Over the last few years I rotated my holdings and

Over the last few years I rotated my holdings and have long positions (holding for over 12-months is a long position in the US). I've gone through the entire range in resetting my BCAP holdings: tax losses to offset gains in other stocks and rebought at lower price points, tax gains in BCAP and offset those with tax losses in other stocks, reduced my holdings periodically, and over time have increased my entire position while reducing capital-at-risk.

In any event -- not concerned because there have been no shares issued for 34 months. That's the big tell, of the multi-year trend in how BCAP is managed and growing its book value without harming shareholders. BCAP's net worth on a per share basis has grown every year for the last 3 years.

Eventually BCAP will strike gold and everyone who's sitting on the sidelines will be left scratching their heads. The winners will be the long-term shareholders, I'm confident of that.

I can promise you this much: Very few day traders have made money in BCAP. It's not a pump and dump stock, and the lack of share issuance for companies at these price points is very rare.