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Strategies & Market Trends : Closed End Global and Country Funds -- Ignore unavailable to you. Want to Upgrade?

To: Shoe who wrote (154)	1/6/1998 9:53:00 AM
From: Mike 2.0	Read Replies (1) \| Respond to of 289

Shoe, Sorry I did not mean to imply I have done strategy myself, I don't personally short stocks. But I am familiar with a success story in which a CEF investor (Foote was his name; check earlier this thread) who AFAIK shorted UK WEB (or another CEF with minor discount? Sorry not sure) and bought a UK CEF at a high discount. The CEF bought back shares to cut the discount, Foote pocketed that discount reduction with no mkt risk. Of course the WEB and CEF must be highly positvely correlated. I think for such strategy to make sense you need lot of capital though. For little guys like us (well me anyway :-) buy & hold makes better sense. Good interview with Mark Mobius in 1/12/98 Fortune re what countries he likes now, BTW.

To: Shoe who wrote (154)	1/30/1998 5:14:00 PM
From: Allen Furlan	Read Replies (1) \| Respond to of 289

Had to search back to find post on arbitrage possibilities. WSJ had article "It's open season on closed end funds". Gist of article was that 98 will have opportunities to buy CEF's that are at large discount were possibility exists for open end conversion. Mentioned as most likely was FRG. Also possibilities were OIF,XUS,CLM,LLF,MEF,GF,FRF,PGF,SNF,and UKM. Also mentioned were names of some players who are likely to put pressure on managements for open ending. I made good profits on these kind of situations over the past 3 or 4 years and then lost most of the profit when SHF shareholders dilly dallyed in approving open ending at exactly the time the asian markets went into a tailspin. The downside of playing this situation is precisely that kind of situation. Is anyone else on thread researching open ending posssibilities.