/25/12 1000 $365 $364 0% 32.5% 58.6% Caa3 CCC
04/26/12 1000 $891 $895 0% 8.3% 10.1% B3 CCC+
04/27/12 1000 $710 $295 -58% 4.2% 51.7% - -
05/02/12 1000 $733 $695 -5% 8.7% 11.8% B2 B-
05/07/12 1000 $833 $669 -20% 3.4% 8.5% - -
05/09/12 5000 $3,843 $3,200 -17% 10.6% 15.1% B2 B
05/15/12 1000 $972 $1,060 9% 7.5% 7.9% Ba3 BB-
05/15/12 1000 $1,003 $1,004 0% 7.6% 7.5% B3 B-
05/15/12 2000 $2,031 $2,065 2% 7.5% 7.3% Ba3 BB-
05/16/12 1000 $620 $287 -54% 19.2% 36.7% Caa2 CCC
05/16/12 1000 $549 $495 -10% 12.5% 22.9% Caa2 CCC
05/16/12 1000 $841 $727 -14% 15.2% 18.1% Caa2 CCC
05/16/12 1000 $561 $450 -20% 8.9% 28.4% Aa2 AA+
05/17/12 1000 $910 $802 -12% 7.8% 10.3% B3 CCC+
05/21/12 1000 $335 $292 -13% 22.8% 45.2% - -
06/04/12 1000 $380 $857 126% 19.1% 83.6% - -
06/07/12 1000 $836 $855 2% 12.0% 15.3% Caa2 CCC+
06/07/12 2000 $1,692 $1,820 8% 8.9% 11.6% B3 CCC+
06/07/12 1000 $846 $895 6% 8.7% 11.4% B3 CCC+
06/08/12 2000 $1,940 $1,915 -1% 7.7% 8.2% B3 B
06/08/12 1000 $635 $795 25% 13.6% 23.9% Caa3 CC
06/11/12 1000 $835 $855 2% 12.0% 15.4% Caa2 CCC+
06/15/12 3000 $2,316 $2,416 4% 7.0% 10.8% Ba1 BB+
06/20/12 1000 $919 $920 0% 7.9% 9.1% Ba3 B+
06/20/12 1000 $549 $470 -14% 10.5% 22.5% Ca CCC+
06/22/12 1000 $678 $562 -17% 9.6% 12.1% - B
06/25/12 1000 $1,010 $927 -8% 7.8% 7.6% - -
06/26/12 2000 $1,406 $1,455 3% 9.1% 12.6% B2 B-
06/27/12 2000 $1,613 $1,556 -4% 10.7% 14.6% B2 B
07/17/12 1000 $836 $534 -36% 8.5% 9.7% B2 -
07/17/12 1000 $966 $964 0% 8.5% 9.0% B3 B-
07/24/12 1000 $831 $680 -18% 10.2% 12.4% B3 B
08/06/12 5000 $5,462 $5,452 0% 8.3% 8.0% Baa1 BBB
08/06/12 5000 $5,248 $5,200 -1% 7.4% 6.8% Ba3 BB-
08/16/12 1000 $801 $750 -6% 5.3% 11.0% - B-
08/16/12 4000 $1,981 $1,800 -9% 11.6% 26.3% Ca CCC+
08/20/12 1000 $885 $870 -2% 10.0% 12.2% B3 B

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