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May 4, 2017

(Update:  We saw this printed May 5)

GSBD reports NII of $0.4941 compared to projected $0.50, last year’s $0.58, and a dividend of $0.45. TII was $32.192 million compared to a projected $32.770 million. NAV falls from $18.31 to $18.26 – the second straight quarter with a small NAV fall. These are tiny bits of negative news which most BDCs can easily tolerate. But BDCs with yields close to 7% need to produce numbers that provide evidence that they are superior. It was not that kind of quarter.

BDCS is another business development company that is looking bad.

We are selling right now to lock in very NICE gains.  We do not know what is going on with these holdings, but we are NOT going to hang around while the position falls.  (We assume the lack of a rate increase yesterday is affecting these holdings.)

At this point we really do not care if the BDC positions turn around and head up…and they may.  But our long term indicators are indicating a downward slope.

We have significant profits and we want to lock them in.

GO TO CORE PORTFOLIO to see current positions.



In fact, this new report from the Census Bureau found that one out of every four 25 to 34-year-old Americans that are currently living at home do not have a job and they are not going to school either.

In other words, they need to get a life.  I really like how a recent CNBC editorial made this point…

One of the most memorable Saturday Night Live sketches ever was broadcast in 1986 when guest host William Shatner played himself appearing at fictional Star Trek convention. After fielding one childish question after another from costumed fans in their late 20s and 30s, Shatner loses his cool and shouts: “GET A LIFE, will you people? I mean, for crying out loud, it’s just a TV show! … Move out of your parents’ basements! Get your own apartments and GROW THE HELL UP!”

Thirty-one years later, it sure seems like all of America needs to heed that message. Here’s why: The Census Bureau now says that more 18-34 year-olds are living with their parents than with a spouse.

But a lot of young men these days do not even want to go down the traditional route of marriage, family, career, etc.

In fact, a lot of them are forsaking the concept of marriage together.  Author Suzanne Venker says that a lot of these men are blaming their lack of desire to get married on modern women

“When I ask them why, the answer is always the same: women aren’t women anymore.” Feminism, which teaches women to think of men as the enemy, has made women “angry” and “defensive, though often unknowingly.”

“Now the men have nowhere to go. It is precisely this dynamic – women good/men bad – that has destroyed the relationship between the sexes. Yet somehow, men are still to blame when love goes awry.”

“Men are tired,” Venker wrote. “Tired of being told there’s something fundamentally wrong with them. Tired of being told that if women aren’t happy, it’s men’s fault.”

On the flip side, a lot of women are extremely distressed that so few men seem to have the willingness to commit these days.  So many men just want to run around having sex with an endless series of women without ever putting a wedding ring on any of their fingers.

Of course many men figure that if they can get some of the best benefits of marriage (sex, companionship, etc.) without having to make a commitment then that is a pretty good deal for them.


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