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  • Top 10 BDC Issues For 2015: Part 1 [View article]
    Sorry, I wrote the name wrong, it's Harvest, not Horizon.
    I can understand your limitations.
    I'm into it because it looks much undervalued, and apparently is carrying very little debt--leaving lots of room for expansion. Other than that I don't know much about it. Their website is not exactly a paragon of transparency. :-/
    Dec 17, 2014. 12:33 PM | 1 Like Like |Link to Comment
  • Top 10 BDC Issues For 2015: Part 1 [View article]
    Buzz, I really appreciate your good work here.
    Any chance of adding Horizon Capital (HCAP) to your coverage?
    Dec 17, 2014. 11:14 AM | Likes Like |Link to Comment
  • Marina Biotech: A Forgotten And Grossly Undervalued Game Changer [View article]
    Lots of food for thought, if you're a biotech geek--which I'm not.
    Looking just at the finances--
    If they can't do their own R&D, I don't see how they add any value.
    Enough cash to last for 6 months, with no prospects for actually generating income internally or increasing their value with new R&D. Sounds like a cash burner with slim prospects. The bear case is pretty realistic, the risks are quite real, the bull case based on slim hopes.
    JMHO
    Nov 26, 2014. 10:00 AM | 2 Likes Like |Link to Comment
  • Prospect Capital: Two Reasons Why Prospect Capital Is A Strong Buy Below $10 [View article]
    ROTFL! That bar chart is so cherry-picked! (As you should have noticed, if you study this sector). Yes, PSEC's managers could find a number of BDCs that underperformed PSEC, and put them on a chart. Did you actually compare this to the rest of the sector? Looks like you just drank the kool-aid they served you.

    I used Morningstar charting to compare total returns of the handful of BDCs that came to mind. 5-year cumulative TR:
    PSEC 62%
    PNNT 113%
    ARCC 121%
    HTGC 137%
    MAIN 230%

    1-year TR has similar ranking, but PSEC is negative.

    Now, I know this is no prediction of future returns. But I have to say to the author, if you're going to sign your name to an analysis, why don't you check and see if the data you are using has any value.
    Nov 20, 2014. 07:02 PM | Likes Like |Link to Comment
  • I Don't Care About A Net Asset Value Decline... Prospect Capital Is A Strong Buy [View article]
    I can't tell if the author is a sucker or a shill. The data he cites is cherrypicked. PSEC's managers can't admit that they are in over their heads, and will do anything to make the numbers come out looking good. They keep selling new equity to pay the dividends--it's a Ponzi scheme. The spin-offs are probably a good idea, but they haven't disclosed enough detail to figure out whether current stockholders will benefit. Good luck, guys; I'm out.
    Nov 13, 2014. 08:54 AM | 7 Likes Like |Link to Comment
  • Ellington Residential Mortgage REIT's (EARN) CEO Larry Penn on Q3 2014 Results - Earnings Call Transcript [View article]
    No analysts on the call? Who were they talking to?
    Nov 10, 2014. 05:19 PM | Likes Like |Link to Comment
  • Prospect Capital: Massive Insider Buying In This High-Yielding BDC [View article]
    If the company is not on the brink of disaster, why haven't the insiders continued or even increased buying since the stock has gotten cheaper in the past month?

    (Rhetorical question.)
    Oct 23, 2014. 03:49 PM | 1 Like Like |Link to Comment
  • Avoid Prospect Capital [View article]
    I fully agree that the dividend is unsustainable, and their business model is under great stress, having depended too much on the issuance of new shares. But I am buying at this level, because even a 40% cut in distribution provides a decent yield. At last, the pricing is rational, with these risks priced in. If the price goes back up, I'd take the cap gains instead.
    Oct 14, 2014. 01:49 PM | 10 Likes Like |Link to Comment
  • Prospect Capital: Should You Go All In If Shares Fall Below $10 Again? [View article]
    Sure, ignore the fundamentals, ignore the fact that they can only cover the dividend by borrowing or issuing new shares, ignore the non-performing loans that keep getting restructured so they don't show as non-accruals in the ARs. Follow the herd.

    You know, there are other ways to get high dividends with less risk than this.
    Sep 22, 2014. 07:14 AM | 6 Likes Like |Link to Comment
  • TCP Capital -3.2% after pricing secondary [View news story]
    Why do some people sell at a loss whenever a strong BDC expands its capital base by issuing new equity? Don't they realize that it's a capital expansion, not a dilution?

    I'm grateful for the chance buy more shares so cheaply. I paid 17.12 for stock that professionals paid 17.33 for. Thank you, sheeple.
    Jul 29, 2014. 10:24 AM | 1 Like Like |Link to Comment
  • BDC CEFs Poised To Perform Well In A Rising Rate Environment: Potential For Growing Income & Positive Total Return [View article]
    LOL! If only we knew with confidence just when this "rising rate environment" will occur--and when it will end, since those high-flyers in your sample tend to crash.
    Jul 8, 2014. 10:30 AM | 1 Like Like |Link to Comment
  • Buy Prospect Capital After The SEC's All-Clear [View article]
    Oh yes, buying it on the 3% jump, good idea. That would be around 10.15-10.20, where it was minutes after trading opened after-hours. But getting it at that price now won't be easy. Is it worth 10.30 or 10.40? That's another question.
    Jun 10, 2014. 07:00 PM | 1 Like Like |Link to Comment
  • Alts Probably, Moderation Definitely! [View article]
    Ok, right.
    May 17, 2014. 12:29 PM | 1 Like Like |Link to Comment
  • Alts Probably, Moderation Definitely! [View article]
    Exactly what do you mean by "alts"? This is not at all self-explanatory.
    May 16, 2014. 09:59 AM | 1 Like Like |Link to Comment
  • Ellington Financial files $750M mixed shelf offering [View news story]
    Of course, this is commonplace with stocks that pay out high dividends and therefore rely on new issuance for additional capital. That's the risk you assume when you buy a stock that pays a 13% dividend. Boo-hoo.
    Apr 22, 2014. 04:51 AM | 1 Like Like |Link to Comment
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