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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: chainik who wrote (42470)12/8/2005 7:20:17 PM
From: ild  Read Replies (3) of 116555
 
Chainik, everything I know about CEFs I learned from Mr. Knighty Tin.

I saved many of his messages. Here are some of them:
Message 14978906
Message 14999047
Message 14998909
Message 15326803
Message 15376208

These messages are on "Ask Michael Burke" thread. This is how Mr. Knighty Tin used to be called in his previous life. Some here even know that Knighty Tin means 90-10. And a few probably know what "90-10" means.

<<<explanation why the premium was so big>>>
1. Speculation.
2. Lack of alternative (small cap Japanese stocks).
3. Good management (KT claims that JOF is (was) run by Nobel Prize winner).
Recently JOF's premium shrunk to 2%. In part it happened because JOF has commenced a rights offering.

Two months ago I put a paired trade: shorted JOF hoping that the premium would shrink and bought FJSCX. As premium fell I closed JOF short for a profit and now I hold naked long FJSCX. That was a classical MB trade: low risk, high return.

I know nothing about FVL. Hussman does active and successful market timing. Do you know people who run FVL? FVL exists since mid 2003, so it hasn't been tested in a bear market. Why do you think that the discount will evaporate? How about discount increasing in a bear?
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