the HHY dividend rises as bank interest rates rise because 85% of investments are floating rate. Divvy increases 1-2 cents for every 1% rise in rates. That makes HHY a growth stock in a climate of rising rates. And its sp is well under NTA, and it pays a fat divvy, and its a defensive stock ((SP goes up or falls less when markets sell off but on a cumulative basis (SP plus divvy) its unlikely to lose))and the baby boomers want to retire and are seeking out income rather than solely capital gain. Risk: defaults on interest rate securities, but there haven't been any so far and if they aint happened during the meltdown then they are less likely to happen during a time of better credit conditions. Hope that helps. cheers!
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