If You're Explaining...

Ronald Reagan said, "If you're explaining, you're losing."  It is a simple statement that has some real truth to it, and it directly applies to all these multiple shares class investments that I have ranted about.  There is an example this morning in a DI Wire article on FS Investment's new non-traded mortgage REIT.  The story devoted two sentences in one paragraph to the REIT's investment thesis, but needed seven paragraphs and about three quarters of the article to detail all the share class options.  I don't think FS is losing yet, but it is sure doing a lot of explaining, which is not good.