Disappointing - glad I'm out
Held small positions of HCG off and on over the past few years, made a few bucks. Always seemed to not be holding any shares after their big share collapse (can't say that I was so lucky with CPG or ACQ, but, I digress, I won on this one!)...Recently sold my small position in March (might have been late Feb) at $25.95. I had read some of the news in the paper at that time, and an analysts comment on the stock, which basically said you could find similar returns (yield) in a lot less risky of a stock, so I dumped it. I thought at the time, where there's smoke there is fire. Turns out my hunch was right.
Now I'm seeing it plummet today, under $18. Almost bought in again today around $19.
Think I'm going to stay away from this one.
Too bad, was a good stock and I made some money on it.
If anyone wants into this sector (private mortgage lending), I highly recommend MKP (in a registered account). I've been a long time holder of this stock over the past decade. Relatively low votality in share price, some share price appreciation (certainly wouldn't match the share price appreciation HCG had in previous years, but also will not plummet like HCG has), but I hold it primarily for the dividend (which is characterized as interest according to the ITA - which is why I suggest holding in an RESP, RRSP, TFSA. Current yield on this bad boy is 8%. Highly recommend it (not pumping, just saying).
glta