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Politics : Ask Michael Burke

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To: Tommaso who wrote (95148)	3/19/2002 5:45:37 PM
From: Knighty Tin	Read Replies (3) of 132070

T and Ret, Discounts in general have been easing on down. And I haven't seen so many funds at premiums in a long time. For example, there are only two junk CEFs that do not sell at a premium right now. Give them yield and they will come. To hell with principal. And country funds are starting to have more and more premium players. Templeton Russia up 100% in the last year and is selling at a 14% preemo. O.K., there aren't that many Russkie funds out there, so perhaps there is scarcity value. But EMF is selling at a premium and there are lots of emerging market funds selling for NAV. Some have outperformed EMF, though EMF had a very nice last 12 months. And I was in it until the last few weeks, so I am not an enemy of the fund. I wish I knew what it meant. I hate to see all bargains disappear before my eyes, even when I have had more than my share of benefits from the CEF game.

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