I will troll you when it goes the other way. By the way, every long stock is down more than that.
LOL of course you will, because you are childish. This far I am the only one to have said anything substantive about EMD. You? Crickets. Overgrown juvenile boomer LOL
I am childish? Sally, I cannot imagine you being a functioning person outside of the internet. The amount of time you spend on nonsense is well beyond normal.
LOL crazy like a fox. EMD down 2.5% on the day to a new all-time low, I believe.
Igloi, agip, nearly—tell me again what it is that I don’t understand about closed-ended funds LOL
I would like to hear gente’s opinion on EMD
Paying 85 cents to a $ for a portfolio of bonds probably worth 50 cents isn't very attractive to me. China Aoyuan Group, Yuzhou Group; is Franklin Templeton going to pull a Paul Singer and seize a PRoC destroyer and demand payment? Also re leverage:
"The Fund has a r evolving credit agreement with Pershing LLC (“Credit Agreement”), which permits the Fund to borrow up to $395,000,000, subject to approval by Pershing LLC, and renews daily for a 1 80-day term unless notice to the contrary is given to the Fund. On November 1 2, 2021, the Fund received notice from Pershing LLC that the Credit Agreement will terminate effective May 11, 2022, absent subsequent notice to the contrary. O n May 27, 2021, the Fund amended its credit agreement with Pershing LLC. Under the amendment, effective June 20, 2021, the Fund pays interest o n b orrowings calculated based on the Overnight Bank Funding R ate plus applicable margin. The Overnight Bank Funding Rate means the Overnight Bank Funding Rate as reported by the New York Federal Reserve in the FR2420 Report of Selected Money Market Rates or any successor report or website. Prior to June 20, 2021, the interest on the loan was calculated at a v ariable rate based on the one-month LIBOR plus any applicable margin. To the extent of the borrowing outstanding, the Fund is required to maintain collateral in a s pecial custody account at the Fund’s c ustodian on behalf of Pershing LLC. The Fund’s C redit Agreement contains customary c ovenants that, among other things, may limit the Fund’s a bility to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Credit Agreement may be subject to early termination under certain conditions a nd may contain other provisions that could limit the Fund’s a bility to utilize borrowing under the agreement. Interest expense related to the loan for the year ended December 3 1, 2021 was $2,371,213. For the year ended December 31, 2021, the Fund did not incur any commitment fee. At December 31, 2021, the Fund had $295,000,000 of
borrowings outstanding per this Credit Agreement. For the year ended December 31, 2021, the average d aily loan balance was $295,000,000 a nd the weighted a verage interest rate was 0.79%"
As we all know short term rates are rising. EMD might have to deleverage into a fire sale market and NAV will take a hit.
LOL crazy like a fox. EMD down 2.5% on the day to a new all-time low, I believe.
Igloi, agip, nearly—tell me again what it is that I don’t understand about closed-ended funds LOL
I would like to hear gente’s opinion on EMD
Paying 85 cents to a $ for a portfolio of bonds probably worth 50 cents isn't very attractive to me. China Aoyuan Group, Yuzhou Group; is Franklin Templeton going to pull a Paul Singer and seize a PRoC destroyer and demand payment? Also re leverage:
"The Fund has a r evolving credit agreement with Pershing LLC (“Credit Agreement”), which permits the Fund to borrow up to $395,000,000, subject to approval by Pershing LLC, and renews daily for a 1 80-day term unless notice to the contrary is given to the Fund. On November 1 2, 2021, the Fund received notice from Pershing LLC that the Credit Agreement will terminate effective May 11, 2022, absent subsequent notice to the contrary. O n May 27, 2021, the Fund amended its credit agreement with Pershing LLC. Under the amendment, effective June 20, 2021, the Fund pays interest o n b orrowings calculated based on the Overnight Bank Funding R ate plus applicable margin. The Overnight Bank Funding Rate means the Overnight Bank Funding Rate as reported by the New York Federal Reserve in the FR2420 Report of Selected Money Market Rates or any successor report or website. Prior to June 20, 2021, the interest on the loan was calculated at a v ariable rate based on the one-month LIBOR plus any applicable margin. To the extent of the borrowing outstanding, the Fund is required to maintain collateral in a s pecial custody account at the Fund’s c ustodian on behalf of Pershing LLC. The Fund’s C redit Agreement contains customary c ovenants that, among other things, may limit the Fund’s a bility to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Credit Agreement may be subject to early termination under certain conditions a nd may contain other provisions that could limit the Fund’s a bility to utilize borrowing under the agreement. Interest expense related to the loan for the year ended December 3 1, 2021 was $2,371,213. For the year ended December 31, 2021, the Fund did not incur any commitment fee. At December 31, 2021, the Fund had $295,000,000 of
borrowings outstanding per this Credit Agreement. For the year ended December 31, 2021, the average d aily loan balance was $295,000,000 a nd the weighted a verage interest rate was 0.79%"
As we all know short term rates are rising. EMD might have to deleverage into a fire sale market and NAV will take a hit.
