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Enterprise Products Partners L.P. Message Board

strum_this 5 posts  |  Last Activity: May 11, 2015 1:32 PM Member since: Nov 4, 2005
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  • Reply to

    Q1 2015 CC for SLRC

    by jackmaster20 May 6, 2015 6:44 PM
    strum_this strum_this May 11, 2015 1:32 PM Flag

    Thanks, this has been a good discussion.

  • Reply to

    Q1 2015 CC for SLRC

    by jackmaster20 May 6, 2015 6:44 PM
    strum_this strum_this May 8, 2015 11:17 AM Flag

    I don't really disagree with anything you said, except that I'm a fan of the life sciences VC direction. I work in the life sciences and there are some new diagnostic technologies based on big data, proteomics and genome sequencing that I believe will create several billionaires over the next decade. So I like the space overall, *assuming* the experts they have know what they are doing. That's of course always the risk...but I currently have no other way that I know of to get any skin in that game, so I like having a little slice of exposure here.

    You completely echo my thoughts with regard to the oil patch. It's a disappointment that they are content to stay on the sidelines. But at least Gross knows his limitations and isn't going off into an area where they don't know what they are doing.

    Wow you think we'll see mid 16s?

    Sentiment: Buy

  • Reply to

    SLRC price action May 6th

    by jackmaster20 May 6, 2015 6:52 PM
    strum_this strum_this May 8, 2015 11:05 AM Flag

    Here's how I look at it: I've also not been adding high-yield bonds to my portfolio this year. In fact I sold 1/4th of my VWEHX in Q4 2014.

    So it's a little hard for me personally to blame Gross and team for not going nuts originating a bunch of stuff. There is too much easy money floating around out there to get good returns on debt with reasonable covenants. But I like the story they have with life sciences VC and the Pimco unitranche deal . I think these are areas where they get some business done. I also like the jet liner leasing space (own some equity in those companies already) and he said they are increasing their activity in this sector. Hopefully that continues as well. We'll see!

    On the downside, he said they will NOT get involved in the oil/energy space, since they don't have the expertise in the commodities area. That seems like a shame because I think there have been and will continue to be some good opportunities in this area.

  • Reply to

    Q1 2015 CC for SLRC

    by jackmaster20 May 6, 2015 6:44 PM
    strum_this strum_this May 7, 2015 10:41 AM Flag

    MIssed this summary before I responded to your other post.

    I'll just add to your notes here that he did in fact say on the CC that they have already originated a good amount of debt in the current quarter. They also warned that Q1 would be light, as it's historically a quiet quarter for the BDC business. I expect Q2 to be a different story. I think the drop is a great opportunity to add, and I have been doing so.

    Sentiment: Strong Buy

  • Reply to

    SLRC price action May 6th

    by jackmaster20 May 6, 2015 6:52 PM
    strum_this strum_this May 7, 2015 10:35 AM Flag

    He told everybody on the CC that they have already originated a large book of business in the current quarter. He also said they would earn the dividend this year. When an analyst asked if he meant for "the rest of the year" or if he meant they would additionally make up for the deficit we had in Q1, he answered that the full year dividend including Q1 would be earned.

    Now, each person needs to decide whether to believe him or not. I think they have a good story with a lot of opportunity in front of them, so I'm buying.

    Sentiment: Strong Buy

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