As hurricanes threaten many of our friends and neighbors, it seems silly, or perhaps even heartless, to write about anything else.
But as several of you asked why BOREF dropped from $5 to $2 yesterday, I thought I should respond. The drop was on a volume of 1600 shares. Presumably, some trusting soul — or perhaps the executor of an estate that held the shares — placed an order to sell those shares “at the market” and his broker, or some other dealer, paid $2. Scandalous. Had the seller placed a limit of $5, that’s the price he or she would have received. And that remains the price at which shares are currently offered. Nothing has changed.
Have a great weekend . . . as we all hope for the best for those in peril.
Quote of the Day
We're not trying to outsmart the smart guys. We're trying to sell bonds to the dumb guys.~alleged remark of the head of a Wall Street mortgage-bond group
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