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Messages - Joe6Luck

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31
Foliofn - LC / Re: Need some advice
« on: May 08, 2016, 07:11:56 PM »
For every $.25 after the first $.25 interest paid, basically, you can drop 1% and still at least break even. And works in reverse when buying. 

I think many FolioFn users don't mean to buy or sell notes to just cover the interest received so far. If I see my note with a significant downward credit trend or ever late several times in the past, I know I need to discount more, say 5%, even when it happens to become Current again. The 5% discount is an immediate loss, but it could be better than holding the notes and end up with a higher chance of loss later.

32
Foliofn - LC / Re: Need some advice
« on: May 08, 2016, 07:10:44 PM »
For every $.25 after the first $.25 interest paid, basically, you can drop 1% and still at least break even. And works in reverse when buying. 

I think many FolioFn users don't mean to buy or sell notes to just cover the interest received so far. If I see my note with a significant downward credit trend or ever late several times in the past, I know I need to discount more, say 5%, even when it happens to become Current again. The 5% discount is an immediate loss, but it could be better than holding the notes and end up with a high chance of loss later.

33
Investors - LC / Can LC income be treated as self-employment income?
« on: April 08, 2016, 11:35:22 AM »
One question pops up when I prepare my tax return this year:

Context: I am glad that the interest on 1099-OID and a little capital gain from folio trading on 1099-B are not treated as self-employment income and therefore no need of self-employment tax.

Question: What if I don't care much about the self-employment tax and, instead, want to contribute some LC income to a SEP-IRA or solo-401k? Is this legit and doable? This might be a naive question from tax perspective; however I couldn't get a clear answer from the Internet. Wonder if anyone have done more research here. Thanks.



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34
Investors - LC / Worst Month Yet
« on: February 23, 2016, 08:24:58 PM »
Quote
"Why don't people (you) use the real rate of return when posting?"

There are valid use cases of considering CPI, but there are also other cases: e.g, if one needs to decide which one (cash, stock, bond, LC, prosper, etc) is a better investment option, then why bother complicating it with CPI and 'real' return? A direct comparison without CPI is easy to understand, when CPI has same impact on all these options.



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35
Investors - LC / Re: Recovery rates
« on: January 07, 2016, 12:13:05 AM »
I did an analysis last week of recoveries as a percent of amount invested for each of my 512 charged off notes.

An alternative way is to calculated the recovery rate as the "recovery value - recovery fee" / "principal + interest at the time of being charged off."

In my opinion, this is a better way to measure the efficiency of lending club's "recovery" capability after a note is charged off. It avoids the complexity to check how much you originally invested into a note. Different users might purchase notes (from the same loan, with same original principal value, say $25) at different prices from either foliofn or retail said. In this case, they invested different amount, but their recovery rate from the same loan will be exactly same.

In addition, I think this leads to a simple way (which can definitely be refined) to decide the maximal discount % when one wants to sell a very bad note, say, being 100+ day late.




36
Investors - LC / Recovery rates
« on: January 06, 2016, 03:18:50 PM »
By 14%, do you mean the recovery rate among the notes that had some (>$0) recovery? Or, is it among all the notes that were charged off regardless of whether there was any recovery?

It it is the former, then my result is very similar to yours. But, in my case, quite some, ~40%, notes didn't have any recovery after being charged off. So, my overall recovery rate is only 14%*(1-40%) = 8.4%.


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37
Investors - LC / Re: The thread for unashamed griping
« on: June 25, 2015, 01:54:01 AM »
"Invalid Note or Order specified"

I am also seeing this error today.

Does anyone see this error message of "Invalid Note or Order specified" again? I met this error when I tried opening notes on the folio website.

38
Foliofn - LC / Re: Does foliofn hide some highly discounted notes
« on: November 24, 2014, 12:59:03 AM »
Lending Club does have a history of having issues with low dollar amount listings.  There was the ~$4.50 fiasco a while ago where all notes under that amount were hidden for weeks, probably on purpose.

The note I found above might belong to this situation -- it is discounted for nearly 97% (Principal + Interest: $9.02; Asking Price: $0.29). In fact, I remember one of my note never showed up when I discounted it for about 95% a few months ago. It is weird.

