Seeking Alpha


Send Message
View as an RSS Feed
View koleffstephan's Comments BY TICKER:
Latest  |  Highest rated
  • Prospect Capital: What Comes Next? Part 5 [View article]
    I think that Buzz's comment of "I find it increasingly difficult to understand the mindset of PSEC investors with large investments (as a % of overall portfolio), as there are many BDC's with much higher risk adjusted returns," can be rather easily refuted or counterpointed by pointing out that the CEO of PSEC (John Barry) presently owns 4,110, 196 shares; CFO (Brian Oswald) owns 149,000 shares; and COO (Grier Eliasek) presently owns 187,196 shares. All of these shares have been purchased on the open market; not once has any of these 3 officers ever sold a single solitary share of PSEC stock; and lastly, all 3 officers have purchased a substantial amount of PSEC shares during the last 2 years and at much higher share prices than what PSEC stock is presently selling for. Unlike Buzz, I myself, can certainly understand the rationale of PSEC investors holding large investments in PSEC stock (as a % of overall portfolio), as the management team knows more about the direction and value of PSEC stock than private investors - including Buzz - and the management team continues to put "their money where their mouth is" by purchasing PSEC on a continual and regular basis - me too.
    Sep 13 08:07 AM | 2 Likes Like |Link to Comment
  • Analyzing Prospect Capital Corp.'s Recently Restructured Control Investments And Its Impact On NII [View article]
    Hi Scott:
    Thank you for your detailed response to my question. Yes, my statement that "you have little to no involvement with PSEC stock," centered around my assumption - and I believe your stated position - that you do not own any PSEC stock. Hence, speaking for myself only, I myself, would have little interest in writing about stocks or companies that I don't "care" about, inferring that I (and perhaps "you") only would "care" about a company/stock that I have interest in making money on (long or short the stock/company) and therefore writing about. Apparently - from your response to my question - you maintain an "interest" in PSEC because you are or would consider purchasing the stock again if the price of PSEC reached what you felt were below stated percentages of PSEC's NAV in relation to it's market stock price. However, since your response indicated that you own other stocks now (besides your previous ownership of PSEC stock), I would think that you would be "more interested" in writing detailed articles about the present stocks that you own rather than writing about stocks such as PSEC that are no longer in your portfolio for the time being. However, who am I to question someone's motivation for writing about stocks that they do not presently own. I simply and respectfully wanted to know the reason that you do continue to write about PSEC stock knowing that you do not own the stock presently. Your response to my question has answered my curiosity and I thank you for writing back.
    Sep 7 08:14 AM | 2 Likes Like |Link to Comment
  • Analyzing Prospect Capital Corp.'s Recently Restructured Control Investments And Its Impact On NII [View article]
    Mr. Kennedy: Your articles on PSEC are obviously detailed, well-written, objective, and exhibit "no hint" of bias," - either long or short the stock - as well as stating what your opinion is on what price (in your opinion) would be favorable for "buying, selling, or holding."

    I was wondering why you have such interest in writing detailed articles on PSEC despite your limited to practically non-existent involvement as a shareholder of PSEC? I ask because whenever I read a book or article, the first "thing" that I do - prior to reading the book or article - is to read the biography of the author to learn what it is about the author's life or experience "that brought them to this point in their life" to write an article about the subject matter that they are writing about. You have stated that you are an accountant (and, I infer from reading your articles that you are a "very good" accountant, as your attention to numbers and detail is/are meticulous and impeccable) and I assume that you are already quite busy in your professional and personal so I was wondering "why" you are passionate (my opinion and assessment that you are "passionate") and willing to spend so much time writing articles on PSEC when it appears that you little to no involvement with the company or it's stock? Again, I ask as a "well-intentioned and good-spirited" reader of your articles and there is no "negativity or malice" in my heart or mind when I ask you. Thank you again for your articles on PSEC.
    Sep 6 07:44 AM | 1 Like Like |Link to Comment
  • Is Prospect Capital Ready For Rising Rates? [View article]
    Buzz and Elliot: No one is trying to "discredit your research" or be a "crank and conspiracy theorist," but simply looking for clarifications on your "research" that you write about concerning BDC stocks - in general - and PSEC - specifically. In this article, it required receiving additional responses to my questions that I had - after reading your article - as opposed to the "answers" being prosed in your original article (PSEC having more or less litigious shareholders than other BDC companies; PSEC being any more less vulnerable to rising interest rates versus other BDC companies because of the paucity of your writings on other BDC stocks in relation to rising interest rates." Just because an author writes an article on a subject - as is - does not make the content and information automatically true and correct. Questions and verification and clarifications on the "research" does not make the "questioner" a "crank and conspiracist," nor an "insinuator." I don't think that stating that PSEC has "more litigious shareholders" than other BDC companies nor writing an article on PSEC's vulnerability to rising interest rates without commensurate analysis of all of the other BDC's stocks vulnerability to rising interest rates is "analytical, well-researched, or factually helpful," - it's just an opinion.
    Aug 19 08:50 AM | Likes Like |Link to Comment
  • Is Prospect Capital Ready For Rising Rates? [View article]
    docpvh: I think an objective reader (like yourself) must ask the question (as I believe you are/did ask or wonder when you wrote a post to BDC Buzz about his article) as to why the title of this article was not "Are BDC Companies Ready For Rising Interest Rates," versus the title being "Is PSEC Ready For Rising Interest Rates," if the author does not believe that PSEC is less prepared than other BDC companies to deal with rising interest rates. Unless BDC Buzz has other articles prepared and to be written in the future about every BDC stock entitled "Is (specific BDC stock such as Apollo, Ares Capital, Solar Capital, etc..) Ready For Rising Interest Rates", it is difficult to imagine that the author does not believe that PSEC and it's management team are less prepared and more susceptible to rising interest rates than other BDC stocks.

