Just in case somebody would actually like to discuss TVC, can anyone explain why TVC and TVE are trading so close in price right now? After both issues reset, with TVE reset at 3.36% and TVC at 3.55%, how can they be trading within 10 cents of each other? What's even more difficult to understand is why are both, especially TVE, trading higher or at least at the same price as it did last week when long Treasuries have increased 20 basis points this week? I don't understand... TVC is justifiable because you can still put them back to TVA, but why is TVE still trading at a premium to par?
I've been a fan of INVE for a couple of years but ultimately bailed out of all my high risk stocks in October - couldn't stand the volatility. So I don't mean to come across negatively, but your comment could easily be turned around as a negative implication for INVE instead of a positive. What crossed my mind with this announcement was I wondered why CSCO didn't exercise the same strategy with INVE that Apple did when they chose to buy out Authentic at its very low market cap when they decided to use AUTH's technology in teh then upcoming IPhone? AAPL decided to lock in AUTH's technology and growth completely for themselves by stealing the company from AUTH's shareholders when they knew the impact of their own decision to use their tech. CSCO didn't do the same thing. I wonder why? Could it be the market's over estimating the long term value of this deal or that CSCO doesn't really consider INVE's tech that far ahead of the competition? I have no answers and kind of feel like Debby Downer in even bringing it up. It's just my cynical mind coming up with alternate thought for no apparent reason. I don't own INVE anymore, and won't be jumping in no matter what, so take this from whence it comes - a cynic with no dog in the hunt and no in depth analysis done.
I haven't read an IPO prospectus in years, but out of curiosity, I did skim OPGEN. I don't know whether it's more of a comment on the company or the status of the current IPO market but it amazes me that a company like OPGEN can attempt to go public with language in their S-1 clearly stating, "The report of our independent registered public accounting firm on our financial statements for the years ended December 31, 2014 and 2013 contains explanatory language that substantial doubt exists about our ability to continue as a going concern. Our monthly cash burn rate is approximately $500,000. Our current operating assumptions, which include our best estimate of future revenue and operating expenses, indicate that our current cash on hand as of December 31, 2014 of approximately $0.7 million, plus the 2015 convertible note funding and additional secured demand note funding in 2015, will not be sufficient to fund operations through the second quarter of 2015.
'In the event the Company is unable to successfully raise additional capital, we will not have sufficient cash flows and liquidity to finance our business operations as currently contemplated. Accordingly, in such circumstances the Company would be compelled to reduce general and administrative expenses and delay research and development projects including the purchase of scientific equipment and supplies until it is able to obtain sufficient financing."
Were I not familiar with TINY's past proven non-communications skills and ability to participate in monetization events that never translate to TINY's shareholder benefit, I might be tempted to say that with language like this in the S-1, it's no wonder they're silent.
I truly hope the day will come when MOSY shareholders are rewarded for their blind faith, but I'm actually amazed at the loyalty of the true believers.... I owned MOSY for 2 years awaiting some, nay any, signs of traction in its products via increasing revenues and every quarter the story was always the same - Len's pretty sure we're only a couple of quarters away from true greatness. Well, you guys have more faith and more patience than I, that's for sure... I gave up 5 months ago at 2.43... Good luck to the longs - I hope your trust, your diluted trust, is eventually rewarded.
Actually, this stock has done pretty much what I have wanted it to do - meaning it has been a relatively steady performer, not subject to large price changes. It's been more like the tortoise instead of the hare, but that's what I was looking for..... investing in SPE does seem to be an excercise in trust since they don't even seem to file quarterly reports no less leave much of a footprint as to what they're doing, but so far, it's been an OK performer. My largest complaint other than the lack of information available is one you won't experience and that was how they handled the retirement of preferreds. The timing of their announcements was detrimental to shareholders as I remember, and I thought it could have been differently easily, but I don't really remember the details now. But that's done. So all in all, you're right, you buy this for its annual distribution, not overall market performance. BTW, if you don't know, they post NAV weekly on their website on Fridays so you can at least track how they're doing NAV wise.
Sice - I'm curious as to why you say this about Goldstein, meaning how and where do you find out about what he's doing in the first place? By their own design, it seems as though even an investor can really find out practically nothing. Is there any source other than the what, semi-annual letters to investors? And I suppose the irony is not lost that he supposedly feasts on closed ends trading at substantial discounts when SPE itself is at an approx 10% discount.
