Frankly GAAP #$%$ book value can be -1000 as long as AI has the cash flow to continue paying out $0.875 quarter after quarter after quarter in qualified dividends. Talk to me when that changes okay pardner?
Greece is so messed up, far from just austerity measures causing the disaster. Corruption is rampant, taxes are not collected on practically anyone (and especially not the oligarchs). Half the population works for the government. How is that sustainable?!? Why should France and German tax payers be expected to pay for Greek pensions year after year when Greece refuses to take the needed steps to be competitive? Greece needs to leave and go back to the Drachma in order to have a prayer at being competitive economically.
I've been buying both on this recent pullback. Got stopped out of TRN on 2/3 of my shares but bought some back today. Also have been buying GBX on the recent (and arbitrary) 12% pullback. I think both GBX and TRN are good companies selling for cheap valuations.
FSAM seems like the better buy between the two. FSAM likely could cut down to $0.20/quarter which would match MDLY payout. Yet, MDLY is trading $0.60 higher in price. One could argue that Medley seems more 'above board' than Fifth Street. I can see that. But Fifth Street seems more established and has a lesser amount of AUM focused on energy sector. Plus, like Pacman mentioned, dividends are classified as qualified and not ordinary, so that could be a factor in choosing it over a normal BDC.
There seemed to be considerable selling pressure across all tankers in the afternoon hours leading up to the close. It is kind of funny to see NAT tumble so hard even as Suez spot rates hold steady. VLCC rates tumbling a tad but not that big a deal.
Short term who knows. Gold can rise in one currency while dropping in $US. I would expect the euro to continue to weaken, so gold will go up in euro terms but could drop in $US terms.
I think I would wait for the next big correction first and see how far CELG can slip to make it more affordable first.
I think the only hope for ABBV Viekira Pak is to even more aggressively discount the price and really go after the various government patient populations. Given the rhetoric I see/read from articles, seems like government could not give a hoot about providing patients with best and/or easiest care. All they care about is the bottom line.
What makes you think rates will be rising much (if?) at all over the next few years. Global economies are trapped now with ZIRP and QE. No escape IMO without doing some major damage.
Good timing for you, congrats. The rest of my order got filled today. I'm in at an average of $11.16. Not as good, but I think the yield should support this here at $11. Do you expect FSAM to cut to $0.20/quarter? How do you expect FSAM to grow AUM with both FSC and FSFR trading so far below par? That is the part of this whole story I am still thinking about.
TNK is dropping now. For some reason, EURN remains quite strong. I've been selling off EURN bit by bit to take profit. Sold off some DHT today as well, since VLCC spot rates seem to be tumbling some. Down 12,650 over the past week which explains why FRO is tanking hard all of a sudden since they have the highest break even cost.
Spring time usually is the worst for spot rates. 2015 was bucking the trend up until the past week. Spot rates are still high, just not crazy high. Unrest in Greece and EU might have something to do with it. The whole butterfly effect and all that. I noticed that Suez rates are still holding steady. I've been trimming positions in tankers a bit this past week, but I'm not selling my NAT just yet.
That's because Suez spot rates fall almost every Spring. Have you checked the spot rates lately? Hint: Suez is the only class today where rates are higher! VLCC has been dropping some, but Suez is hanging in there. Now, that can change on a dime, I try to keep a close eye on rates.
Good call to bring up NEM. As you say, same catalysts that gave NEM a boost *should* apply to AUY. Could be a good buying opportunity here.
You assume VNR will hold its current unit price as the worst case scenario. Not sure I would take that as a given.