Don't you think the expensive management contract takes some of the value out of this stock? I have long thought that they like churning assets because of fees - you don't as shareholders get all the upside but in the short-term, you can get all the downside. I know we would have to pay for management but the fees look much higher than if management was internal.
I like the company but not sure I like the management contract but as I like the portfolio I accept that it's a bit pricey as an investment because of their cut.
I don't think those valuations take into account their incentive the company has to pay when TLT is sold.
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