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JG, I think the problem with The Ask God category is that those
lightening bolt replies
play heck with the hard drive at SI. -G- Actually,
I was shocked that you got so many replies on a subject that was meant,
I assume, to be tongue in cheek. You also got a few on the Deadheads
subject. I would have posted there, but Sugar Magnolia kind of scares
me. -G- But I think Robert Hunter is simply the finest lyricist who
has ever lived and everyone thinks your late namesake wrote all the
words to those songs. -G-
I don't like Prospect Street because it sells at a
premium and I go for the deep discounts. In fact, I am short two
other
junk bond funds that have higher premiums. Prospect Street isn't
quite pricey enough for a short right now. The other thing I hate
about it and most of the junk bond
CEFs is that they use leverage all of
the time to goose the yield. That is the riskiest thing they can do,
but it is the only way they can flog these funds to the public. Ditto
for the municipal CEFs and most of the brain-dead mortgage funds,
though those two categories at least sell at discounts. Folks think
I am against using leverage in funds, and I'm not. I'm just against
using it in all environments as that guarantees trouble at some point.
Just check the disasters at Hyperion and Black Rock, and these guys
are not complete idiots. In fact, Keith Anderson at Black Rock is
very bright, even if he hasn't figured out that mortgages are dumb
investments, yet. But he's young and he will learn.
BTW, now that
Atmel has faded again, we can disagree over there. I haven't seen
notes from anyone in a while on the Atmel subject. MB |
