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  • HNR - The Bull Case - Article Written By Zachary Prensky

    If anyone is interested in a very well written piece on the bull case for HNR, you should go to the following link below. I think it is the best bull case write-up that I have seen for HNR.

    The article was written by Zachary Prensky

    Disclosure: I am long HNR.

    Apr 12 11:50 AM | Link | Comment!
  • Long BKCC
    My favorite pick in the BDC space is BKCC.  It was absurd when it got up to $12.50 when the NAV was at $9.75.  However, at this discount to NAV, I think it provides very reasonable cushion going forward.  In addition, the street was negative that they were slow to deploy capital last quarter.  I knew at the time that was the wrong way to look at it.  At the end of the 2nd quarter they had 40% of their capital yet to deploy, and they will now achieve much higher spreads on this money.  Their lowest NAV was $9.04 in 3/2009 and the stock got down to around $2.75 (this will almost surely not happen again).  They have a great track record, and this should be added to at anything under $7.50.  The Virgina Retirement System has been a larger steady hand in this name for awhile owning 22% of shares outstanding.  Quarterly investment income as a % of invested assets also grew substantially in Q2 2011.  Investment income will remain close to $1.00 going forward, so is a risk the dividend gets cut very modestly but it will remain healthily above 10%. 

    Disclosure: I am long BKCC.
    Tags: BKCC, BDC
    Oct 11 8:11 PM | Link | Comment!
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