QRTEP

After the preliminary results, both common and preferred declined and QRTEP the preferred is down to $94.9. Haven’t looked into it. Anyone looking into this?

I saw Q4 sales at QRTEA had dipped significantly year over year, and now they’re sitting on these preferreds that they need to service. The market is just so skittish on QRTEA, and the fact that their capital return plans are all special dividends and no buybacks doesn’t give anyone confidence that there’s any terminal value here. So even management seems to be sending signals not to buy the stock…even when it’s trading in the single digits P/E. But really I haven’t looked any more closely than that…

Jim

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