As painful as this tanking has been (I'm 9% under water), I also give credit to PSEC for starting the SPO before the election. My regret is that although I managed to pick up some at 10.39, I then ran out of cash -- I suppose a harsh lesson in managing opportunity funds; I knew full well that a price of 11.84 was unlikely to last.
I agree with you. PSEC's timing of the secondary offering was prescient and brilliant and who knows if just plain luck was also part of the timing. I am in PSEC stock at all various prices that range from as high as $12.30/share to as low as $7.41/share. To me, any price for PSEC that is $12/share or less, represents good value, as provided the dividend remains steady or increasing, and investor will receive a 10% dividend per month or higher, depending upon an investor's starting price in PSEC stock. That kind of return is fantastic in this type of economy.
Grier Eliasek is the Chief Operating Officer - COO - of Prospect Capital. Smart, young, savvy, and hands-on. I met him at the 2011 annual meeting for PSEC. This was "confidence buy" of stock, for ordinary shareholders - like myself. The CEO and COO own lots of PSEC stock, so there interests are aligned with the shareholders. I was glad that he purchased. When you see the stock price going down and management "steps up to the plate" to buy shares, it makes you confident that the management team believes their own stock represents good value and they put their money where there mouth is.