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To: MCsweet who wrote (54733)	1/6/2015 12:38:05 AM
From: Elroy	Respond to of 78628

They have bad performance and excessive fees and spinning out something isn't going to change who the management is. I've owned PSEC for about 3 years. What is the "bad performance" during that time? They paid 11 cents per month, which was great when the shares were $11. Book value probably declined by 20 - 30 cents in those three years. Oh well. As far as I know, PSEC's management fee is the BDC industry standard - 20% of profits above a hurdle and 2% of assets. That's normal for a BDC, no? That's dumb luck the stock traded above NAV. Uhhh, OK. I just showed you ARCC obliterated PSEC by 11% per annum (never countered me on that by the way) This is news to me - where is this post? I can tell you are one of those people who makes up his mind and then fits the facts to them. You seem to think you've presented lots of facts which prove PSEC is doing something wrong. Where are they? PSEC's management fees, from what I know of the BDC industry, are normal. You don't get to call them "excessive fees" and it's suddenly a fact. You don't get to say PSEC has the worst management and it's suddenly a fact. If you have some case to make that PSEC is going to cut it's dividend again, or experience a decline in NAV, or expect anything real and bad that is going to happen to PSEC going forward, I'd love to read it. THOSE are the arguments/forecasts that may be meaningful to current PSEC shareholders. I haven't read that from you. So, you haven't put up much of a case to change anyone's mind. Rather than considering me pig headed and stubborn, you might want to consider that your bearish argument, to the extent that you've even made one, is pretty weak. ======= And here's the key point for me, which is a fact. PSEC's share price has cratered since August (down about 25%) while their business hasn't changed much since then. That makes them an attractive investment TODAY. PSEC was a fine investment at $11, it's a gorgeous investment at $8.25. I don't know why you're arguing, you recently bought PSEC because (I think) you agree with me. Anyway, time will tell.