Good to see SEVPC creeping up over the last few days. It was...

Good to see SEVPC creeping up over the last few days. It was ridiculously oversold when it got down into the 70s, and even now I see it as undervalued in the low 90s. As far as hybrids go, this has to be among the very safest with SEV still sitting on a big pile of cash even after its recent investment in CMJ.

With interest rates the way they are, I can't see SEVPC going above $100 until perhaps May 2010 when SEV may well step up the rate by 2.25%pa.