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William Packer  

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  • American Capital Agency's (AGNC) CEO Malon Wilkus on Q1 2015 Results - Earnings Call Transcript [View article]
    If you look at book value volatility... AGNC has held firm throughout a lot of market volatility for interest rates in general.. If they can continue to keep book value up and interest rate spreads widen out.... They can earn a good spread even if fed funds moves up. Total economic returns should still be positive. MTGE has more room to operate, and can buy floating rate non-agency paper to diversify away from agencies if the ROE is not attractive enough. My biggest fear for mREITs is not the fed or interest rates on the long end going up.... But rather interest rates crashing lower which would widen out the spread between MBS and their hedges.
    May 12, 2015. 05:50 PM | 1 Like Like |Link to Comment
  • American Capital Agency's (AGNC) CEO Malon Wilkus on Q1 2015 Results - Earnings Call Transcript [View article]
    AGNC and MTGE will never go out of business. I am 100% confident about that.
    May 12, 2015. 05:29 PM | 1 Like Like |Link to Comment
  • Fifth Street Finance Has 50% Upside From These Prices [View article]
    Not true. Management fees will go down via scale now.. As I said in stock talk posts before report. so good news there... JV will ramp up... Higher ROE is achievable as interest rates rise and JV is ramped up. Bankruptcy? You are a nut lol.
    May 11, 2015. 09:06 AM | Likes Like |Link to Comment
  • Apple Stock: Affirming My $140 Target By The End Of May [View article]
    I know this is apples and oranges.. but if you look into FSAM stock.. you will see it's a better buy than AAPL. FSAM is an asset manager, that manages two publicly-traded BDCs (business development companies) among other funds. Profitable company with an attractive dividend return as well. Recession proof, AUM grew rapidly even during the 2008-2009 time frame. Not many companies can claim such a feat. Company has low float and not much coverage.. but the return potential is huge and again, it's a profitable venture with plenty of upside from a stock price point-of-view and a dividend prospective. Just look into it for yourself. It's only been public for 6 months.
    May 10, 2015. 11:38 AM | 3 Likes Like |Link to Comment
  • Aggressive Portfolio Composition Key For American Capital Mortgage's Future Success [View article]
    I respectfully disagree. I feel that the portfolio is appropriately positioned for the current economics and that becoming aggressive now before the fed begins their rate increases would be a mistake. If anything, they should rotate more away from agencies and into non-agencies and drop the 30 yr agencies for 15 year.
    May 7, 2015. 05:53 PM | 3 Likes Like |Link to Comment
  • Prospect Capital's Rights Offering: A Pure-Play Value Added Subsidiary [View article]
    Robert, you are correct. I don't think the author knows what he was talking about when he said NAV would drop.... because the spin-offs are NAV neutral according to PSEC management.
    May 6, 2015. 01:33 PM | 5 Likes Like |Link to Comment
  • Prospect Capital's Rights Offering: A Pure-Play Value Added Subsidiary [View article]
    The spin off will be NAV neutral and earnings neutral to PSEC as they stated on the CC.
    May 6, 2015. 01:11 PM | Likes Like |Link to Comment
  • Prospect Capital: Continued NAV Declines? [View article]
    CPTA is bad. you will find out the hard way I guess.
    May 6, 2015. 10:51 AM | 1 Like Like |Link to Comment
  • It Is Finally Time To Buy Medley Capital Corp. [View article]
    I have the info, I am just not interested in providing any more. For starters, FC operating is one nonaccrual you will see in this coming report. Jewelry business is also likely to default this quarter. So that's two. Calloway is about to be completely written off, that's 3. Anything else you wanna know? I question Pegasus as well. Big investment there but won't see write downs I bet until later. Crane business is trying to sell itself but no buyers... Running into some distress lately... That's 5 more loans on horizon plus a few others I think are at high risk.
    May 5, 2015. 09:46 AM | Likes Like |Link to Comment
  • Fifth Street Asset Management IPO: Looking Attractive [View article]
    This never happened at FSC. FSC issues when the stock is above book value. There was an offering by FSFR below book but that was so the company could actually diversify the portfolio and drive steady performance. They had no real scale before that @ FSFR. As of recent, neither company is allowed to sell shares below book value and has no intention to ask for permission from investors. They are also working on strategic changes at FSC to make the business better.
    May 2, 2015. 01:05 PM | Likes Like |Link to Comment
  • Rate Hikes Are Coming And 23% Below Net Asset Value - Is It Time To Start Buying FSC? [View article]
    FSAM, FSC, FSFR.. I have autocorrect feature that changed my typing.. It learns from what I write.
    May 1, 2015. 05:29 PM | Likes Like |Link to Comment
  • Rate Hikes Are Coming And 23% Below Net Asset Value - Is It Time To Start Buying FSC? [View article]
    Jonathan, interesting that you didn't look at the fees before writing an in depth article. If you are worried about fees, FSFR has a 1% fee vs fsc's 2%...and earnings are going to get a bigger benefit from rising rates than FSC. Both are managed by the same manager. a little different target investment classes though.. FSFR is higher up in capital structure... But the dividend is pretty good and it trades at a discount.
    May 1, 2015. 05:28 PM | Likes Like |Link to Comment
  • Rate Hikes Are Coming And 23% Below Net Asset Value - Is It Time To Start Buying FSC? [View article]
    FSAM, FSFR, FSAM are buys at today's prices. Spoke with management and my issues with them are resolved.
    May 1, 2015. 04:04 PM | Likes Like |Link to Comment
  • Rate Hikes Are Coming And 23% Below Net Asset Value - Is It Time To Start Buying FSC? [View article]
    Well they are working on stabilizing NAV using a approach that works by underpaying what you are earning and rolling income over to new investments.
    May 1, 2015. 04:03 PM | 2 Likes Like |Link to Comment
  • Rate Hikes Are Coming And 23% Below Net Asset Value - Is It Time To Start Buying FSC? [View article]
    FSAM has to pay the employees, market the company of FSC, find and retain good talent, etc. Your costs are really close to fixed... so instead of getting all this weird up and down cost structure and wild swings to NII... you got a steady and predictable one thanks to FSAM. Are the fees high? well... they tend to be on the higher end of the BDC universe... but arguably FSC has done a good job with building out the portfolio in a way that optimizes shareholder value. Ok. So look at it this way... you have a NAV that fell from $9.85 as the author said to $9.17 today.. well.. Much of that was actually spread and mark to market not having anything to do with credit impairment. So the value is still there... much of it. People forget these things.. and spread could go back the other way and you get a write up in NAV.

    Note: FSCs NAV was in the 14s long ago.. but they were not even close to diversified enough because of size problems and they went through the 2008 mess. OK. so you cannot really go off that because of those two big issues.
    May 1, 2015. 03:38 PM | 1 Like Like |Link to Comment
COMMENTS STATS
668 Comments
691 Likes