What do we need to break through $9. It seems like a wall we just can't get above. A dividend increase in January would be nice even .0950 would be a sign of improvement. Our NAV is approaching a billion, the highest it's been all year.
It would simply take the NAV to keep increasing. The market price of these shares has (with some exceptions based on ne12ws of the day) traded in a range of about 1% below NAV to about 2% above NAV. Their financial statements seem to indicate that they are pretty close to paying out all income in distributions. It really doesn't look like there is any room for an increase unless they take on more debt. I hope they don't. This is a nice solid dividend payer with a 12% yield. Although I bought shares before the distribution was cut, I also bought all the way down to the bottom. I'm more than happy with these shares at around $9.
I agree - I'm happy that this is a CEF selling around the NAV, and not at a ridiculous premium like many CEF's are. We don't want the price to go up if it's all going to be premium.
At least with this you get what you pay for, and they actually earn the distribution.
Hey Bart. We are wondering the same thing about that wall. Our running total shows 8.88 to be the high closing price since the collapse started in '08. If Reagen were still alive we could get him to take down this wall. We are sitting here with 2,839 shares bought on 17 Sept '07. We have owned this fund before and always came out ahead. We never considered selling and am willing to rideout this recession. We panicked in 2000 when the tech bubble broke and sold several pfd and bonds we had, only to regret it later. We lost over 150,000 before turning things around and starting over. As it turned out we used that loss to offset gains in future years, so it came out OK after all. What change we did do was quit buying PFD and bonds and went into CEFs and ETFs.What we had not planned on was the Feds and politicians screwing up the whole market. Hopefully we may be able to boot them out in 2010 and 2012. Good luck with your investments.