koleffstephan

koleffstephan
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  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Show Me the $$$: I sleep just fine myself, with my PSEC holding, and if you like overpaying ("paying a premium") for stocks, there is not much I can say or desire to say to you about that except - good luck with that! I am a strong believer in not overpaying for stocks.
    Jan 27, 2016. 06:32 PM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Show Me the ....
    Revert to rule number 2: Never listen to message posters for investing advice - I guess you forgot.

    Please save the "you are trying to protect investors from PSEC" mantra for someone else who might actually believe your statement, as it is quite clear that "you got nuthin" as far as I am concerned.

    Lastly, I am glad that you perfectly happy purchasing MAIN at 1.3 times NAV but I am not interested - thank you.
    Jan 27, 2016. 06:50 AM | Likes Like |Link to Comment
  • BDC Buzz Begins 2016 Purchases  [View article]
    Show Me the ???... Golden rule number four: Never trust the advice of someone who owns MAIN stock but only posts on the PSEC message board. In case you forget rule number four, you can alway revert to rule number two.
    Jan 26, 2016. 09:27 PM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Show Me The....???? My long and extensive and exhaustive message post (previously written and what you are responding to) speaks for itself. I have already addressed and answered all of your questions - pertaining to Mr. Barry's personal life and to the way he manages the company (PSEC). To refresh your memory, I am receiving $20,800.00 per month in dividend payouts with no intention of selling the stock (no realized losses and no realized gains now or in the long term future), so do you really, really, believe that the PSEC management team does not have and has not earned "my trust?" Really? Most CEO's are independent, arrogant, and stubborn - all necessary character traits that usually make them very successful and the companies that they run very successful. You (in your prior message posts) have admitted that you sold out of PSEC stock and became a "MAIN wannabe stock supporter" and yet you your are obsessed with the message postings of PSEC stock. Why? You sure you are not a "closet shareholder of PSEC stock?" Please do not have my message post deleted by the SA police (moderation team) as you have had in the past. Again, why do you continually post on the PSEC message board when you are a MAIN stock holder? Why aren't you posting on the MAIN message board? No apologies needed.
    Jan 26, 2016. 09:24 PM | 1 Like Like |Link to Comment
  • Prospect Capital: Fear-Mongering Doesn't Help, Consider The Facts  [View article]
    Speculative: I get your anger, disappointment, and distrust of PSEC management doing the right thing for shareholders. I do share some of your disappointments (predominantly the dividend cut in late 2014, when they went on the record stating that they could afford it but that they were not "getting credit from the market" to support it, so they reduced it, so that there would be no question going forward, about their ability to pay it; I also am disappointed about the rights offerings and I will not elaborate or go into detail as I have written extensive posts already as to why I do not like them) but I do feel that PSEC management does deeply care about increasing shareholder value and I do feel that the insider purchases are significant and should be appreciated by shareholders and the market, more than they are (i.e. - higher share price than what it is presently trading at). You have been kind enough to share with me (offline) the extent of your holdings in PSEC and I guess - as I said previously - it is the "principle" with you, that compels you to continuously voice your opinion and write extensive message posts about PSEC. I will say that if I were you, I probably would have been gone a long time ago (presumption is that this amount of stock holding is not really significant for you) because I would not "care enough," but I do again, admire your persistence and principle-based objectives with your multiple postings.
    Jan 26, 2016. 04:31 PM | 1 Like Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    speculative: Like you (and I already agreed with you on this), I do believe that PCM reducing the fee that they charge PSEC, would go a long way towards restoring trust that management is "willing to feel the pain," that PSEC shareholders are feeling, as it pertains to share price. I sincerely do not feel "the pain" as it pertains to the dividend payout because I believe that PSEC is paying me a very generous monthly dividend payout. PSEC sequentially increased the dividend for many years, since it's inception as a public company, and then reduced the dividend, then was able to raise it (but not to it's formerly top payout), and then had to reduce the dividend again, starting in Feb or March of 2015. Perhaps you are upset with the lack of the stability of the amount of dividend payout over the last few years but I am self-employed and know that the vagaries of business do not give us (self-employed or corporate America, unlike a public/government institution) the "security" of ever being secure or of anything being guaranteed in life. Therefore, I willingly accept that sometimes the dividend payment may have to change based on market conditions. You may say rhetorically, "Well, other BDC stocks are able to keep their dividend payout consistent or stable, why can't PSEC." I would answer that most of the historically and consistently higher paying BDC stock, over the lifetime of their existence as a public company (BDC stocks paying 10% or higher dividends - not including special dividend payouts), have had to alter (reduce) their dividend payout at least once, in their existence. To me, it's the nature of business - pure and simple.
