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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (25978)	2/12/2007 4:13:08 PM
From: Grommit	of 78802

PSEC. This company looks appealing. But I don't really like their structure. Let me know if I have it right... They are managed like a hedge fund, in that they have advisory fees. They pay themselves 2% of assets plus incentive fees which can get pretty steep. Check the last 10K. I did not see any salaries in the proxy, so maybe the "employees" are all paid as advisors???. The outside directors get $70,000 per year. I'll take that job. DO I have to attend 4 meeting per year? Anyway, just a quick look on my part. I like the business but I do not like a structure that can give exceptional paychecks to the officers. I have to dig too deep to see if I am being ripped off.

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