tag:blogger.com,1999:blog-6097510160054715524.post6111069468948259532..comments2024-01-03T21:42:28.979-08:00Comments on DivGro: Recent Buy: PMTFerdiShttp://www.blogger.com/profile/05008021146951839361noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6097510160054715524.post-8593035887293303142014-05-20T08:09:44.294-07:002014-05-20T08:09:44.294-07:00Thanks, Bruce -- I welcome your feedback and I app...Thanks, Bruce -- I welcome your feedback and I appreciate you pointing this issue out. And, even if you were critical of my selection, I would welcome that as well. In my view, that's a valuable way to learn. This is prompting me to dig a little deeper into the candidates that I select to buy. <br /><br />BTW, having a parallel organization that provides services is not, in itself, a bad thing. We're currently in the process of buying a new house and our mortgage broker uses a parallel company to do the appraisal. They set very high standards and expect the appraisal to be so, as well. <br /><br /><br />Cheers!FerdiShttps://www.blogger.com/profile/05008021146951839361noreply@blogger.comtag:blogger.com,1999:blog-6097510160054715524.post-13743757410115351542014-05-20T07:45:07.282-07:002014-05-20T07:45:07.282-07:00Yeah, all of the shady stuff going on with PennyMa...Yeah, all of the shady stuff going on with PennyMac Financial Services made me think that the CEO was just using PMT as a piggybank or an ATM. It was a big drop in dividend income for me to sell it, but I just wasn't comfortable with what appeared to be self-dealing. I'm glad you didn't take my post as being critical of your selection, just wanted to make sure you knew about all of it. Good luck, and keep on doing your thing!bruce dickinsonhttps://www.blogger.com/profile/14002258921437835828noreply@blogger.comtag:blogger.com,1999:blog-6097510160054715524.post-69320245698066398602014-05-18T09:17:20.234-07:002014-05-18T09:17:20.234-07:00Thanks for your comment, Bruce!
I did not delve s...Thanks for your comment, Bruce!<br /><br />I did not delve so deeply into PMT to notice the CEO's dealings. Your comment prompted me to do some research, which revealed an investigation of claims of self-dealing by the CEO. He established a "parallel" company, PennyMac Financial Services Inc, which benefits from the business relationship. As CEO of both PMT and PennyMac Financial Services, a conflict of interest may occur. <br /><br />I'd be curious to see where this investigation leads. The fact that Robbins Arroyo (a nationally recognized leader in securities litigation) is involved, gives me hope that proper scrutiny of the business activities will be done. <br /><br />For now, I'll stick with my ownership of PMT shares, even though this leaves a little foul taste in the mouth. Of course, if the dividend is frozen or cut, I'll consider selling my shares. <br /><br />Take care and thanks again for alerting me about this!FerdiShttps://www.blogger.com/profile/05008021146951839361noreply@blogger.comtag:blogger.com,1999:blog-6097510160054715524.post-33874517767750738022014-05-15T06:53:37.730-07:002014-05-15T06:53:37.730-07:00I used to own PMT, but I got tired of the CEO trea...I used to own PMT, but I got tired of the CEO treating it like an ATM. I didn't feel like he was ever acting in the best interest of investors, just in the best interest of himself. I liked their business, but I couldn't get past his self-dealing ways. Any thoughts on that?bruce dickinsonhttps://www.blogger.com/profile/14002258921437835828noreply@blogger.com