PMT - Skipping Preferred Share Dividend Captures For A Quarter

• Over the last several years, we have often had great opportunities to highlight for preferred share dividend captures.
• A "dividend capture" should be impossible in an efficient market. Under efficient markets, the preferred share price should fall by the amount of the dividend.
• In practice, we've often found opportunities where we believed the share price was likely to fall by materially less than the dividend.
• There is no way to "prove" something is a great opportunity in advance, but the choices usually worked well. This quarter, we don't get the same great setup.
• Today, there are many great opportunities for investors in the preferred shares if they are comfortable with the idea of holding for longer time periods.

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