Another day and more carnage for income-seeking investors. Yesterday Westshore Terminals Investment Corp announced that it was further slashing its dividend. From a high in May 2015 the stock had already fallen 49% before yesterday news. It’s down a further 25% since last night’s close. A widely recommended brokerage ‘top pick’, the damage here has no doubt hit would-be conservative investors hard. In truth, most never should have been holding this type of security–money they couldn’t afford to lose. Reaching for ‘yield’ with over-priced assets is a well-worn path to hell.
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