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VeloMaster

VeloMaster
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  • Prospect: Don't Worry About The SEC [View article]
    I, too, am a bit concerned at the fact that PSEC is resisting while simultaneously suggesting that there would be little material difference were they to ultimately comply with the SEC. I realize there will be admin costs involved in restating the books but surely these are not significant.

    That said, I am retaining my PSEC exposure (just under 1.5% of my portfolio) and even added some of the PRY baby bond, which finally dropped into my buy range thanks to this controversy.

    Velo
    May 14 02:37 PM | 1 Like Like |Link to Comment
  • Everything You Wanted To Know About Prospect Capital - I Was Able To Ask [View article]
    Thanks, Adam, for the interview and for soliciting input from your readers. Well done!

    That said, I am not sure the diversification that PSEC has begun pursuing (housing, auto financing) is the right path for what has been a successful concern, but I plan to retain my shares for now and monitor events.
    Mar 3 11:52 PM | Likes Like |Link to Comment
  • Interview With Prospect Capital (PSEC) Co-Founder/President Grier Eliasek! [View instapost]
    Adam,

    Thanks for the appeal for questions and looking forward to your piece. My question is as follows: Could he please explain the business justification for PSEC's move into what is, for it, non-traditional investments, ie real property and auto loans? Do they have the expertise? And why not stick to their usual space, where they have had real success over the years?

    Tks,
    Velomaster
    Feb 27 11:00 AM | 2 Likes Like |Link to Comment
  • The Chowder Rule [View instapost]
    Tks, Chowder. In fact, I was thinking of AFL, currently one of my core DG holdings.
    Oct 30 04:24 PM | Likes Like |Link to Comment
  • The Chowder Rule [View instapost]
    Thanks, Chowder, for filling in some of the blanks surrounding the Rule. Would you say a few words about if/how you apply these criteria after purchase. Are they factors in any future decision to sell? Or do you wait for a dividend freeze or cut?

    Many tks for all you share.
    Oct 30 11:59 AM | 1 Like Like |Link to Comment
  • Our Best Investment Idea For 2013: Gramercy Capital [View article]
    Thanks for flagging this interesting set-up. I'd lean toward GKK-A, myself.

    Either way, this reminds me a bit of the ACAS, a BDC which is further along in the same road. ACAS has recovered from its near-collapse and is using up its tax losses and and seeking to close the big gap to NAV before resuming dividend payments. It's share price has been retarded by its decision to halt the dividend, but its financial position is getting better all the time. In a word: patience.
    Dec 21 08:02 AM | 1 Like Like |Link to Comment
  • The Consequences Of Prospect Capital's Secondary Offering [View article]
    Yes, good point and one that most overlook. The NAV price relationship to the secondary price is crucial. Also, secondaries are part of the life-blood of BDCs and related operations. That's what you must expect when you buy PSEC or its peers.
    Jul 13 07:35 AM | 4 Likes Like |Link to Comment
  • Loving American Capital Before Valentine's Day [View article]
    Nice piece, great detail.

    Another great quarter for ACAS and big boost to NAV. How do you see the eventual return of the dividend playing out? At some point, management will want to rethink its change of status. Are we (almost) there yet?
    Feb 15 08:33 AM | Likes Like |Link to Comment
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