Ka ching ka ching. You and Docpvh just keep the pr firms revenue numbers up. You should be jealous, this guys probably making a lot more from psec management than you guys are. Go in and get a raise, and if they argue just say you want to be paid whether you are effective or not. Again, for those who want to read a valid balanced assessment of PSEC management read seeking alpha's "Prospect Capital: Reconciling Different Points Of View".. Gives a good evaluation of PSEC management;s ineptitude.
Your not earning your money from the pr firm. Tell us the more right than wrongs, itemize them. Based on current stock price, I hope you and docpvh aren't getting paid on competence and value added, just volume and your ability to keep the propaganda at the top of the list. Again, itemize management successes for their shareholders so we can be awestruck by their genius. NAV is obviously growing and dividends increasing. Where are they taking the company? What great investment plans do they have? Please enlighten one and all.
Exactly what are they doing right?
Read "Prospect Capital: Reconciling Different Points Of View" in Seeking Alpha for an even handed evaluation of management where your firm's PR articles are contrasted to negative articles.
To put it bluntly, these people are abject failures at managing a company for shareholder benefit. Nowhere do they express a vision for the company and a path to get there. They have one and only one goal, increase AUM to increase their fees. They have reduced NAV, reduced the dividend, but low and behold, they have increased their own fees.
Every time Mr. Eliasek opens his mouth, on TV, in webinars and in CCs, he spews out a bunch of meaningless garbage which does not address any of the relevant issues or blatant failures of this management. Please enlighten the masses on the successes. One and all want to know what they have done.
Prospect Capital: Reconciling Different Points Of View
This article on Seeking Alpha is better. Pretty much describes the ineptitude of the interviewer along with Eluasek's avoidance of management's incompitance and how they plan to move forward and expand the business, increase NAV and increase dividends.
Same old drivel the used car salesman has been peddling. Went into it with psec up over 1%, look how it ended up the day with other good BDC's being up.
OK, which do you disagree with and why, I'm open to a discussion and corrections of incorrect or inaccurate statements. Admittedly the characterization of "slime ball con men" may have been over the top, but certainly arrogant BSer's isn't that far out of the ball park.
You are really earning your money on this board. Is there more than one of you on the same ID , you seem to be here 24/7 putting all the management propaganda to the front whenever somebody puts out a fact based criticism. Fall back on the attack the messenger approach. Tell the people who bought at over 10 last year what a great job management has done. Tell the analysts at Wells Fargo who they stonewalled about their poor performance and increasing fees what a great job they have done. Tell all the institutional buyers who aren't buying what they are selling what a great job they have done. Tell all the shareholders who are getting coerced into buying their own property at a premium while management excludes themselves and bribes investment bankers to pick up the slack. Tell all the shareholders who Barry told in cc to "sell your efen shares" if you don't like what he's doing. Tell people how in their management contract they have exempted themselves from any fiduciary responsibility to the shareholders. If you buy today its a great return but when these slime ball con men are done in a year or two you'll probably be getting the same 4.5% return you'd be getting if you bought it 10 years ago and they will have inflated assets to keep their fees high while continuing reduce NAV.
My history is irrelevant to the facts they put forth 10q's and k's by the company. Their stonewalling analysts in the cc;s count. What doesn't count is all the propaganda put forth on message boards touting their paid for interviews and moderated soliloquies on seeking alpha and Fox TV.
Feel good, you are earning your money and your cohorts at the pr firm are earning your money, but the you are shoveling sand sand against the tide. At this point in time, investors are looking at the company and more specifically the management structure and compensation structure and avoiding getting involved.
In addition, MAIN's NAV is increasing, so investors feel the NAV will catch up with pps.
There are plenty of valid reasons for insiders to sell besides fear the value of the shares will fall. Since management's compensation is probably based on options and grants, maybe they want to buy a boat, house or just a gold brick, they're just turning compensation they were given for good performance into cash. It's their wages for a good job done. Haven't researched it, don't know whether they are liquidating wages or investments. Yes, its trading at a premium to NAV which can be attributed to management's competence and whose compensation plan requires them to perform.
Based on the market's perception at the current time, MAIN is a better and safer investment than PSEC or many other conflicted externally managed BDC's that pays monthly dividends.
That means since 2004 management has invested 1 quarters worth of their income while reducing shareholder value, dividends, and NII. Looks like a good way to prime the pump, over an 11 year period invest a little to tout management's investment in the company, but make sure they don't have to participate in the spin-offs and other shareholder unfriendly activity.