I completely sold out of Prospect Capital Corporation in a rather gay four day about-face. This four days resulted in a 7% loss on the position which, thankfully, only resulted in a .35% loss to my book.
PSEC is a remarkably cheap, very interesting possible play that I would like to remain only a possible play.
In the future, I may – and in fact most likely will – revisit this position. But the more and more I think about it, the more I do not want a leveraged financial play that has recently expanded leverage by about 40% and openly admits to yield hunting… anywhere near my book right now.
Fall is coming, you fools. And the dreaded seven year mark is upon us.
Beware the number 7.
Update: I also trimmed 15% off of my HCLP position, which is up 188% over the past year. Just a little F-U money in case a buying opportunity should present itself.
I followed that with “hedge trimming” sales of everything else.
Cash stands at 35%