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koleffstephan

koleffstephan
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  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 2 [View article]
    Hi Scott: The majority of readers very much appreciate the time, the research, and the due diligence that you exert, in writing about Prospect Capital. Yes, most of us readers are not accountants nor do we have the level of experience and education in making value judgements about the individual investments that PSEC contains in their portfolio. You do have that level of education and experience which allows "working stiffs" like myself, to "steal" your knowledge and information in making decisions about our investment in PSEC stock. I think the "conclusions" portion of all of your articles is a wonderful way for a non-professional financial person - like myself - to begin reading your articles, so that the reader gets "the general gist" of entire article. Thereafter, I find it more meaningful to read your entire article starting from the beginning. I do hope that you will not become deterred or disenchanted from writing future articles on PSEC due to a few message posters as that would be a huge loss to all of your SA readers - irrespective of whether the reader is a supporter or non-supporter of the PSEC management team and it's respective stock. I speak for myself here but you write the most thorough, well-researched, and non-biased articles on PSEC stock for the SA community that I have read. Please keep up the good work - it is very much respected and appreciated.
    Mar 22, 2015. 09:05 AM | 3 Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 2 [View article]
    InfoSeeker: Well said and I could not agree more with your message post. I think your choice of the word "delusional" is quite fitting.
    Mar 22, 2015. 08:44 AM | 1 Like Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 2 [View article]
    Mr. Kennedy: Again, a very thorough, comprehensive, and exhaustive response to Hi Yield's inference about PSEC's management team overstating valuations for some of their investments in their portfolio. In my opinion, if in your future writings, you don't use quotation marks (Hi Yield dislikes when someone puts "quotes" on words), if you espouse the "wonders and beauty" of investing only in MAIN and ACAS as BDC stocks, and you never stop denigrating PSEC's management team at every opportunity you can, you will never have a "problem" with Hi Yield and your back and forth counterarguments with him will cease. Again, you wrote an excellent original article and your message post responses that followed have been awesome.
    Mar 22, 2015. 08:41 AM | 2 Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 1 [View article]
    sharpbob: I do not know "what developments" could possibly drive the price back up to $15/share. I think that the spin-offs that PSEC management is proposing is one method that they feel will unlock value (increase the share price) although this is far from certain. I will say that if you have held the shares of PSEC since it's IPO of year 2004, then in 4 more years of holding the stock (year 2019), you will have received all of your original money "and some" that you had invested in PSEC stock via dividends, and when you sell the stock, the principal that you receive at the sale will be "gravy" to you (even though from a tax standpoint, you would have a capital loss if the share price is not $15/share). Lastly, realize that the CEO of Prospect - John Barry - has purchased many, many shares above the current stock price (as high as 16/share and as low as $8.50share) and you can bet your bottom dollar that he is going to continue to find ways to have PSEC unlock value and get the share price back up as he has many ($) economic reasons and incentives to do so.
    Mar 21, 2015. 08:01 AM | Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 2 [View article]
    Be Here Now: There was a dividend raise - from $1 per year dividend to $1.33 per year dividend - in the 5 year period that you referenced. Therefore, in the 5 year period that you mentioned, PSEC lowered their dividend, then raised their dividend and then lowered their dividend. If you run a business then would know that "the ebbs and flows" of business dictate by necessity a changing of business outlook and payouts depending upon business conditions.
    Mar 20, 2015. 06:57 AM | 3 Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 1 [View article]
    sharpbob: If you purchased PSEC at the IPO price of $15/share, in 2004, and have collected all of those dividends for 11 years, I presume that you want to be a long term investor (and yes, having held a stock for 11 years, I would already consider you a long term investor), so my question to you is if "you knew there would be little if any capital gain," why would you not want to continue to hold PSEC stock and collect those dividends and "wait" for the stock price to come back to your IPO price? I realize that you have a capital loss (without taking the 11 years worth of dividends into account) should you sell the stock today, but I think that an investor is "getting paid to wait," with PSEC shares. Alternatively, should you sell your shares today, you would see a capital loss, but taking the 11 years of dividends into account, you would not have lost money on your investment. Yes, you could have put your money into a better total return performing stock for the 11 years than having placed it into PSEC stock but that is the "chance" that any investor takes when they purchase an individual stock.
    Mar 19, 2015. 09:43 AM | Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 2 [View article]
    Hi Scott: Thank you for your discussion and for your commentary on how the majority of PSEC investments are either at or above FMV - much appreciated.
    Mar 19, 2015. 06:41 AM | 8 Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 1 [View article]
    Mr. Kennedy: Your last message post to Hi Yield basically has left him speechless - hard to imagine that Hi Yield could be speechless - as you thoroughly, completely, and exhaustively rebutted every single one of his biased comments. Congratulations to you on that accomplishments although I do know that your intent is not to denigrate or disrespect (and for the record, you did not denigrate or disrespect Hi Yield) any message poster. Most importantly, your article and message posts convey that you are true professional who simply reports - with painstaking meticulous research - what you feel will be accurate projections for dividend payouts and NAV's for various BDC stocks - including PSEC - and biased message posters like Hi Yield, do not like when you post any potentially positive information or projections for Prospect Capital. Keep the articles coming and please know that whatever your opinions are on PSEC or other BDC stocks, they are always appreciated and respected irrespective of whether they agree or disagree with mine and other BDC investors. Thank you again.
    Mar 18, 2015. 08:26 PM | 4 Likes Like |Link to Comment
  • Fifth Street Finance Has 50% Upside From These Prices [View article]
    BILLDC:

