RECI

All the companies are loan arrangers, currently all paying a high yield, which tells you all you need to know about the market. The SNOWBALL would like to own NCYF but at a higher yield and at a discount to NAV, which means waiting for a market crash.

Now that’s a scary chart, when the market thought that due to covid companies wouldn’t be able to make loan repayments. Using good ole hindsight it was a great opportunity because as the price fell the yield rose and around the low the dividend was trimmed but the yield was still around 30% (subject to when you bought), where you would still be receiving a similar buying yield.

Back to RECI their loans are secured against property, so they should be a lower risk.

It never stopped the share from falling but it recovered fairly smartly but still not back to its previous price.

Everything crossed for the next market crash.