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Dan Plettner

 
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  • BDCA Venture: Nano Cap, 37% Discount To NAV, 8.4% Dividend Yield [View article]
    Regarding the original sales model... being what it is, its certainly gives would-be Activists a compelling case to make.

    The new Board seems rather unconcerned the consequences on not following through with serving up the substantial shareholder value (ie: tender offer) that looked rather likely at the time its Advisor needed affirmation votes.

    You mention liquidation. I certainly think about the deep value players who may be wisely accumulating these shares. While they may not liquidate, I'm sure they would provide for liquidity before reassigning the contract.

    At the end of the day, the deep value is there (they surely wish it weren't). The choice to eschew the internal credit for value creation is rather foolish by the Board because he AUM in the current entity is small anyway. Their lack of immediate care for the shareholder will likely prove relevant to the future stream of Advisory revenues though.
    Oct 23, 2014. 04:03 PM | Likes Like |Link to Comment
  • BDCA Venture: Nano Cap, 37% Discount To NAV, 8.4% Dividend Yield [View article]
    I certainly could rant about the specific steps the Board was poised to take, but did not. Or, the rights offering governance bomb which can't be seen as much else, absent the opportunity which purportedly would be taken once it were possible to associated clearly strong governance decisions with the forward serving Board.

    It is what it is. I still have all the shares I was influenced to (mis)vote while being told (by Tim Keating) that even so and so had faith. Priority #1 after the new Board would get the credit...

    The deep value is even more present now. When I get the chance to vote again, I certainly won't forget history. Should I own BDCV from here? Yup. Will I trust the Board next time I receive a proxy? Different answer.
    Oct 22, 2014. 09:30 AM | Likes Like |Link to Comment
  • BDCA Venture: Nano Cap, 37% Discount To NAV, 8.4% Dividend Yield [View article]
    Deep Value? Yes.

    Has the Board justified the faith it asked for when shareholders affirmed the new advisor? Different answer.

    Whomever is buying at these deep value levels, I'm sure they'll want fair value. They'll just need to use their voting power to achieve it. Because the Board isn't following through on substantial value to shareholders.
    Oct 21, 2014. 08:41 PM | Likes Like |Link to Comment
  • Attention Anworth Stockholders: Don't Be Fooled By Management's Cherry-Picked Data [View article]
    Western's track record readily motivates Answorth to be on my radar screen. Happy to see Art and Western active... as mentioned, the numerous successes have been for all public shareholders of Western's Activism targets. Good luck, Art.... not that you need it.
    May 1, 2014. 05:08 PM | Likes Like |Link to Comment
  • Firsthand Technology Value: A Strong Buy With Shareholder Activism And A 30% Discount To NAV [View article]
    To be clear, I did not call anything "grim". Bulldog's track record speaks for itself. Among Bulldog's Activism targets, SVVC has some relatively unique risks.
    Apr 22, 2014. 09:03 AM | Likes Like |Link to Comment
  • Firsthand Technology Value: A Strong Buy With Shareholder Activism And A 30% Discount To NAV [View article]
    Like all events, I assess the relevance of the KIPO rights offering within a broader context. Absent that broader context, it would concern me greatly. KIPO is a highly unique story.... the sort which I believe differentiates investors based on their ability to recognize the importance of various nuances. KIPO is (perhaps surprising to many) my highest conviction idea.
    Apr 22, 2014. 08:59 AM | Likes Like |Link to Comment
  • Firsthand Technology Value: A Strong Buy With Shareholder Activism And A 30% Discount To NAV [View article]
    I should start by disclosing I'm long both SVVC and its antithesis among those BDCs focused on the pre-IPO asset class (KIPO). Having said that, the only justifiable reason to own SVVC rather than an intrinsically superior peer is the belief that the observed Activism in SVVC will yield benefits to all public shareholders. (Activism Piggybacking). It would be hard to find any peer in the pre-IPO space with stewardship similarly willing and intent to destroy shareholder value in the interest of the Advisor as SVVC. Thus, I'd argue addressing the merits of buying/selling SVVC without a focus on the risks and rewards of this specific example of Activism Piggybacking play is much like investing with SVVC's advisor.... no value added. So, the prospect for broadly successful Activism is anything but a footnote in this "idea".

    A positive outcome for all SVVC shareholders is far from a slam dunk. SVVC stewardship's level of disinterest in its own shareholders may be a worse weakness than its portfolio management. They appear content to burn the house down rather than reduce billable assets under management. Investors who aren't privy to Activism would be supremely misguided to buy SVVC. The difference between SVVC and KIPO is night and day.
    Apr 21, 2014. 09:46 AM | Likes Like |Link to Comment
  • Firsthand Technology Value: Buy At $21 Now And Get About $28 Worth Of Fast-Growth Tech And IPO Stocks [View article]
    The following reflects on the pillars for my KIPO reasoning:

    http://bit.ly/1kQI9Es

    I will consider to cover KIPO at Seeking Alpha with the drill-down detail and factual nuances to which you've alluded. Obviously Seeking Alpha has an institutional readership, handily capable of following rigorous data.
    Apr 11, 2014. 11:45 AM | Likes Like |Link to Comment
  • Firsthand Technology Value: Buy At $21 Now And Get About $28 Worth Of Fast-Growth Tech And IPO Stocks [View article]
    I should start by disclosing I'm long both SVVC and its antithesis among those BDCs focused on the pre-IPO asset class (KIPO).

