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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1741  
Subject: Nov 2012 musing Date: 11/2/2012 5:58 AM
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With the moves of the last two days- exits in GUT, OCZ & NRGY, I now have even more cash to work
on deploying. The Trading ac took the bigger hit in Oct. Actually, most of the hit. The others accounts
combined probably dropped less than the Trading ac, and those accounts are more than 83% of the
port.

JF again. Golar announced a new initiative wrt an older LNG tanker- a Floating Liquified Natural
Gas Vessel (FLNGV). The first one is a test case. It might be implemented on all three
older LNG vessels.

http://www.golar.com/index.php?name=seksjon/Stock_Exchange_R...

I'm guessing that means these are no longer candidates for FSRU conversion. It is probably
because ordering an FSRU newbuild is more cost effective than spending the extra money on a
conversion.

Whoa! another move the next day. Drop-down of Golar Grand to GMLP for $265M. I wonder
if that was the reason for the recent GMLP bond offering? The proceeds for that went to repay the
GLNG loan. But will GMLP tap that parent loan facility again to pay for its latest acquisition?
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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1251 of 1741
Subject: Re: Nov 2012 musing Date: 11/2/2012 10:23 PM
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What's the deal with PSEC's drop? Oh, they just decided to have a large offering- 35M shares!
http://finance.yahoo.com/news/prospect-capital-corporation-p...

That's not a trivial number, about 20% dilution. With over-allotment, about 23% The company
had some carry-over income that should help on the dividend side. But then the concern becomes
the dividend safety with the huge share dilution. I added more shares @ $10.95/sh, but now
I am wondering if I need to poke at this idea a little more. I don't really want to replay
an AINV type pull-back, followed by a dividend cut a few months down the road. Shares another
similarity with AINV- PSEC is my second largest individual holding, while AINV was my largest
for many months.


I noticed the OSG bounce today (11/2). I'm guessing this has something to do with today's Jones Act
announcement. I have tried my hand at short term trading but OSG is not one of those types
of ideas. Way too many unresolved issues.

Speaking of penny ideas, SQNS was continuing its downward spiral, then suddenly caught a
wave- up nicely in the last hour or two.

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Author: blesto Big red star, 1000 posts Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1252 of 1741
Subject: Re: Nov 2012 musing Date: 11/3/2012 9:44 AM
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PSEC, repeated Note issuances, more Revolver capacity, and now this.

With all this capital being added, maybe they're getting ready to use it?

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1253 of 1741
Subject: Re: Nov 2012 musing Date: 11/3/2012 10:34 AM
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PSEC, repeated Note issuances, more Revolver capacity, and now this.

With all this capital being added, maybe they're getting ready to use it?


The Notes didn't bother me too much. Yes, its debt, but it isn't share dilution. The share
volume yesterday suggest the offering was priced below $11. Probably still above book value,
but not by much. PSEC has done a decent job announcing "a quarter plus a little more" as far as
monthly dividends go. It might be worth monitoring whether that drops off.

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1256 of 1741
Subject: Re: Nov 2012 musing Date: 11/9/2012 5:53 AM
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11/8
FAX has been a good investment since the market collapse, but today it exited my top 10. Will
look at trying this one again as a DRIP idea, but in the Mizone ac. A GUT replacement, at $7.25-ish.

The tanker observation of a rough Q3 remains consistent with TNK reporting today. Like DHT,
a divvie cut on lower revenue numbers. More severe div cut than I expected- I was thinking
5-7c, not 2c. TOO also reported results. The div being maintained was announced several weeks prior.

Tinkering with the idea of starting an AAII mini-basket of ideas in the Mizone ac. Perhaps
4 or 5 ideas. That's also how they recommend one starts a portfolio based on their microcap
screen. The tricky part will be tracking individual ideas if they include ideas from the
screen, but not in the actual AAII port. Pure conjecture on my part, but it seems like microcaps
have above-average volatility in the Dec-Jan timeframe, as ports get reset for tax-related
reasons.

