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To: hdl who wrote (3022)	7/2/2012 9:57:29 AM
From: hdl	Respond to of 3249

Re: fxby - winmill Re: Third point hedge fund at a 19% discount: NEW YORK--(BUSINESS WIRE)--Nov. 1, 1995--Bull & Bear Securities announced today that it will award its discount brokerage customers American Airlines AAdvantage miles with every trade. Beginning today, Bull & Bear's customers will earn 500 AAdvantage miles for each of their first five trades and 100 miles for each subsequent trade. Mark Winmill, president of Bull & Bear Securities, Inc., said "We are very proud to be the first discount broker to offer its customers AAdvantage miles on every trade. Also our new program is so convenient -- it's perfect for those already earning miles with American Airlines and for those wanting to get started." If a new or existing Bull & Bear customer is not an AAdvantage member, Bull & Bear will enroll the customer with American Airlines at no cost or obligation. A customer may earn up to 35,000 miles in any 12 month period through Bull & Bear. Bull & Bear has created a special toll-free telephone number, 1-800-447-4566, to immediately enroll investors who want to start earning miles with every trade. Bull & Bear Securities, Inc. is a leading discount brokerage firm with offices in New York and Florida. CONTACT: Mark C. Winmill, 212/785-0900, ext. 265

To: hdl who wrote (3022)	7/2/2012 10:03:30 AM
From: Flipper2058	Respond to of 3249

Re: fxby - winmill Re: Third point hedge fund at a 19% discount: The son is a wild crook, I agree. His history as FXBY lead was far worse than a monkey. That said it has been a number of years the 80+ year old Father has run the fund and not much has been changed. They will fight ANYONE attempting to greenmail or take over the fund. They actually run a number of funds now. I have called and asked what plans the fund has upon the Father leaving. If the son takes over I am out. Since they own 1/3 of the fund I assume one day they will monetize their position via merging with a large fund. But liquidation is silly now with a massive tax loss carry forward.

To: hdl who wrote (3022)	7/6/2012 11:17:33 AM
From: DoggyDogWorld	1 Recommendation Read Replies (2) \| Respond to of 3249

Re: fxby - winmill Re: Third point hedge fund at a 19% discount: i see winmill patriarch died and winmills control fxby. i assume fxby is like bnbga I struggle with CEF discounts. If a fund just owns the SP500, which should return 6% over the long term, and management costs 2%/year in fees and other expenses with no hope of regime change or open-ending, isn't the proper discount 33% of NAV? How could it be otherwise? Yet few funds ever trade at such extreme discounts. Why not? And is it exploitable?