Gordon ReidAllianceBernstein Holding LPABTOP PICKApr 11, 2013

Great company with solid yield. Would recommend holding. 

He did quite well and sold it a couple of quarters ago. He sold because it was very exposed to the fixed income market.

(A Top Pick April 11/13. Up 16.71%.) Basically a money management operation that is a partnership so distributions are very high, running anywhere from 7%-9% annually. Just came out with earnings and he was disappointed. Expected $0.41-$0.42 a share, but they only came out with $0.39. Part of the problem is that in past days the expectations or revisions have grown because they have a fairly big component of their book in bonds. Bonds did fairly well in the 1^st quarter.

This is an income stock. It pays out most of its income through distributions. There is some opportunity for growth, but it will be a little bit more sensitive to the bond market as they have a fairly large bond portfolio. Good operation and great distribution of about 7%-7.5% annually.

The wonderful thing about this is its distribution. At this time they pay out about 7% annual distribution. A really nice income vehicle. Their book is heavily allocated towards fixed income, which has shown some sensitivity. Longer-term, this remains a good holding.

Has had a pretty good run. Thinks they had an over concentration in bonds on their retail side. Bond area is a larger percentage of their business than other firms. There was a huge exodus in late June and into early July from bond funds when rates started to move up,. Because of their exposure, they suffered a little bit. Has started to recover in the last few days. Thinks this is a good long-term holding. 7.4% dividend yield.

Bought about 2 months ago. Was a Top Pick for him some time ago. Pay out virtually all of their income, so there is lots of distribution room. When we see very low interest rates, a company that can produce this kind of income and be in an area that is expanding, then there is room to go here. 5.9% yield. Thinks they can bump this up.