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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (47864)5/9/2012 9:06:46 AM
From: Grommit  Read Replies (1) | Respond to of 78671
 
Thanks paul & clown. I'll read the book.

FSC has similar structure to the others, with dividend opt out plan. in 2011 they had $125 million of investment income, $4.7 million of administration (sounds reasonable), and $36.4 million of mgmt fees. Mgmt fees were 29% of income. wow, what a business.

FYI:
dataroma.com



To: Paul Senior who wrote (47864)5/9/2012 9:46:49 AM
From: Spekulatius1 Recommendation  Respond to of 78671
 
re BDC - I agree you cannot interfere that all BDC have bad accounting or are a Ponzi scheme. I do think that they are on aggregate more dangerous than presumed for the reasons that have been cited (the structure, leverage, leverage limits, illiquid nature of the assets and the management incentive to increase the assets rather the profitability).

Einhorn's FSC seems like a good place to start , I'll have a look.


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