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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (30843)	5/6/2008 9:39:57 AM
From: Grommit	Read Replies (3) of 78626

ACAS - me too. but i waited until this AM. usually bad news takes a day to sink in. maybe because those working or otherwise busy finally read it in the evening, then act the next day. I know about European Capital and for the rest -- I'll rely on this for now: "Credit quality remains strong," stated John Erickson, Chief Financial Officer. "Our private finance portfolio had $60 million of net appreciation and $41 million of net realized gains for the fourth quarter. Our unrealized depreciation was largely a result of $225 million of depreciation at European Capital, $87 million of depreciation at our asset management company, American Capital, LLC, and $132 million of depreciation in the CLO and CMBS portfolios. The depreciation was significantly driven by a change in pricing and trading multiples rather than the performance of the assets. Unlike many of the financial institutions that also experienced depreciation during the credit crisis, we intend to hold and not trade out of our CLO and CMBS investments, because we enjoy excellent current returns and do not expect to incur realized losses on our investments if we hold them to maturity." Bought at $28.96

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