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Strategies & Market Trends : Closed End Global and Country Funds
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To: LTK007 who wrote (130)12/27/1997 2:56:00 PM
From: Tommaso  Read Replies (1) of 289
 
Here it is:

tice.com

When you check this out you will find that, naturally, Prudent Bear has done very poorly for the last eighteen months, in comparison with other funds. It also has a high expense ration(though it is no-load) because it has a very high turnover of short positions. But I lalready have a ten percent gain on my own holdings; I first began getting in maybe two months ago. By maintaining short positions in 60-80 different overvalued stocks, the fund avoids the risk of the average short seller who can be ruined if a stock runs away with him and he doesn't cover the position soon enough. It's the diversification of the ordinary fund in reverse.

I am very excited about BEARX because it is really the only thing of its kind. When the market declines it usually goes up more than the decline--and often when the market rises it loses less than the rise. And it is really quite straightforward. I have close to 20% of our family's entire net worth in the fund.

But I am also starting to look at the Far eastern closed end funds because they have been hit so bad. Korea Fund is down something like 80% from its peak but still selling at a premium to NAV. See Article on the "Tigers" by Malkiel in NY Times Business section last Sunday--and also I just bought his book on the subject, which I have been studying today.
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