    I am not making any accusations or insinuations against BDC Buzz but simply stating that the fact that he entitled his article to say "Is PSEC Ready For Rising Interest Rates," rather than "Is The BDC Industry Ready for Rising Interest Rates," in addition to his comment that "PSEC has some litigious shareholders," versus stating that "the BDC industry has some litigious shareholders," when he has stated in additional postings that he is not singling out PSEC as being more or less vulnerable to rising interest rates than any other BDC stock, and not singling out PSEC as having shareholders that are more or less litigious than any other BDC stock with it's respective shareholders, leaves the reader (you and I - at least) to question and wonder if the title of the article - at the very least - could or should have been re-worded to reflect what BDC Buzz has said was his intent for writing the article - based on his additional message post/responses to the article.
    Aug 15 09:12 AM | Likes Like |Link to Comment
  • Is Prospect Capital Ready For Rising Rates? [View article]
    BDC Buzz: Okay. Since the article was about PSEC and you made the statement about some litigious shareholders in an article written about PSEC, the reader (like myself) was left to glean the impression or inference that PSEC - specifically- is notoriously known to be the focus of lawsuits by "some shareholders" versus your stated intent (based on your additional writing/response to my original message on this subject) on letting your general readership know that BDC stocks - in general - are targets of lawsuits. In that context, really all public companies are the potential targets of shareholder lawsuits and I do not think that BDC stocks/companies are more or less prone to shareholder lawsuits than any other stock/company listed on the public exchanges.
    Aug 15 08:47 AM | 1 Like Like |Link to Comment
  • Is Prospect Capital Ready For Rising Rates? [View article]
    I was wondering what source you were/are using that indicates that PSEC has "some litigious shareholders?" I know that when PSEC had the SEC/Accounting question which was resolved favorably, during the process, you had many law firms canvassing for "customers or clients" to assist them in potentially filing a class action law suit but this is/are law firms "looking" for customers/shareholders and not "the other way around." I am not aware that PSEC has some shareholders that are litigious and your statement that "PSEC has to be concerned given the litigious nature of some of it's shareholders," begs me to ask you about what lawsuits you are aware of in the past or now that PSEC shareholders have initiated against the company that compels you to write that statement?
    Aug 13 06:25 AM | 1 Like Like |Link to Comment
  • Prospect Capital Vs. Fifth Street Finance [View article]

    Like you, I think the fact that the CEO, John Barry, owns so many shares of PSEC (purchased on the open market), as well as the CFO, and COO, having purchased so many shares of PSEC stock, in comparison to the CEO, CFO, and COO, of Fifth Street Finance not having purchased shares to the extent and to the amount of the PSEC management team, speaks volumes as to the benefits of owning PSEC versus Fifth Street Finance, and to the benefits of FSC being "safer" than PSEC - as a stock holding - over the next year or two, as it relates to stock price and as it relates to dividend sustainability of the payout. PSEC has been a wonderful dividend payor and the management team is intelligent, sharp, fully engaged, and fully invested in their company's stock shares and it's success. I don't know if I can say the same about Fifth Street Finance.
    Jul 8 10:17 PM | Likes Like |Link to Comment
  • Prospect: Portfolio Debtor Files For Bankruptcy, Meet New Century Transportation [View article]
    It should be noted that as far as "insider purchases" of PSEC stock, CEO John Barry made 2 separate purchases of PSEC stock, with both purchases being or consisting of 100,000 share purchases, so therefore, he made 200,000 purchases of PSEC stock over the last few days. Therefore, since Mr. Galler noted that Mr. Barry was "underwater" with his last purchase of PSEC stock in the $10.86/share range, these last 2 purchases of PSEC stock consisting of 200,000 additional shares in the approx. share price of 10.35/share, should put Mr. Barry almost at the "break even" share price range. Now that he has or owns over 4,100,000 shares of PSEC and receives almost more than 5 million dollars in dividend income alone, per year, I don't think Mr. Barry is too worried about his cost basis in PSEC stock. I could be wrong but just my hunch.
    Jun 18 01:08 PM | 1 Like Like |Link to Comment
  • Prospect: Portfolio Debtor Files For Bankruptcy, Meet New Century Transportation [View article]
    I know that Pristine Advisers is responsible or involved - I should say - in disseminating public relations about PSEC to the institutional investors, in order to raise an awareness as to the value and merits of investing in PSEC stock, since the majority of investors in BDC stocks seem to be individual shareholders and not the institutional market. Now, as to whether "Pattybeeny" is the message name for a person who works at Pristine Advisers remains to be seen or learned.