    Secondly, a BDC stock mostly promises high dividend payouts with long term capital appreciation. I realize that if you have been an original shareholder since 2004, then you are not a happy camper with PSEC, as far as capital appreciation. But, if you have been a shareholder with PSEC, and your cost basis is either 7 or 8 or 9/share, for however long (time) you have have been a PSEC shareholder, I do think that PSEC has the potential to be a decent investment, while you get paid to wait. Your cost basis is 10.32/share and depending upon how long you decide to hold this investment, you cost basis will be reduced by one dollar, every year, that you hold this stock (assuming that PSEC continues to pay 1 dollar a year dividend, every year), which should put you in positive territory, in not too much time.
    Regarding the New York Times article, I don't share in your disdain for the content. So what that Barry only comes to the office one day per week? He's in his 60's and probably came to the office and commuted like every other person for many years. Now, in his 60's, he gets to enjoy the fruits of his labor. Plenty of people that make 1/100th of the salary or income that Barry makes get to work out of home every day or several days per week. So what that Barry comes from a "well to do" family and had a top notch "silver spoon" education. Any parent that could do that for his children would do the same. He should apologize for that? So what that Barry owns the management company (PCM) and makes a great living? He took the risk, he shouldered the responsibility, and he gets the renumeration. Okay, PSEC has not had as great of stock price performance as MAIN (comparing from the year of 2007 when MAIN became a public company), and had to cut the dividend and MAIN did not. That's the stock market. Nobody made you or I purchase PSEC and nobody told you or I to purchase an externally managed BDC stock (PSEC) versus an internally managed BDC stock (MAIN). You bought PSEC because you thought it would be a good investment - I presume - compared to other BDC stocks. It's not working out for you (because I presume you care much more about the stock price appreciation NOW then you do care for the continuous monthly dividend payout), so far, and the dividend payout does not comfort you or give you the feeling that "you are waiting (for share price appreciation) while you get paid." Barry owns almost 12 million shares of PSEC at a cost basis that is higher than yours. You think he doesn't want to achieve share price appreciation in his own holdings? If you answer, "Barry is making a fortune off of the management fees and he doesn't care about the PSEC share price." I would reply, "Really?" I don't think so - I don't think the management team feels that way at all. It is my understanding that much of the PSEC CFO's wealth is in PSEC stock. They care about the stock price and no one (not you either) will convince me otherwise. Continuing on with the New York Times article, for the author to quote only one (and I mean one, not two, not three, but ONE) BDC analyst, Robert Dodd,who said, and I paraphrase "I would not own PSEC stock at any price." Does that sound fair, balanced and logical to you - that analyst statement? Barry purchases 50 million dollars worth of PSEC stock before, during, and after the New York Times article is published, so I think that the CEO knows that PESC is worth "some price." In my opinion, there is nothing that PSEC can say or should say about the NY Times article because PSEC can't control the stock price. PSEC should not apologize or make a rebuttal statement to the NY Times or to shareholders, as to why Barry works from home most times, or why he had an IVY league education, or why he lives in an exclusive section of Greenwich, CT, or why he owns a management company that makes so much money.
    I don't think most people are making the statement or assertion that Barry is underpaid. You believe he is overpaid because your stock price in PSEC went from $10.32 to $6.19 - I get it. Would you still believe Barry was overpaid if your stock price went from $10.32 to $14/share? If your answer is "yes," then I think you should sell your shares and purchase an internally managed BDC stock, because I don't think any externally managed BDC stock is going to satisfy you. If your answer is "no," then besides the reduction of management fees, I think that PSEC is doing all they can to get the stock price back up. Most BDC stocks have very little institutional holders because of the various indices requiring that the BDC companies expenses be computed in their respective index, which makes most of the sector and index funds "turn away" from BDC stocks. I disagree with you that PSEC doesn't have much institutional support because of management trust or corporate governance issues. As I said, most of the BDC stocks have predominantly a retail investor shareholder base - this finding is not endemic to PSEC only.
