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Michael Spacey
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This is a pseudonym. Started my career in structured finance, moved into corporate debt, and now I'm investing in equities. My investment style is focus on the fundamentals, figure out what the company is worth, then check across the capital structure for opportunities. Writing is a way for me... More
My blog:
The Cleanup Call
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  • HLSS

    For some reasons analysts do not want to discuss these risks--

    cleanupcall.blogspot.com/2015/01/hlss-an...

    the other important thing is dividend yield is not a good way to value this company. The asset naturally decline overtime. Even if they can be replaced, the servicing costs have gone up due to compliance costs

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: HLSS
    Jan 12 3:07 PM | Link | Comment!
  • Management Turnovers At Pharmacyclics (PCYC)

    I normally don't like to dwell on management too much. In fact in my blog post here I concluded that management turns at PCYC can arguably be a secondary consideration depending on your investment style.

    Then I learned that the drugs are made in China. Why would you do this? So you have a biopharma who keeps losing medical/science personnel; core executives couldn't answer questions about IMS data in their own presentations (and get yelled at by the Morgan Stanley analyst). And oh, by the way the drugs are made China.

    I don't have the guts to outright short this company given strong reviews about Imbruvica, but at some point the red flags pile up and I stop looking further.

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: PCYC
    Oct 02 11:32 AM | Link | Comment!
  • Fannie And Freddie: Is The Debate On Net Worth Sweep Enough To Save The Commons?

    People are very focused on the net worth sweep. is that enough?

    http://cleanupcall.blogspot.com/2014/08/fannie-and-freddie-is-debate-on-net.html

    Tags: FNMA, FMCC
    Aug 18 1:27 AM | Link | Comment!
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