What's wrong with this picture? Right now, you can buy 15 yr maturity TVE at a yield 208 basis point approx above comparable Treasuries or 4% YTM. TVE's coupon will RESET DOWNWARD on 5/1/15 provided the 30 Yr Treas is under 3.115% for the week ending March 26. With Treas right now at 2.34% that means Treas would have to move up by 77.5 basis points for TVE not to reset. IF IT RESETS, you can PUT TVE back to the TVA at par of $25 on May 1. With TVE now at 24.88, if you buy TVE and consider it a 5 month maturity you can get an annualized yield of 6% approx for the 4 month holding period assuming you put. I'll take that! And if it should happen to NOT reset, then you have purchased whats considered to be a US Treasury credit, the strongest quasi US Agency, at a crazy wide spread to Treas. It seems to me to be the kind of risk reward situation that works for me.
TVC has essentially the same characteristics as TVE but happening a month later, so the same argument can be made, but the risks of a reset not happening are greater due to the longer time before the reset date and because the reset parameters are slightly more difficult to achieve..
Thought I replied but I guess it didn't take...So even in nothing more than a stable economy there's lots of positives for SAR at this price level.. Love these under that radar kind of stocks... m now reading Sizemore's SA update article on Prospect for comparative purposes. will get to SAR CC transcript as well..
Thanks for sharing... Though I think many BDCs seem to be trading below NAV, I don't know that many are as much as SAR's 65%. I thought I figured the 22 cent div was only about 33% of of NII but either way, it sure seems as though dividends have to be going up dramatically assuming only stable business conditions... All good news... am now reading Sizemore's SA article update on Prospect.
With earnings out, it'e even tougher to understand why this isn't performing better..... At 14.75, SAR is trading at 65% of NAV with dividend covered by earnings by about 3x I think... Not bad... I suppose when compared to BDCs the yield is skimpy but 65% of NAV and increasing earnings? What's not to like?
Guess there's nobody here, but here's an interesting situation: SPE is paying a dividend that's to be reinvested at 9% below NAV of price on January 9. Right now, SPE is trading at over 10% below its NAV. If this continues, does that mean we shareholders are going to have the privilege of reinvesting the dividend at a price ABOVE the current market price? Here's hoping the language is at 91% of NAV OR market price, whichever is lower......... Also can't help but catch the irony of SPE as a closed end trading at such a substantial discount to NAV when their investment strategy as an activist investor is to go after closed ends when they trade at substantial discounts.
Anyone follow the preferreds? The new issuance of N shares indicated the POSSIBILITY of using some proceeds to call some or all P's after the first optional call date of 12/31/14. Does anyone have an opinion of the likelihood of them actually doing so? The spread 8 1/8 for Ns vs. 8 1/2 for Ps seems pretty tight to be using for call purposes.
Well, it's trading, but it seems as though it's been in a slow moving downtrend ever since it announced its new dividend policy - either that or ever since the details of the divorce settlement. Seems a bit strange looking in from the outside - they seem to have the dividend easily covered so the 6% yield or so seems not to be at threat, tough to discern any noticeable #$%$ in the investment companies other than perhaps a perception of them being of junk bond credit rating status in an environment where junk bonds are getting revalued, so why does this thing have a negative trend going no matter what the general market's doing? Is it company specific or more an expectation of selling to be coming from the Mrs or something else?
Can someone explain the implications of company with a $50 mil mkt cap taking a $265 mil non-cash impairment charge? Any accountants here? What does this do to book value for example? I realize MILL instantaneously wrote up everything way above purchase price when they originally bot Alaska and many question that accounting, but what's the most important impact of this seemingly massive write down now? I'm admittedly totally clueless.
I suppose it was more of a rhetorical question than anything from me but at least SD is a real company......I'm so risk averse these days I shouldn't even be following either of these, but to me, there are survivabilty options available to SD that will be a whole lot more difficult to come by for MILL. I do love when prices go to the ridiculous, though, so I do keep an eye on stuff like this.... Was fun buying preferreds of IStar a few years ago (in a completely unrelated field of course), but neither of these is another IStar imho...