RE:Looking hardI don't post on this board because I feel I have no useful information to contribute, but I follow it every day. The poster you refer to provides critical information on NAV for FTN and does indeed deserve to be called a genius. I don't know how he manages such an accurate spreadsheet, I just know I can't do likewise. To refer to dividend "pigs" is a not uncommon way of warning those who are mesmerized by the high payout that what really matters is the NAV. Take your eyes off that and the "juicy dividend" can prove to be a black hole. A month ago FTN was perilously close to hitting the no-pay point. If it gets at all close to $15 it is a red flag that should warn you to take your eye off the distribution and be more realistic. Remember that Quadravest deducts the distributions before deciding whether to pay, so $15 won't cut it; the NAV really needs to be at least $15.15, even more on the months when the preferred also get paid. When FTN was in real danger, I sold half my shares. Sure, in hindsight i wish I hadn't, but investing in split shares requires caution above all else. Remember that as soon as ex-div date arrives, the shares tumble, often by more than the amount of the distribution. Over the course of time, charts show that capital losses can trump monthjly payouts and leave you in the hole. I buy and sell these shares depending on my comfort level. I don't think anyone should consider them a long-term hold. Buy the preferreds if you want security. Anyway, I appreciate your post because you are being thoughtful and cautious. But I want to THANK the mouse for feeding us the necessary updates so we can all keep things in perspective.