ok with the major understanding that whatever I say on this means very little and is no more significant than rock paper scissors, I will go on actual record saying that the decline is winding up. We are near a bottom. this is a total washout and what we get after total washouts is a rebound. Stocks have fallen too much and the bad news is priced in.
somethign like half the SP500 is at a 52 week low. unless this is the great financial crisis all over again, this is about as bad as it gets.
there, I said it. And before I typed it I bought a large piece of the total market index.
I will go on actual record saying that the decline is winding up. We are near a bottom. this is a total washout and what we get after total washouts is a rebound. Stocks have fallen too much and the bad news is priced in
OK, put that one on the list to check back at the end of the year.
I'm already on record suggesting that this decline still has fresh legs and a lot of room to run. I think we are probably half way to the bottom or less.
Shall we make some kind of friendly imaginary wager? :-)
I will go on actual record saying that the decline is winding up. We are near a bottom. this is a total washout and what we get after total washouts is a rebound. Stocks have fallen too much and the bad news is priced in
OK, put that one on the list to check back at the end of the year.
I'm already on record suggesting that this decline still has fresh legs and a lot of room to run. I think we are probably half way to the bottom or less.
Shall we make some kind of friendly imaginary wager? :-)
LOL take it easy on him, he already made his bet with the market LOL
LOL take it easy on him, he already made his bet with the market LOL
LOL
You really are a strange troll, deciding to go all in against one of the most consistently friendly and positive posters in this thread. I gather you must not like the political views he expresses elsewhere on LRC, otherwise there’s no obvious explanation for the misplaced acrimony. Immaturity and sociopathy are other possible explanations I suppose…
LOL crazy like a fox. EMD down 2.5% on the day to a new all-time low, I believe.
Igloi, agip, nearly—tell me again what it is that I don’t understand about closed-ended funds LOL
I would like to hear gente’s opinion on EMD
Paying 85 cents to a $ for a portfolio of bonds probably worth 50 cents isn't very attractive to me. China Aoyuan Group, Yuzhou Group; is Franklin Templeton going to pull a Paul Singer and seize a PRoC destroyer and demand payment? Also re leverage:
"The Fund has a r evolving credit agreement with Pershing LLC (“Credit Agreement”), which permits the Fund to borrow up to $395,000,000, subject to approval by Pershing LLC, and renews daily for a 1 80-day term unless notice to the contrary is given to the Fund. On November 1 2, 2021, the Fund received notice from Pershing LLC that the Credit Agreement will terminate effective May 11, 2022, absent subsequent notice to the contrary. O n May 27, 2021, the Fund amended its credit agreement with Pershing LLC. Under the amendment, effective June 20, 2021, the Fund pays interest o n b orrowings calculated based on the Overnight Bank Funding R ate plus applicable margin. The Overnight Bank Funding Rate means the Overnight Bank Funding Rate as reported by the New York Federal Reserve in the FR2420 Report of Selected Money Market Rates or any successor report or website. Prior to June 20, 2021, the interest on the loan was calculated at a v ariable rate based on the one-month LIBOR plus any applicable margin. To the extent of the borrowing outstanding, the Fund is required to maintain collateral in a s pecial custody account at the Fund’s c ustodian on behalf of Pershing LLC. The Fund’s C redit Agreement contains customary c ovenants that, among other things, may limit the Fund’s a bility to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Credit Agreement may be subject to early termination under certain conditions a nd may contain other provisions that could limit the Fund’s a bility to utilize borrowing under the agreement. Interest expense related to the loan for the year ended December 3 1, 2021 was $2,371,213. For the year ended December 31, 2021, the Fund did not incur any commitment fee. At December 31, 2021, the Fund had $295,000,000 of
borrowings outstanding per this Credit Agreement. For the year ended December 31, 2021, the average d aily loan balance was $295,000,000 a nd the weighted a verage interest rate was 0.79%"
As we all know short term rates are rising. EMD might have to deleverage into a fire sale market and NAV will take a hit.
LOL thank you. All publicly available information. Like I said leveraged and not on favorable terms. A mismanaged fund. Return of capital is probably the best it can do. And if the USD stays elevated, defaults will figure. What is the investment thesis LOL
You really are a strange troll, deciding to go all in against one of the most consistently friendly and positive posters in this thread. I gather you must not like the political views he expresses elsewhere on LRC, otherwise there’s no obvious explanation for the misplaced acrimony. Immaturity and sociopathy are other possible explanations I suppose…