    This particular piece is rather naive on the merits and (de)merits of SVVC though. For pre-IPO exposure for intrinsic (manager) returns, KIPO is the only choice long term... price and business discipline rather than fads... Price protection in many cases. And, historical NAV accretive stock buybacks! In contrast, SVVC's use of cash and corporate governance tactics are quite obviously focused on maximizing billable assets under management. The advisory contract provides the rationale. SVVC's long term performance showcases the effect.

    The only justifiable reason to own SVVC rather than an intrinsically superior peer is the belief that the observed Activism in SVVC will yield benefits to all public shareholders. (Activism Piggybacking)

    And speaking quite honestly, a positive outcome for all SVVC shareholders is far from a slam dunk. SVVCs disinterest in its own shareholders may be a worse weakness than its portfolio management. They appear content to burn the house down rather than reduce billable assets under management. Investors who aren't privy to Activism would be misguided to own SVVC rather than KIPO. Intrinsically, the difference is night and day.
    Apr 10, 2014. 11:32 AM | Likes Like |Link to Comment
  • Kayne Anderson MLP Investment: Offering Demonstrates Conflicted Interest, Timely News In CEFs [View article]
    Dear "du4sloop"

    "Mr. Market" may prove your best bet to be right. I wish you well.

    Respectfully Yours,
    Dan Plettner
    Jul 15, 2013. 02:43 PM | Likes Like |Link to Comment
  • Kayne Anderson MLP Investment: Offering Demonstrates Conflicted Interest, Timely News In CEFs [View article]
    Dear "bsorge"

    It does appear logical for reasons you note when folks particularly minimize their turnover in individual MLPs (in contrast to MLP focused CEF or ETF products).

    Respectfully Yours,
    Dan Plettner
    Jul 15, 2013. 02:42 PM | Likes Like |Link to Comment
  • Kayne Anderson MLP Investment: Offering Demonstrates Conflicted Interest, Timely News In CEFs [View article]
    Dear "johnbian8309"

    I do not feel that I have the particular competency to provide a useful insight to your inquiry about whether a CEF's public follow on offering price is likely to serve as a near term floor.

    I'd certainly encourage any expert of imperial data regarding follow on CEF offerings at a similar premium and scale to provide useful input to your inquiry. In my view, the relevant data sample size would be unlikely to warrant my confidence in any conclusion.

    Humbly yours,
    Dan Plettner
    Jul 15, 2013. 02:36 PM | Likes Like |Link to Comment
  • Kayne Anderson MLP Investment: Offering Demonstrates Conflicted Interest, Timely News In CEFs [View article]
    Dear "tinman"

    I'm curious, if/when you do your due diligence on BIF, to what do you estimate the expense ratio for the current year will compute?

    Respectfully Yours,
    Dan Plettner
    Jul 15, 2013. 02:24 PM | Likes Like |Link to Comment
  • Kayne Anderson MLP Investment: Offering Demonstrates Conflicted Interest, Timely News In CEFs [View article]
    Dear "bsorge"

    I agree with you regarding what is/isn't demonstrated by the relative valuation. Based on the tax implications of CEFs/MLPs that are focused on MLPs, I would argue the ongoing nature of the tax inefficiency is one contributor suggestive the appropriateness of market discounts.

    CEFs are generally "permanent capital" for their Adviser once the shares are issued. That permanent capital generality can change if/when shares trade at significant discount over long periods of time and Activist Investors take an interest. Such is not the case in any MLP focused funds right now. Rather, MLPs are a hotbed for Advisers to raise capital.

    Over the decades ahead, it will be interesting to see how "Mr Market" values MLP focused CEFs.

    Regardless, I genuinely wish you well in your holding. While I happen to be short based on my objective opinion, my position is certainly small enough that I'd be very content to see you and all the investors in the security do well.

    Respectfully Yours,
    Dan Plettner
    Jul 13, 2013. 02:54 PM | Likes Like |Link to Comment
  • Kayne Anderson MLP Investment: Offering Demonstrates Conflicted Interest, Timely News In CEFs [View article]
    Dear "mi2positive"

    The article was submitted to Seeking Alpha on Thursday, July 11. The article was published by Seeking Alpha's editors on Friday, July 12. Relative valuation (premium/discount) for a CEF commonly and constantly changes.

    Regarding the tax liability / structural performance inefficiency I already addressed that question in response to "NoBob's" comment.

    Respectfully Yours,
    Dan Plettner
    Jul 13, 2013. 02:44 PM | Likes Like |Link to Comment
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