Thermo Electron (TMO) Message Board

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Technology Stocks : Thermo Electron (TMO)

TMO 569.01

+0.5%

2:28 PM EST

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To: RODNEY W. CURVIN who wrote (164)	5/26/1997 12:23:00 PM
From: Andy Goldstein	of 450

Rodnius, Did you purchase the fund at the IPO? Unlike open-ended funds, closed-end funds issue a fixed number of shares at the IPO. They are traded over one of the exchanges and a market is made for the fund. Subsequently the NAV and the share price usually start to diverge. The shares trade at a premium or a discount to the NAV, therein lies the opportunity for the investor to buy good stocks at a discount. Brokers usually hipe the issues at the IPO (that load goes somewhere) and than the trading trails off. I watch the discount to NAV, and look for opportunities to buy when the shares are trading at a discount below the historical norm. Because the number of shares remains fixed, closed-end funds don't grow to an unmanageable size like an open-ended fund. There a hundreds of funds available and they tend to go in and out of favor. Some of the more interesting funds specialize in specific countries. TMO, SFE, and CSWC are sort of like closed end venture funds, but it is harder to calculate their true NAV's due to their private holdings. Has anyone out there tried to put a value on the public holdings of TMO?

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