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Alliancebernstein Income Fund Message Board

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  • hirsct hirsct May 10, 2004 7:06 PM Flag

    Tear in my Beer

    Forget the beer, I need several martinis after today. Speaking of Canadian s__t, why is PGH falling off the earth? There is absolutely no place to hide in this madness. Some of the discounts to NAV's are approaching 15%. It's almost like investors are giving up on the very concept of CEFs. As the Captain has pointed out, it's the open ended model that's inherently flawed, forcing redemptions at market lows and purchases at tops. oh well, another sleepless night.

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    • "It's almost like investors are giving up on the very concept of CEFs. As the Captain has pointed out, it's the open ended model that's inherently flawed, forcing redemptions at market lows and purchases at tops"

      FWIW-open-end funds are the sacred cows of Wall Street.They need the 401k investor to keep plowing money in.Meanwhile,they bleed them to death slowly,taking out management fees,lending out shares to hedge funds for shorting,market timing for preferred clients,using them for collateral to invest in their own carry-trades etc,etc.Mutual funds or OEF's,are the bread and butter of Wall Street,and at the end of the day they claim sucess by only benchmarking themselves.FWIW,they'll be the last ones shot,especially the growth funds,when Wall Street has to account for stock options at the end of December according to new FASB rules and has to factor them into company valuations.Sorry to sound so bitter,it's been a rough couple of weeks.FWIW,I'll continue to stay an income investor,and interested in CEF's.(however bloodied and bruised of late)They're just less liquid and can be moved by big inflows and outflows,as we're seeing now as recklessly managed carry-trade funds are covering and exiting

    • OPEC is slated to open the spicket and flood the US with oil.

 
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