Chuck Kasparov

Taking a Risk - With 20% Yields

Hi Tim, I'm with you on the dry bulk shippers - the whole industry is a bargain now.

But I would stay away from AWP. If you listened to the last conference call for their fund group (including AOD) management say that they have massive dividends and are not returning capital, but if you dig in a little bit, you'll find that when the underlying companies issue the dividends, their NAVs go way down, it comes out of AWP/AOD's NAVs. , and they never recover. If you want to make the dividend real estate plays here, I would look at the underlying stocks, and not trust the Alpine management on this.