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Coronavirus Roundtables - The Advantage Of Income When The Market Overreacts (Video Transcript)


  • We speak with PendragonY, contributing author to High Dividend Opportunities, about the BDC sector.
  • He discusses why the team focuses on income over total return as a mindset.
  • He also shares a few BDCs that are well positioned for a downturn or which are even benefiting from this environment.

Editors' Note: This is the transcript of the video we posted last Saturday. Please note that due to time and audio constraints, transcription may not be perfect. We encourage you to listen to the video as well as a combined podcast featuring two other interviews along with this one, embedded below, if you need any clarification. We hope you enjoy.

Daniel Shvartsman: I’m Daniel Shvartsman, Director of the Seeking Alpha Marketplace. We’re doing another Coronavirus-Themed Roundtable. I’m joined today by John Yesford, who writes as PendragonY, a contributing author to High Dividend Opportunities, a leading service for income investors and retirees, focused on high-yield opportunities.

Listen and subscribe to the Marketplace Roundtable on these podcast platforms:

The conversation with John runs from 24:00-49:00 on the above podcast.

So, John, good morning. How are you?

John Yesford: Pretty good. How are you doing, Daniel?

DS: I’m doing well. I’m doing well. So we wanted to talk – we’re going to talk about BDCs today, business development companies corporations, but the place I wanted to start is something we emailed about. And obviously, you’re part of a High Dividend Opportunities leading service. And you talked about how you and the group, in general, is focused on income and income growth over total return. I wanted to get unpack that, because it’s – I know, it’s not uncommon to focus on that. But I’m – it’s also not obvious. So why is that your focus in a time like this?

JY: Well, there’s a lot of ways to make money in the stock market. Maine, [ph] I like to focus on something that I can actually predict. And it particularly on the short-term, stock prices aren’t really very predictable. They go all over the place.


This article was written by

The SA Marketplace Roundtable Podcast is a weekly podcast featuring our Seeking Alpha Marketplace authors. We talk with authors about their investing styles, current views on the market, and any favorite ideas for their portfolio currently.Follow this account to get new podcasts from our authors. You can also find this podcast on iTunes, Apple podcasts, Soundcloud, stitcher, and anywhere else you would sign up for podcasts.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

PendragonY is long EPR, NEWT, ARCC, MRCC, and MAIN. Daniel Shvartsman has no positions in any stocks mentioned. Nothing on this video should be taken as investment advice.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given that any particular security, portfolio, transaction or investment strategy is suitable for any specific person. The author is not advising you personally concerning the nature, potential, value or suitability of any particular security or other matter. You alone are solely responsible for determining whether any investment, security or strategy, or any product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. The author is an employee of Seeking Alpha. Any views or opinions expressed herein may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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Comments (9)

hawk007 profile picture
They touched on IVR....I have a lot in the common but was wondering if they can survive....I can wait even on the dividends ....just want to know if they are going to make it....comments? Thanks in advance....
@hawk007 I will take a look and let you know..RMBS and CMBS..depends on what part of the cap stack they are in...
hawk007 profile picture
....tried to pry some information from sources, but did not get much....thanks, I think they will survive but it could take a long time for them to come back...just wanted some opinions out there....thanks again
Kelbor Del profile picture
Have someone to talk about BDCs? OK!
But, Y Pendragon?
Gridbird profile picture
The pickins’ to choose from were mighty slim at the time is my guess.
“One company that we really like, EPR Properties (EPR). They invest in movie theaters – they rent out basically movie theaters and their other big client is Topgolf. Both of those – all those things are closed right now. But they also have in cash that they’re sitting on over a year’s worth of revenue in cash. So they can continue paying their dividend.”

@Ryan WW Suspended the divvy pretty quick, why cause, Like Jussi, they had no idea the cash was a draw on the revolver..its so sad..
Daleem profile picture
The transcript is appreciated as I didn't have the time for the video.
Thank you for the transcript.
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SymbolLast Price% Chg
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EPR Properties
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EPR Properties 5.750% CUM PFD G

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