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Cash Is King: Investing in REIT Preferreds to Generate Long-term Income
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7 of 7 people found the following review helpful
on August 23, 2013
this stuff is available on the net for free. This breezy overview adds no real value. These other reviews sound they were posted by the author's mother!
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6 of 7 people found the following review helpful
on January 21, 2012
You might imagine that the *only* book devoted to a well hidden, tiny corner of the stock market -- the Preferred stock of Real Estate Investment Trusts (or as they are commonly called: REIT Preferreds) -- would be boring and difficult to understand. Not at all! This is a short, fun book, easily digestible, that gives you pretty much everything you need to know to invest in these little critters.

The book addresses the following questions:

1) What are REITs and REIT Preferreds?

It discusses the types of REITs, their characteristics, their history, and a brief look at how to value them. It then describes where REIT Preferreds fit into REIT financing, and the characteristics of Preferreds.

2) Why are REIT Preferreds good investments?

You'll find a good discussion here of why the credit rating agencies under-rate REIT Preferreds, why these stocks are not followed, and why it's difficult for anyone but retail investors to invest in them. The author gives his judgement as to where your best opportunities lie, as well as some of the tax considerations.

3) What are the risks and safeguards to think about when investing in these securities?

The chapters devoted to risk -- interest rate risk, credit risk, takeover risk -- were the most helpful for me. I found the discussion of each risk and the safeguards to employ to guard against these risks was at just the right level. It was easy enough so that a beginner could understand, but yet contained enough content to keep the more seasoned investor interested.

4) What type of investor is this aimed at?

This book is aimed at active individual investors or investment advisors, not institutional investors or REIT veterans. It asks you to think about your investment goals, your situation in life, and your outlook towards investing as a prelude to absorbing REIT Preferreds into your investment strategy.

5) How do you develop an investment strategy for REIT Preferreds?

The author gives you specific steps for developing a REIT Preferred strategy. He gives some specific examples to help you, including a more in-depth discussion of three specific REIT Preferred stocks, and his own portfolio of REIT Preferreds as it looked at the end of 2010.

I have been investing in REIT Preferreds for about a year now, and I found this book to be very helpful. I imagine it would be a huge help to someone just getting started with REIT Preferreds.

Highly recommended!
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3 of 3 people found the following review helpful
on February 24, 2014
I ordered Simon Wadsworth book in mid August along with 3 other Preferreds book, AFTER I saw some significant paper loss in my portfolio consisting of well over 50% in Preferreds. In mid June 2013, nearly all Preferreds lost value with the 10 Year Treasury Note "taper fear" following the announcement of Chairman Ben Bernanke of tapering on his Quantitative Easing (QE II). At this time, there has been very nice recovery in the Preferreds market. This book could easily save me thousands of dollars and hundreds of hours of self study. While I still subscribe to a paid service AND have studied 2 other comprehensive books on Preferreds. Cash is King, written on REITS Preferreds, conveys many extremely relevant important points to remember if you invest any Preferred stock, including Preferreds outside of the REITS sub sector.

He has also addressed the dilemma of the probable increase in the 10 Year Treasury note and good guideline on whether you should CAUTIOUSLY add more position, when appropriate as well as to slow down in investing in the REITS preferreds when the spread between the 10 Year T note to the Preferreds yield should narrow. This book is easy to read and not a thick book like the other 2 books I started back in January 2012. It is the MOST OBJECTIVE, concise and practical book ever published on this niche market. In this yield hungry investment world, Preferreds are still good source of income BUT there are risks which can be minimized by STUDYING (read and re Read) his book. I wish Simon would write a new edition so that we can learn how to cope with this challenging market, which is not exactly kind to income investing. After all, Wall Street and brokers LOVE to let you believe that the stock market is always the best place to be for long term performance. After all, it is YOUR MONEY and their commission. They always win.

PS: Despite of some paper loss which I had from the STEEP drastic drawdown in May - June 2013, my portfolio value actually increased because of the earlier purchases AND all the purchases continue to pay decent dividends, which I can never get from the highest dividend paying common stock.
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2 of 2 people found the following review helpful
on April 6, 2012
REIT preferreds comprise a small, niche market that is not covered as thoroughly as other high yield equity investments.

For this reason individual investors who are willing to spend a modest amount of time studying the credit risk, prospectus and financial statements of REIT preferreds via the internet and using the methods explained in this book will enjoy a relative advantage.

The chapter on Waldenization risk alone is easily worth the price of the book.
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4 of 5 people found the following review helpful
on July 27, 2011
The author reveals a little known, but therefore attractive, investment opportunity for the income investor. REIT Preferreds are complex animals, but this little book explains all you need to know. Some definite and surprising investment risks are highlighted, along with tactics to avoid the pitfalls. The book is capped with some actual examples of investments made by the author, so you have a template you can apply for yourself. You will earn back the $16 for the book in your first day of higher dividend income. Brief and to the point - excellent!!!
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2 of 2 people found the following review helpful
on June 13, 2012
This book is concise and easy to read. It is not a very large book. It is small book but I think it has all the material you need to know. With other books perhaps have way too much information and seems like text book encyclopedia. Highly recommend it.
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