    I do think that the fact that it was disclosed - last night - that the CEO purchased another 100,000 shares of PSEC stock (over a million dollars worth), the CFO purchased another 30,000 shares (over $300,000.00 worth), and the COO purchased another 24,000 shares (over $240,000 worth), on 6-12-14, is the best "public relations" movement that an individual shareholder could ever see or ask for and certainly minimizes the significance - if any - of the New Century Transportation bankruptcy proceedings or of the notion that "Pattybeeny" may be a Pristine Advisor representative in disguise. Just my humble opinion. I myself, purchased 2000 shares of PSEC stock at 10.30, another 2000 shares at 10:15, and another 2000 shares of PSEC stock at 9.60/share.
    Jun 17 08:36 AM | 2 Likes Like |Link to Comment
  • Prospect: Portfolio Debtor Files For Bankruptcy, Meet New Century Transportation [View article]
    Mr. Galler: As you know, I am long term holder of PSEC in both my retirement and my non-retirement accounts. I do "follow" PSEC stock price movements and financial information relating to PSEC on a daily basis. I do appreciate the articles you write on PSEC relating to the potential "perils" of investing in PSEC stock as it "forces" me to "look at both sides" of the PSEC investing coin (merits and/or perils of investing in PSEC stock) and moreover, your writing "saves" me much time and effort in having to find this information on my own. For me, the "merits" of investing in PSEC stock outweigh the "perils" in doing so and that it why I have remained a long term holder of the stock. In any event, while I think it is "fair" to say that you have a negative bias towards the management team of PSEC as it relates to what you feel are their disingenuous statements touting their ability to not have an investment go to non-accrual status in several years, I do appreciate your providing information to PSEC investors pertaining to such, and while your writings have not changed my decision in remaining a long term holder of PSEC stock (which presumably is not your intent and presumably your intent is to merely "inform), I think you presenting "the other side" of investing in PSEC stock makes a more informed PSEC investor. Thank you.
    Jun 14 09:38 PM | 9 Likes Like |Link to Comment
  • Prospect Capital: What Comes Next? Part 2 [View article]
    smurf: I asked what the qualification were/are - by either education or experience - for BDC Buzz to write about PSEC - let alone the BDC sector. That is not engaging in a spitting contest. It is engaging in determining the credibility of the author to write about or "analyze" the financials of another company. Moreover, BDC Buzz articles predominantly - by inference - talk about the "potential, possible, maybe" perils of investing in PSEC stock without equal mention of the "possible, potential, maybe" merits of investing in PSEC stock. I am not be "disagreeable" I am questioning the veracity of the information that Buzz writes about. If you don't like to question what people write about and consider when someone like myself does so as a "thinly veiled personal and professional attack," then I suggest you continue to put your brain on "ignore" and cheerfully accept what BDC Buzz writes about on the BDC sector and PSEC specifically as factoids. Ignorance is bliss - so I hear.
    Jun 1 10:38 AM | 1 Like Like |Link to Comment
  • Prospect Capital: What Comes Next? Part 2 [View article]
    Big Thunder:

    Thank you for directing me to the information on the website - which for the "life" of me - I could not find. Much appreciated.
    May 22 10:35 PM | 1 Like Like |Link to Comment
  • Prospect Capital: What Comes Next? Part 2 [View article]
    finalanalysis: I am not asking buzzbdc to be a "saint or a visionary." I am just asking politely, what are his qualifications (by education or experience) to write about BDC stocks as well as his qualifications for having a paid subscription premium service for subscribers to pay and receive - I presume - expert information on BDC stocks/companies. I don't think that question is being critical or giving the wrong "vibe."
    May 22 09:43 PM | 1 Like Like |Link to Comment
  • Prospect Capital: What Comes Next? Part 2 [View article]
    BDC Buzz: There is "nothing to get" from reading your articles on PSEC. I took your advice and logged onto your blog/website/etc.. to find out what your qualifications are - either by education or experience - to write about financial matters - including PSEC - and there is "nothing to get" about that (your credentials) either. Unless I am missing something on your blog/website, all I can clearly find are your articles and how to sign up to "pay" for your "premium advice." I really don't see what the big deal is in posting on seeking alpha in this comments section what your qualifications are since it imparts to readers of your articles some credence as to the veracity of your factoids. I know that you have written numerous times that you "have 20 years of experience in the financial community" but what exactly does that mean? I certainly cannot find it on your website. Perhaps the 99% of readers that you state "get what you are saying in your articles" could enlighten me with where to find what your credentials are on your website or alternatively, the "99 percent of your readers who get what you are saying" could post a response and tell me what your specific qualifications in financial matters are - either by education or experience are. Thank you in advance for your anticipated response with either directing me where to find your credentials on your website or typing out what your specific credentials are.
    May 22 07:52 PM | 1 Like Like |Link to Comment