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1257 of 1741
Subject: Re: Nov 2012 musing Date: 11/14/2012 11:24 PM
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- Nibbled on TNK @ $2.70/sh today. Price headed still lower. I will probably take another bite.
Q3 was going to be bad, that was a known. If I hadn't read the Earnings call transcript, I would
not have noticed the number of vessels/days of off-hire being another cause of lower rev. Only
one vessel off-hire in Q4. Will do a sanity check on fleet vs debt before I make that leap.

- TOO looks interesting also.

- I'm guessing the BDCs are getting hammered because of the whole higher-tax on dividend
issue. The thing is, most BDC dividend is non-qualified, and is income anyway. Watching, but may
look beyond existing holding PSEC and FSC.

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1258 of 1741
Subject: Re: Nov 2012 musing Date: 11/15/2012 1:41 PM
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11/15
A few ideas really bouncing around more than expected- NKA, PGP, FRO, GNI, KCG.
- Added to PGP position- purchased in the Trading ac.
- Add more TNK in Trading ac. Crunching back-of-envelope numbers for fleet, FMV of fleet
exceeds the debt. If I were TNK mgmt, I would be buying back shares in the market. Parent entity, TK,
could do also- it would be in their interests to do so.
- Closing out EXC in DRIP ac

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Author: blesto Big red star, 1000 posts Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1259 of 1741
Subject: Re: Nov 2012 musing Date: 11/15/2012 4:07 PM
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Why close out EXC?
I'd think that after that merger this year with Constellation that made them an even stronger company and with a dip in share price you might add shares.

Or do you see them cutting the divi after this next one $0.525 payable Dec 10. The date of record was today. You still get that divi right?

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1260 of 1741
Subject: Re: Nov 2012 musing Date: 11/15/2012 4:46 PM
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Or do you see them cutting the divi after this next one $0.525 payable Dec 10. The date of record was today. You still get that divi right?

I believe the CEO hinted that a dividend cut was likely.

I hadn't checked the dividend date prior to the transaction. But record date is after ex-div date,
so a shareholder selling on record date would still get the prior dividend. What I have to
verify is, did I turn off the DRIP feature for EXC? I hope so. Else I have an annoying fractional
share.

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1261 of 1741
Subject: Re: Nov 2012 musing Date: 11/16/2012 9:33 PM
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- Put in a limit order on GMLP when it was at $26-ish. Didn't fill.

- Add more VZ in DRIP ac

- Yay! a timely PGP bounce, one day after I essentially doubled down on the idea :)

- I thought about it, thought about it, ... pulled the trigger on TNK in Roth ac. I guess
I should have changed one letter and picked up TNP yesterday prior to the bounce today ;)

- Good day for Roth ac, as CMLP and KCG also got nice bounces.

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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1270 of 1741
Subject: Re: Nov 2012 musing Date: 11/21/2012 7:53 PM
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11/21
The good stuff continues ... "BOOM!", Trading ac bounced almost 5% yesterday with the after-hours
announcement from MEMS. Someone wants to buy the company out for $4/sh. I had trimmed some higher
cost shares in Oct 2012, but glad I didn't make the CBK blunder on this idea. Own some higher
priced shares in the Roth ac too- so a gain there.

Another tanker company whacks its payout. Like TNK, I was not surprised when TNP announced a divvie
cut. Like TNK, the severity of the cut surprised me. I was thinking perhaps an 8-10c divvie,
not 5c. Market reaction surprised me. TNP has pulled back from over-$6 to below-$4, so perhaps
the dividend cut was already built in. Then again, the timing of Thanksgiving could also
have reduced the number of traders. Dumped the Trading ac position for a small gain.

ORI quietly inching up. Need to make a decision on this one in both Roth ac (green) and DRIP ac (red).
Leaning towards a piece-meal exit in DRIP ac.

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