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Politics : Ask Michael Burke
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To: Michael Bakunin who wrote (95763)5/2/2002 11:22:44 AM
From: Michael Bakunin  Read Replies (4) of 132070
 
Someone stop me, please:

I keep wanting to short BHY. It's a leveraged high-yield closed-end fund trading at a 45% premium and sucking in 5% expenses. I've had trouble borrowing CEFs, but they tell me I should be able to get this one. I'd planned to hedge it with yield calls, though despite their intrinsic differences I have considered going long PMH (unlevered, tax-free CEF at a discount) against it.

Please, shoot down the idea and tell me all the ugly things that could go wrong.

tia,

-mb
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