I listen to too many financial podcasts. One guy stated that an investor's goal for 2023 should be to not lose money. That thought struck a chord with me. I am at an all time high in MM and short term T bills. I even bought a couple of CDs last week for the first time in my life.

 

I'm trying to keep up with all the banking news. I think I have a decent understanding of what has happened, but have no idea what will happen. I don't think we will see contagion, but I am not sophisticated enough to be sure. I remember the talking heads on CNBC telling me not worry after Bear Sterns and before Lehman during the financial crisis. I don't know what they are saying now because I stopped watching financial news years ago.

 

I own relatively small preferred stock positions in ABR, RITM, and NYMT. I think the selloff is overdone but I don't have the courage to add just yet. I'll wait to see how things unfold and will probably have a good window to add well under par for some time.

 

I'm keeping my eyes on the big money center bank preferreds. They are all drifting down. If we get a mild or even moderate panic I will probably will add to current positions.

patterj