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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (30909)5/10/2008 6:34:33 AM
From: Madharry   of 78676
 
oh yes. i told you i bought a lot more after they cut their dividend and the price declined on mcgc. As I said earlier it would appear that if they can earn an average historical return on equity going forward it should result in appreciation from here a well over my target hurdle of 16% annually. But if they start raising capital at below NAV that will reduce the potential return to investors and it irritates me to think that management thinks that by raising capital below nav they somehow think that will make it more likely that the stock will return to nav. OTOH if they have the funds to originate more loans that will increase profitability.
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