    Mr. Packer gave his opinion on FSC and you are giving yours. Mr. Packer also - since you asked - told you his cost basis on the stock is $7.03/share and did, as he said, "put his money where his mouth is." As he said, if you feel that strongly about the perils of investing in FSC, then tell Mr. Packer what price you are shorting FSC stock, and then let's see whose stock price performance/opinion - one year out - has/had merit. For the record, I am not a FSC stock holder or supporter (I am a PSEC long term stock holder), and therefore have no axe to grind with FSC or in the discussion. But, I do think that Mr. Packer has been respectful and fair in stating his opinion and that he has been equally fair and respectful of yours. Additionally, he has gone one step further in stating what price he owns the stock at and that he in fact, does own the stock - since you asked him. He is asking you and waiting for an answer: "If you feel that strongly about your position, did you or would you short the stock, and what is the price that you are shorting it, so that you both can compare your results?" I think a very fair question and argument.
    Mar 18, 2015. 06:56 AM | 3 Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 1 [View article]
    Mr. Kennedy: Thank you for the comprehensive and detailed analysis in the Part I article on PSEC. Like everyone else, I am looking forward to reading your part II analysis. I think most of your readers/followers really respected and appreciated your respectful but "credibility destroying" message post response back to message poster, Hi Yield, concerning his blatantly obvious inherent negative bias towards PSEC stock/company, as well as your reasoning as to why "he jumped the gun" towards finishing your "conclusions" before you are/were even given the opportunity to state them in your Part II section of your upcoming article. I always enjoy reading your posts and articles because you provide a well balanced approach towards stating the merits and potential perils of investing in PSEC stock all within the backdrop and context of being an accountant who his simply "reporting the numbers" and not inserting bias into your assessment unlike message poster, Hi Yield, who always inserts bias into any article written about PSEC. Thank again for your time and effort.
    Mar 18, 2015. 04:52 AM | 5 Likes Like |Link to Comment
  • Prospect Capital Corp.'s Dividend And NAV Sustainability Analysis (Post Fiscal Q2 2015 Earnings) - Part 1 [View article]
    Hi Yield:

    Mr. Kennedy "hit the nail on the head," both efficiently and succinctly, when he stated "that you have bias," (negative - my opinion) in any article that is written about PSEC that lists the merits of investing in PSEC stock. You only see "perils" (my quotes) when it comes to investing in PSEC stock and your inherent bias is the reason for Mr. Kennedy's quite comprehensive, exhaustive, erudite, and detailed rebuttal/response to your biased message post.
    Mar 18, 2015. 04:42 AM | 5 Likes Like |Link to Comment
  • Armour Residential REIT: What Did I Ever See In This Name? [View article]
    R Sink: I agree with your message post. While it is painful to be an investor in ARR for the last 2 years, it is my expectation (hope too!) that interest rates will eventually start to rise and ARR and it's management team will start to reap the benefits of the hedging strategies that they had/have already put in place for a rising interest rate environment. Of course, ARR and it's stock price has to "hang in there" in the meantime, in order for my above-stated scenario to take place but again, that is the expectation and HOPE! Thanks again for your commentary.
    Feb 27, 2015. 06:18 AM | 5 Likes Like |Link to Comment
  • Prospect Capital's Results For Fiscal Q2 2015 - My Assessment [View article]
    Mr. Kennedy: Keep up the good work. Your articles are factual, non-biased, and quite accurate. It is a shame you have to continue rebutting the message posts of Drip, who sole purpose seems to be to disparage any investor who invests in PSEC and to continually laud MAIN, as a BDC, as well as parrot any and all of the articles that the Buzzard writes. We need more people like yourself to keep the SA message board objective.
    Feb 22, 2015. 07:51 PM | 4 Likes Like |Link to Comment
  • Prospect Capital's Results For Fiscal Q2 2015 - My Assessment [View article]
    Mr. Kennedy and sme20: One can see how biased Hi Yield Drip is towards PSEC that it is palpable and laughable! I appreciate both (Mr. Kennedy and sme20) of your commentary and analysis on PSEC stock as it is fair, objective, and non-combative. Keep up the good work and maybe the Buzzard and Hi Yield will write another article or write another message post, respectively, to exert their inherent bias towards PSEC - just a natural occurrence you know!
    Feb 22, 2015. 07:44 PM | 5 Likes Like |Link to Comment
  • Medley Capital: Dividend Stress Test [View article]
    sme20: You can count me "in your camp" as regards to the merits of investing in PSEC stock both in the past and from this point forward. The dividend is great, the insider ownership (especially the CEO ownership) is substantial, and the present stock price relative to it's intrinsic NAV value is very undervalued. The 12% monthly dividend is wonderful and the prospects of receiving a special dividend is quite probable and will add to the bank account. You obviously are attracted to PSEC for the same reasons that I am - namely phenomenal monthly income and long term capital gains. It's wonderful to get paid (monthly) while we wait. I enjoy your message posts and keep up the good work.
    Feb 22, 2015. 07:33 PM | Likes Like |Link to Comment
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