    As I said in my previous message post to you, besides management reducing their fees, what else are you asking from PSEC to convince you of alignment with shareholders, since no one can control the share price, no one can control the disdain for hi yield investments, no one can convince the market that most BDC stock s have little exposure to gas and oil, and no one can force institutions to purchase BDC stocks ever since the index funds decided to sell them because of the costs that BDC stocks employ that causes those costs to be imputed in the index funds themselves thereby by mandate, making the sector/index funds get out of mostly all BDC stocks.
    Jan 26, 2016. 04:17 PM | 3 Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    speculative: I appreciate your posts about lambasting PSEC management and you obviously are going to continue. Perhaps your posts will have an effect on Investor Relations being able to forward your message posts to the decision makers at PSEC, since the majority of investors in PSEC are retail shareholders like yourself and myself. I ask you a hypothetical question: If PSEC were to reduce their management fee (like MCC), and the stock price did not move up substantially, then what else would you want or expect PSEC management to do? I ask because you acknowledge that the company got the permission that they were seeking to issue shares below NAV - if necessary (and that did not make the stock move up); they have not issued any shares below NAV for more than a year (and that did not make the stock move up); the insiders have purchased a bucket load of shares with their own personal money (and that did not make the stock move up substantially); and the company has purchased PSEC stock (and that did not make the stock price move up substantially). So, with the exception of reducing their management fee (and I use the the word "exception" in a non-mimizing way, since I do think that reduction of the management fee is necessary for shareholder trust in management's alignment with each other), hasn't PSEC done everything that you have expected of it? If not, please elaborate, as I am interested in your opinion.
    Jan 26, 2016. 10:59 AM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    pinot91: Thanks a million for the research report and the price targets that the analysts give to PSEC. Of course "it is difficult to make predictions, especially about the future" (a Yogism - for the late Yogi Berra - ha ha ha!), but I very much appreciate you sending me this link and I hope you continue to do so in the future.

    This analyst price target for PSEC differs very much from message poster, Vringowon's price target ("3") for PSEC. Pretty soon, Vringowon will be telling us that the price target for PSEC will be "2." Won't be too long - just wait.
    Jan 26, 2016. 10:51 AM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Vringowon: I thought your target was "4?" Now it's '3?" Wow! Trust me, we all are worried, not that you told us. Ha ha ha.
    Jan 25, 2016. 10:41 PM | Likes Like |Link to Comment
  • BDC Buzz Begins 2016 Purchases  [View article]
    Show Me The.... Golden rule number two: I never listen to message posters to dictate my investing decisions.
    Jan 25, 2016. 10:37 PM | 1 Like Like |Link to Comment
  • BDC Buzz Begins 2016 Purchases  [View article]
    Show Me..... They also say, "money talks and _ _ walks." You got nuthin.
    Jan 25, 2016. 04:45 PM | Likes Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Show Me the $$$: I am glad to take it ("it's all yours") - every month - and please ask all of the MAIN shareholders that purchased MAIN stock how they feel right now "about their higher quality over performing BDC stock?" Oh yea, that's right. They - like you - just happened to purchase all of their stock at MAIN's 52 week low and also just happened to sell their MAIN stock at 52 week highs and now just recently got back in again, to MAIN stock, at it's low. Sure. I have a bridge for sale in Manhattan if you believe that - real cheap.
    Jan 25, 2016. 10:43 AM | Likes Like |Link to Comment
  • BDC Buzz Begins 2016 Purchases  [View article]
    User 11618451: I agree that it was a teaser article for premium.
    Jan 25, 2016. 10:13 AM | 1 Like Like |Link to Comment
  • Prospect Capital And The 10.7% Debt Yield  [View article]
    Show Me the $$$: "What's working out for me," is the large and continuing $20,800.00 per month dividend payout that PSEC is paying me. As far as capital losses - none. I know that it takes you a while, but capital gains and losses are only achieved when you buy or sell - neither of which I have done to achieve capital gains or losses - only for dividend collection. You got nuthin! Ha ha ha.
    Jan 25, 2016. 04:36 AM | 1 Like Like |Link to Comment
  • BDC Buzz Begins 2016 Purchases  [View article]
    Show Me the $$$: The answer to your "question" is : NO. Just 25 more days until I receive approx. another $20,800 dividend check from PSEC - that will be "the only thing that I am looking to own."
    Jan 25, 2016. 04:27 AM | Likes Like |Link to Comment
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