Hi Champ,
First, I have no agenda with my questions other than curiosity. No intent to criticize. In fact, I don’t have answers to the questions I asked you. Think of them as dumb questions from the slowest kid in class.
That said, here’s an observation. Ralph was a REIT insider but invested in other fixed income as well. When he said there’s no free lunch in investing, I think what he meant was you always have to give up something to get something in return. Given that investing is about managing risk, if you’re getting a spectacular yield then perhaps what you’re giving up has something to do with risk. That’s why I was so interested in your Safe Harbor view.
If you read Bruce Miller’s book published in 2014, he says all the same things as Rida Morwa. Both of them are passionate about income investing. Sounds like you are too. Bruce was more of a DIY guy when it came to due diligence, but it looks like you’ve wisely decided to outsource your due diligence to Rida Morwa and are in good hands.
I’ll admit a bias against people who like Bruce and Rida who seem to have all the answers and proclaim there actually is a free lunch. That’s probably what prompted me to ask my questions.
P.S., your 9 years comment made me think of Peter Lynch who once said that long-term investing these days is three weeks from next Wednesday. I’ll admit to another bias in that I think of investing as asymmetric, meaning what happened yesterday has little bearing on what will happen tomorrow.
Regards,
Ears