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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Michael Bakunin who wrote (168321)5/31/2002 2:27:48 PM
From: reaper  Read Replies (1) of 436258
 
<<There are fatter premiums on the high yield funds, but those are a pain to hedge>>

Why are these a pain to hedge? Couldn't you just be long a proper high-yield mutual fund (which presuming they don't price their securities incorrectly you will be buying at NAV) and short the high-yield closed-end? I'm probably missing something here.

Cheers
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