I agree, Dar, I have even taken advantage a few times of market slowness. But, I think you have to be careful as that slow, dumb market doesn't always behave rationally so it is dangerous to think you can time it consistently. Ray's Razor: All things being equal, the portfolio with the fewest trades is the most profitable [barring true professionals].
Hot damn ... that's nice country!! We have relatives in Orange Country so we get down there periodically, but I would really like to spend a little time in Santa Barbara pretty soon. We're off for a week in Carmel at the end of the month. Staying at LaPlaya Carmel ... check it out if you're every in Carmel.
Is that wine country in CA? You live in the Bay Area like me?
If you have the money, some of the best wine in the world is Trefethen. They win international, blind competitions all the time. $60 gets a good red, and half that for a white .. can always pay more, of course, for their "library" selection. Try their "Halo" wines.
Remember that old adage: "Buy low and sell high." Well, this is low, so what do you do? Personally, I've added to my shares, and will be holding onto my 100,000 shares.
I especially enjoy the press releases from the lawyers that end with something like: "This announcement may be considered an advertisement for our services."
Hey Phil ...
Thanks for answering my question. In August I'm going to a reunion of former flyers like myself. 250 missions over Viet Nam risking my life for this country so you can say want you want. I'll say Hello to all the guys for you. If you have a picture of yourself, we'll pee on it, and send it back to you as a souvenir from men who do more than run their mouth.
I don't know how one forecasts future performance with the MREIT sector .... too many variables. Therefore, I can't give it too much credence.
I did see, on late night Bloomberg which is coming from London, that WMC is pushing into the non-agency market. This is not news, unless it is. All I saw was the headline, and heard no other details. Nothing from U.S. press either, so I assume this is the same news as before. Anyone hear anything on it? Is something new?
They would not lie to their bankers at any time. I don't know if you've ever dealt with a bank at a commercial level, but I can tell you that they get grumpy if they even think you have not been forthcoming.
Correct. It is impossible to make 'fraud" stick unless PSEC deceived the outside auditors which they obviously did not 'cause the points of contention are all disclosed in the financial statements.
The Attorney General is a law enforcement officer. His department goes after people wanted on criminal charges. Their job is not to bring civil lawsuits. So, unless PSEC management is charged with a crime, the Attorney General is not in play.
To certify a class action lawsuit, the plantiff must show that the damaging effect on the others in the class is substantially the same as on the lead plantiff [that's the named plantiff like Willey]. Then the law holds that it's a waste of time to sue individually, and allows a consolidated trial. For the same reason, if the various law firms are suing for substantially the same reasons, the court is also not going to allow multiple trials by multiple law firms.
The first thing any plantiff in a civil suit has to demonstrate is that the plantiffs were damaged. This can't be a "projection" of damage - such as "I would have made more money except for those financial statements." - you have to be able to quantify a reasonable number that shows you've been damaged. This is particularly difficult when considering stock prices as it's very hard to know what caused the price to do one direction or another and to what extent. Failure to prove actual damages ends the case.
There can be no punitive damages unless there are:  actual damages, and  fraud or gross negligence. Punitive damages would usually be 3 times actual damages. This will be difficult since the financial statements are audited. While the financials are the responsibility of management, showing fraud or gross negligence is difficult when management has relied on professional accountants pronounced competent by the SEC and the state. The plantiffs would have to show that management deceived the CPA's in a way that the CPA's could not reasonably detect. I can't imagine that here.
Plantiffs cannot recover their own attorneys fees unless a binding contract exists which provides for that. This is true in all civil cases. Silence is not enough; there must be a positive affirmation that the loser pays all fees. I would be shocked to find such in the corporate by-laws.
It doesn't seem to me that the plantiffs can prevail on any of this. Law firms try for a class action for bigger fees.
Lots of stories like that, Ken. In March, 2009, you could have bought Genworth for $0.84 and sold it a year later for almost $19.00.
I actually don't think about that side of it much, Dar. I'm just happy not to have cancer from the Agent Orange ... yet. They strayed that stuff extensively around Air Force bases in Viet Nam because they didn't want the enemy getting too close to the planes by hiding in the jungle. Even so, they blew up our jet fuel one night. Two million gallons burning all night. The heat pealed the paint off of our barracks from a 1/4 mile away.
Maybe what's happened is Viet Nam happened. That is, while many disliked the war they also came to realize that the way vets were treated after the war was not right. A lesson learned perhaps, and so the disrespect hasn't been repeated.
It was kind of a surreal experience. In early August, 1971 I was still flying missions. By early Sept, 1971, I was in the classroom at The University of Michigan. Of course, Michigan is a very liberal school like Berkeley here in the Bay Area. Accordingly, I never mentioned to anyone that I had just gotten home .... especially those who were demonstrating against the war. I was watching one of those demonstrations one day, and perhaps cause I was standing still, the newspaper took my picture and put it on the front page of the paper along with the article about the demonstration. Talk about irony.
Sorry about your friend. I'm just happy to have my name on this post, and not on the memorial in Washington.
Just wanted to say hello and express warm feelings to all who have, or who are serving, in our military forces. Personally, I flew 250 combat missions over Viet Nam between 1969 and 1971 while in the Air Force , and would love to hear from other flyers especially. Just happy I'm here.
With most stocks, you get little or no dividends. Therefore, the PPS of the stock has to increase to make it a good investment. When the DOW, etc. are at all-time highs, the populace starts to wonder if the upside is not there anymore. That, plus depressed prices on BDC's and REIT's, result in a renewed interest in high yield plays.