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James Hymas has received press coverage in the past, in his former role as portfolio manager for the GBC Canadian Bond Fund. These articles, published in the " Pro's Picks " column of The Globe and Mail, may be viewed on-line through the Globe and Mail's Mutual Fund Web Site. These articles were published April 26, 1997 and July 11, 1998, authored by Andrew Allentuck. |
Further coverage was received in June, 2002, after a superb annual return posted by Malachite Aggressive Preferred Fund. The story by Dow Jones Newswire is reprinted (PDF, 43KB). Another article (PDF, 40KB) was posted by the Globe and Mail on its website on July 22. |
James was interviewed for Rob Carrick's column of January 23, 2007, which referred to him as "one of the country's foremost experts on preferred shares" and quoted as a "top expert" in a December 14, 2007, article. |
James Hymas has written the following articles of interest to those investigating preferred share investing: - How Long is Forever, an examination of the investment merits of high-premium perpetual preferreds.
- Corporate Bonds ... or Preferred Shares?, a comparison of historical rates of return. (Spreadsheet)
- Perpetual and Retractible Preferred Shares : so, what's the difference?
- A Call, too, Harms: Implications of Yield-to-Worst
- Yield Ahead: Calculating Yield-to-Worst for preferred shares. See commentary!
- Dividends & Ex-Dates : An explanation of the terms "Ex-Date", "Record Date" and "Payment Date" ... required for yield calculations!
- Are Floating Prefs Money Market Vehicles?: Many assume they are ... and many regret it!
- Note: There is an error on the table "DBRS Downgrades": the issues GT.PR.A, STQ.E and SXT.PR.A should have been reported in the "Split-Share" column - they are not Perpetuals
- Using Credit Ratings When Buying Preferreds: An introduction to Credit Ratings
- Closed End Preferred Funds: Effects of Calls: Examines the characteristics of the underlying portfolios held by DPS.UN, PFD.PR.A and PFR.UN and predicts the effects that calls on issues held will have on the NAV and distributions of these funds.
- Note: The "Y" axes of the two charts at the bottom left of the first page were mislabelled.
- The "Y" axis of the chart "Projected Absolute Net Dividends" should be labelled "Projected Annual Dividend (dollars)"
- The "Y" axis of the chart "Projected Relative Gross Dividends" should be labelled "Projected Relative Dividend (Current = 100)"
- The following "extras" are provided here:
- Split Shares: An introduction to the preferred shares issued by Split-Share Corporations.
- Interest-Bearing Preferreds: An introduction to preferred securities
- Retractible Preferreds and Bonds: Preferred Shares do not exist in isolation! Yields should be compared to corporate bonds.
- Perpetual Hockey Sticks: Using concepts from options analysis to create risk/reward profiles for preferred shares.
- Modified Duration: Modified Duration is a very good estimator of the interest-rate risk implicit in a fixed-income instrument ... provided you know its limitations! See Commentary!
- Claymore Preferred Share ETF Analysis: CPD on the Toronto Exchange. A little detail regarding its composition that can be used as a template for future analyses. Post a comment!
- Portfolio Construction: Most of my articles focus on a specific aspect of security selection. This one tries to step back a little and provide perspective. Post a comment!
- Perpetual Misperceptions: There are many misperceptions amongst investors regarding perpetual issues. This article addresses two of them. Post a comment!
- Preferred Pairs: There are many preferred shares that are very similar to each other; or even convertible into each other at specified times. When buying one, check the price of the other!
- Convexity can lead to unusual behaviour for preferred shares when the yields change - and means that a perpetual priced near par is riskier than either a premium or discount issue. Comment here!
- A Collateral Proposal: Money Market Funds sponsored by banks are, in practice, guaranteed by that bank. This practice should be reflected in their capital ratios. Comment!
- When Will Preferreds Recover? 2007 was a rotten year for preferreds. In this article, I attempt to explain why. Leave a comment!
- A Vale of Tiers: Not all bank debt is the same - it comes in layers with very different risk/reward characteristics. In this article, I describe the various levels. Leave a comment!
- Trading Preferreds: There's more to implementing a successful plan than just deciding what to own! In this article, I show how you can minimize your total trading costs. Comment!
- Credit Ratings: Investors in a Bind Credit ratings have been in the news during the Great Credit Crunch of 2007-08! In this opinion piece, I suggest how the system may be improved. Comment!
- Analysis of Perpetual Resets: This class of preferred share is gradually getting bigger and needs to be understood. Comment!
- Credit Stratification: In bad times, companies become more exposed to "headline risk" ... as well as the genuine risk that they really are different. A review. Comment!
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The following press releases have been issued regarding HIMIPref™, the prefshares.com website and new issue recommendations: |
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