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William Packer  

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  • Prospect Capital And The Cat And Mouse Game [View article]
    I entirely disagree. PSEC has been a game of hype and a play on shareholder greed for years. Do you know any other companies that walk up their dividend each month or quarter by fractions of a penny? No... You don't. Why do you think that is? It's all about hype and perception to drive AUM growth for the management company. In my opinion, investors would be best served by selling $PSEC and buying other similarly discounted BDCs which do not issue shares below NAV and do not engage in business practices that are as shady.
    Dec 24, 2014. 08:04 AM | 19 Likes Like |Link to Comment
  • Prospect's Distribution Is Not Sustainable [View article]
    You guys don't get it. The dividend is covered by taxable earnings not net investment income. Therefore, the dividend is sustainable. The NAV drops because loans get marked down all the time. These are riskier loans and they don't carry full marks. NAV will have a downward bias even with a dividend cut. (Which won't happen) also, keep in mind that NAV is actually up since 2010 and over the last couple years it went down 2-3%... So freakin what.... God knows you people would freak out if you had to invest in mortgage reits which can lose 5-10 percent of NAV in a single quarter sometimes. If you trade around a core position or you reinvest dividends.. This NAV decline is so small it's not even worth talking about. 0.44 of taxable earnings last quarter, 0.33 dividend... You do the math. They are required to pay out 90 percent of taxable earnings. It's surprising how many people still don't understand the RIC tax structure. After the spin off, the dividend may actually go up because of higher leverage on the new funds and PSECs ownership there via share count.
    Dec 3, 2014. 09:07 AM | 14 Likes Like |Link to Comment
  • Prospect Capital: How Secure Is The 12% Dividend Yield? [View article]
    Look, PSEC is a good investment. 1.00 per year of NII is OK and provides a dividend yield of 9.5% around NAV. That's good. Around 4x better than treasury bonds. NAV after return of capital is largely unchanged and stable. Why cry about this? Also, PSEC normally has better earnings then this.. Originations were down.. It was a one time thing. When short rates go up next year the dividend coverage will definitely go up even more.. Should easily cover at that point.
    Aug 26, 2014. 02:15 PM | 14 Likes Like |Link to Comment
  • Annaly And American: Getting Lured By Yield Is Far Too Risky [View article]
    too many errors in your article. its late so i wont get into it much. the agency market is huge, the spread is a function of ( asset yield) - (repo rates + hedge costs). refi rates drop as interest rates rise thus increasing asset yield as well. the assets are short in duration, about 1.9 to 3.5 yrs on 15 yr paper ranging due to prepayment speeds. fed funds will stay low for another 3 years or more. AGNC is a buy in this sector due to its fast ability to adapt to changing market scenarios. the mortgage market originating less paper is a good thing for mortgage prices, which are opposite of yields. AGNC also has a strong buyback program in place which they expect to retire a large portion of their common shares. sister company mtge as already retired over 10 percent of common shares. this will boost nav and eps. AGNC also expected to get into MSRs like MTGE is doing now. so nav and roe will improve in future quarters. less swaps needed so less expense and MSRs pay 8-12 percent. its a natural hedge to the portfolio. next week will be data driven, be careful.
    Nov 30, 2013. 01:12 AM | 13 Likes Like |Link to Comment
  • Gary Kain Is The Warren Buffett Of Mortgages [View article]
    if you buy AGNC stock, you buy other mreits stock at a 20% discount, which is in turn priced at 20% discount.. total discount 40%. So... it makes sense to get AGNC /MTGE back to book.
    Feb 9, 2014. 06:52 PM | 10 Likes Like |Link to Comment
  • American Capital Agency: The Good, The Bad, And The Ugly [View article]
    First off, buying for the dividend is stupid... did you know that i was the one who sold you the stock on ex-dividend? I buy before they announce the dividend.. ( because the very next day the stock goes up by usually half the dividend amount) than the next thing i do is sell the day before ex-dividend.. it's called "buying the dividend run." I have turned 72,000 into almost $1 million using this strategy (among others). I've even bought options to capture the run and made 300% on invested capital.
    Oct 23, 2013. 02:35 PM | 10 Likes Like |Link to Comment
  • Prospect Capital And The Cat And Mouse Game [View article]
    Thanks ocean for your comments, as you know.. The management team of PSEC also owns shares in the management firm. Johns cut is around $25m a quarter I believe. So he isn't investing that much of his total net worth or income into the shares of PSEC.... Just enough to make his purchases seem big to outsiders and the little retail fish. Other insiders are buying too, but not as many shares obviously and still not a large percentage of their net worth. Mostly its window dressing to make the stock seem more attractive.. To get investors to buy shares again and help support the price.. More games... If they were serious.. They would sell assets at NAV and buyback stock.
    Dec 24, 2014. 08:38 AM | 9 Likes Like |Link to Comment
  • American Capital Agency And mREIT Dividends: The Race To The Bottom Is Already In Full Swing [View article]
    lol... $11. You are delusional. Have you seen mbs prices lately? They are going back up and have been since "no taper" was announced. The economy added mostly part time jobs since the crash... Gary kain even said that they were protecting book value over earnings maximization. So obviously the dividend will go back up now that hedges are taken down and book is growing.
    Sep 30, 2013. 04:27 PM | 9 Likes Like |Link to Comment
  • Prospect Capital And The Cat And Mouse Game [View article]
    I am not short $PSEC. I think investors would be better served by selling PSEC and investing in other BDCs with a similar discount to NAV that do not issue shares below NAV.
    Dec 24, 2014. 08:17 AM | 8 Likes Like |Link to Comment
  • I Have Concerns Regarding American Capital Agency After The Dividend Announcement [View article]
    They don't report the book value this month because they report in only a couple weeks. This will be normal. That said, book value probably went up significantly... maybe $30.00 per share. I bet they are maintaining the earnings power pretty well too.. So I would not expect a dividend cut.. especially as they already declared 0.22.
    Jan 16, 2015. 02:05 PM | 7 Likes Like |Link to Comment
  • Prospect Capital And The Cat And Mouse Game [View article]
    It was a recommendation for investors to consider moving their funds from PSEC to other BDCs like MCC which do not issue shares below NAV or engage in shady business practices to the degree PSEC's management has done in the past.
    Dec 24, 2014. 08:19 AM | 7 Likes Like |Link to Comment
  • American Capital Agency Vs. Annaly Capital: Choosing Which Stock To Buy And Why [View article]
    yep, akaralph, mreits are a foolish investment. making over 200% in 5 years on AGNC really sucked =(
    Nov 16, 2013. 10:32 AM | 7 Likes Like |Link to Comment
  • A Few Reasons I Want To Own Fifth Street Finance [View article]
    I disagree that REITs and preferreds are safer. Both will get raped when rates go up. FSC's income will increase if rates rise.
    Dec 2, 2014. 09:05 PM | 6 Likes Like |Link to Comment
  • Prospect Capital makes $127M follow-on investment [View news story]
    Good news... Too bad market says f-u I hate good news. PSEC down. Lawlz
    Dec 1, 2014. 09:48 AM | 6 Likes Like |Link to Comment
  • Why Mr. Stiritz Should Listen To Clint Eastwood: 10 Reasons Herbalife Is Still A Great Short To $30 Or Less [View article]
    I just put a client into $HLF today @ $51.20. (paired it with SPY short) I think the stock is an easy double if not triple.
    Aug 4, 2014. 06:41 PM | 6 Likes Like |Link to Comment