39
Foliofn - LC / Does foliofn hide some highly discounted notes
« on: November 23, 2014, 04:04:36 PM »
I found a note (11950629) on IR that was deeply discounted but I couldn't find it after searching the foliofn website (I removed all filters). However, if I use the link below, I see it is indeed listed on foliofn. I wonder why this happened (is it because the yield to maturity is too high to be calculated? so, the foliofn doesn't return results when I searched for it?) In fact, after I removed all filters, it says 183,884 of 184,003 notes are returned. I wonder why these two numbers don't match. Does Foliofn hide some notes from being viewed by users to their website?

https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=1409876&order_id=2993408&note_id=11950629
Principal + Interest   $9.01
Accrued Interest   $0.31
Asking Price   $0.29
Markup/Discount   (96.78%)
Yield to Maturity   �

40
Investors - LC / Re: Does "sell on FICO drop" strategy really work?
« on: November 02, 2014, 11:31:19 PM »

My XIRR was 289% at last calculation, not 400, but let us not get wrapped up in small details. 


This is very impressive -- If you have a balance of $50k on Jan 1, does it mean your return will be more than 140k on Dec 31 (i.e., better than most full-time job?)? Such a high return might be achievable when the account size/balance is relatively small; but I wonder how scalable it is. Would you mind sharing your current account size (some rough number)?

41
Although I couldn't test it again, that could be the reason. Anyway, it is working well now. Thanks!

42



The noteId, loanId, and orderId that I used were just made-up numbers.  You of course have to supply the real ones in your code.



I supplied the real ids when I tested the code on my machine. In fact, I finally found out what's the problem. It seems that I should not quote the askingPrice values. Once this is fixed, everything works well.

Thanks again. Without your code, I couldn't get the repricing function back.

43
Ok, I apologize to anyone who wasted any time following the instructions in my last post. 

The corrected reprice notes request is like so:

POST https://www.lendingclub.com/foliofn/repriceSelectedNotes.action
Referer: https://www.lendingclub.com/foliofn/selectNotesToReprice.action
Content-Type: application/x-www-form-urlencoded

post data/payload for two sample notes being repriced at once:
Code: [Select]
expire_date_loan_listing=05/09/2014&json=[{"noteId":"1234","loanId":"1235","orderId":"1237","askingPrice":"5.00"},{"noteId":"2345","loanId":"2346","orderId":"2347","askingPrice":"6.00"}]

You don't need to worry about the struts token on the previous page because it's not used.  Actually there's no need to burn a request on selectNotesToReprice.action at all.

LC made tons of changes yesterday along the same lines.  Several of the Folio functions now requrie a similar json= approach.  So just about any script out there is going to need to be updated by the author unless you want to go through and have to change tons of stuff yourself.

Hi Core, I followed what you suggested and wrote the following code
Code: [Select]
url = 'https://www.lendingclub.com/foliofn/repriceSelectedNotes.action';
data = 'expire_date_loan_listing=05/09/2014&json=[{"noteId":"1234","loanId":"1235","orderId":"1237","askingPrice":"5.00"}]';
headers = {'content-type': 'application/x-www-form-urlencoded',
                    'referer': 'https://www.lendingclub.com/foliofn/selectNotesToReprice.action'};
response = requests.Session().post(url=url, data=data, headers=headers, allow_redirects=True)

The code runs wells; however, there is no change of price or expiration date on the Folio website. To do a deep dive, I manually opened the content of "response.text" as a html file. It is indeed the same page as the one when we manually click the "Reprice" button on Folio website. However, this file always shows the original price, regardless how I change the "askingPrice" in the code above. Can you help me find what's wrong with the above code?

44
Hi, I use an online Python script to reprice notes. I worked well in the past but showed an error message of "You have not selected any Note(s) to reprice". It seems because the following command doesn't work any more

https://www.lendingclub.com/foliofn/selectNotesToReprice.action?&canceled_loans=12345,23455  (the two numbers are loan_id and order_id).

I tried reading the source code of the html page but am not so advanced to find a solution. Can anyone help?

45
Investors - LC / Is LC messing up payment history of this note?
« on: January 14, 2014, 12:34:12 AM »

You left off a '3' at the end of your URL causing LC to pull data from two different loans and merge them, it would appear.

Corrected link:
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6645087&order_id=12794022&note_id=28587703

This does not explain why there is a 1999 date for the scheduled payment.  That I can't answer.

It is bad that I missed the last digit in the link. How did you figure out the right note id?

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