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SELL LTSL

November 20, 2019. We are getting crucified on LTSL. We are learning over the last 24 hours that this investment is much worse than we had understood. As tough as it is, we are taking the loss. We plan on selling LTSL today.

We recently added GBDC to the Core Portfolio. Today SeekingAlpha.com published an article discussing this and other BDCs.

GO TO ARTICLE

GBDC is a “safer” lower-yield BDC for many reasons, including strong covenant protections, over 90% of the portfolio in senior secured and one stop “bank quality” loans, and one of the lowest stated portfolio yields in the industry (typically indicating higher credit quality). GBDC’s continued focus on “quality over quantity” has resulted in lower portfolio growth and/or a reduced portfolio yield, but dividend coverage has remained stable due to the investor-friendly incentive fee structure.

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Wowza: Mayor Pete now ahead in NH. Who woulda thot. Voters don’t like big spenders Warren and Sanders.

The Saint Anselm College Survey Center poll of 255 likely Democratic primary voters shows that Buttigieg, supported by 25 percent, now holds a 10 percentage point lead over former Vice President Joe Biden and Massachusetts Sen. Elizabeth Warren, who are tied for second at 15 percent. Buttigieg is substantially ahead of Vermont Sen. Bernie Sanders, who is in fourth place at 9 percent.


Despite all the scrutiny, the ultra liberals at Google continue altering search results.

Google’s evolving approach marks a shift from its founding philosophy of “organizing the world’s information,” to one that is far more active in deciding how that information should appear.

More than 100 interviews and the Journal’s own testing of Google’s search results reveal:

  • Google made algorithmic changes to its search results that favor big businesses over smaller ones, and in at least one case made changes on behalf of a major advertiser, eBayInc., contrary to its public position that it never takes that type of action. The company also boosts some major websites, such as Amazon.com Inc. and Facebook Inc., according to people familiar with the matter.
  • Google engineers regularly make behind-the-scenes adjustments to other information the company is increasingly layering on top of its basic search results. These features include auto-complete suggestions, boxes called “knowledge panels” and “featured snippets,” and news results, which aren’t subject to the same company policies limiting what engineers can remove or change.
  • Despite publicly denying doing so, Google keeps blacklists to remove certain sites or prevent others from surfacing in certain types of results. These moves are separate from those that block sites as required by U.S. or foreign law, such as those featuring child abuse or with copyright infringement, and from changes designed to demote spam sites, which attempt to game the system to appear higher in results.
  • In auto-complete, the feature that predicts search terms as the user types a query, Google’s engineers have created algorithms and blacklists to weed out more-incendiary suggestions for controversial subjects, such as abortion or immigration, in effect filtering out inflammatory results on high-profile topics.
  • Google employees and executives, including co-founders Larry Page and Sergey Brin, have disagreed on how much to intervene on search results and to what extent. Employees can push for revisions in specific search results, including on topics such as vaccinations and autism.
  • To evaluate its search results, Google employs thousands of low-paid contractors whose purpose the company says is to assess the quality of the algorithms’ rankings. Even so, contractors said Google gave feedback to these workers to convey what it considered to be the correct ranking of results, and they revised their assessments accordingly, according to contractors interviewed by the Journal. The contractors’ collective evaluations are then used to adjust algorithms.

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