Panoptes

James Carthew gets paid by the investment trust industry — so of course he shamelessly shills for every trust regardless of facts. Impax lost £19bn in client assets through catastrophic underperformance. Clean energy stocks are up ~60% over the past year. Impax shares are down ~50% over the same period. He sheds zero tears for the tens of thousands of pensioners who lived through that. But he’s outraged that Saba gave shareholders the chance to exit at full NAV — and that thousands of them chose to take it. That’s not “removing choice from investors.” That IS investors choosing. Carthew calls this “short-term profiteers vs. long-term investors.” The chart below shows who the real victim of long-termism was.

@chipperPat 1. Price tail wind 2. Brazil land 3. Eastover coming online should be a tail wind but this is stock is guilting until proven innocent given the operational mess they have in Europe $slvm

@amadeopanoptes Idk about zero but it’s a tough look. Not a lot of credibility, just cheap business that’s cheap for a reason.

$SLVM - new CEO, was the CFO and an IP lifer before and they are just now focusing on a Lean transformation? The only question is what consultant did they hire. Guy isnt bringing a lot of credibility despite lip service.

Was this why $hfro nav gapped up? If so material

@boazweinstein @arbtrader213 Messrs Osborne in case you are confused the checkers thing is a insult

Alistair Osbourne’s bias laid bare once again! Here’s his latest assault on the truth: thetimes.com/business/compa… Now, compare the title to the lead sentence of the paragraph about who lost and won: Title: Everyone loses with Saba’s win-win Body: Yet, it looks like one of those win-wins where nobody really wins — apart from Aberdeen. So by your own account Aberdeen won. ✅ Saba won but to Alastair it’s not a win because he says Saba ‘wouldn’t have maxed out on Herald’. ✅ And of course, shareholders won because the ones who have been selling in the market will now be able to sell into the tender for 10% more. ✅ Alistair also refers to me as a ‘self-styled chess master’, which implies that I’m not one. From our AI overlords: Yes, Boaz Weinstein is a recognized chess master who earned the title of Life Master from the United States Chess Federation at the age of 16. While now primarily known as the founder of Saba Capital Management, he was a highly ranked junior and has maintained a strong proficiency in the game, with a peak Elo rating around 2300 Sorry Alistair — it is you who lost. And you’re playing checkers. ❌

@pmarca @HighbrowHaze Fact

The confounding factor is that virtually every big company is overstaffed by 2-4x and has been for decades. AI is the catalyst/excuse to finally fix that. Of course nobody wants to say this out loud.

Saba is getting a lot of love from investment trust community today for what we did in HRI. Most of the articles seem down the center, but one caught my eye because of Matthew Read’s quote. Matthew is a ‘senior analyst’ at Quoted Data —a firm that does paid research for the managers and is their disguised PR firm. He often provides false narratives about us. The prior conventional wisdom in dozens of articles was that HRI was facing the inevitable with Saba replacing the board. Here’s his take: “By building such a large position in Herald — at times even buying at a premium — Saba effectively backed itself into a corner. We believe this ultimately forced it, albeit reluctantly, into a compromise that it may not feel compelled to offer to other trusts.” Which is it Matthew - were they backed into a corner or were we?’ If on a day like today you choose violence, you expose yourself as a partisan hack.

The hits just keep on coming for $TCPC Are we positive that FS is not at all involved in managing this BDC?

$FSK CEO when asked why he is not buying back his stock with proceeds of maturing loans:

@AsAllocated Round trip on @SpiritAirlines

@AsAllocated The one guy you need to buy appears to continue to nibble

$hfro 👀🤤

@AsAllocated I only see more buyers then sellers at this moment

@amadeopanoptes Any catalyst?

@yenoms @GardinerIsland Probably just looked at $ritm stock chart and listened to all the shareholder lipservice and figured this sucks can’t blame him as shareholder I agree it all sucks

@GardinerIsland divvy, this is bad news.. Jimmy was the man for Sculptor.. I haven't followed closely in a while.. but my bet is meaningful outflows will happen.. this is very bad on the surface

Sculptor is the fund owned by $RITM

Seems like $PCf should print a materially higher nav this week Phil catches falling pianos sometimes but probably still has decent BDC exposure that should lift nav this week

$SLVM estimates are shamefully low if you are paying attention and I pay attention this will rerate exact like $wlkp your misunderstanding is my opportunity

Are $bcic buybacks starting you don’t own this bc you think highly if Teddys investment acumen—you own bc the structure of the buybacks at least I don’t I would probably short everything that guy does long term

@iBladesi Looks like basically nailed the quinella selling EFC and buying RITm and earn—loser behavior

Missed this yday but $EFC put out prelim q-end book of 13.56.. 13.16 prior (13.47 feb) so that's 578bps total/economic return for Q1. Way better than their CLO centric sibling EARN posted. Interested to see what drove returns and if they reversed post q-end.