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Posted by
Two Blokes Jul 17 -
Filed in
Stock
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3 views
MAIN is an outstanding BDC with a stellar track record, but valuation multiples are again dangerously high at 2x book value. History shows that buying at excessive premiums leads to mean reversion and potential 20% downside risk, as seen earlier this year. Despite MAIN's quality, I am trimming my position, preferring to buy back at a fairer price closer to 1.5x book value.
