I oversubscribed as well to KHI and feel about the same about the same way you do. I sold two thirds of my position at 10 3/16 and oversubscribed by enough to re-establish my original position.
Anyway, I think we may have gotten lucky with FAX. I took my position at 5 9/16 late last year and am optimistic that the NAV of FAX will continue to rise for a long time which will drag the market value with it. I wouldn't be surprised to see a special dividend or two from strong capital gains in addition to the regular dividend or maybe an increase in the regular dividend as the market value increases to keep the yield up.
I certainly have mentioned this before but I like to talk about it because the investors I can convince the more eyes and ears I have to help monitor my investments too...if that makes sense.
Traders I know talk about looking for catalysts to drive there new purchase higher,i.e. up coming earnings, new business etc.. Sucessful traders I know buy high and sell higher, trading with the momentum.
I feel with income vechicles like FAX, KHI, SGU, HYP, PZN). I am looking for a "technical" catalyst(rights offering, secondary, unpopular merger, confusing change in corporate structure) to buy shares, verses fundamental issues (industry show down, earnings, etc.). Points of "inflection"..any ideas I would appreciate.
Because of your post concerning SGU, I was intrigued and did research on it and as I mentioned before was optimistic with the risk/reward scenerio with SGU--with the rights offering the price came down to its lows and I bought on that day with everything looking promising for a great long-term buy and hold. So your last post hit it perfectly--you mentioned SGU and described its situation and I did some research on it and couldn't believe the yield it offered at the low price--great buying opportunity. So today, we got some good news, the dividend is being raised which equates to an over 16% yield not to mention the price gain on top of it--all in just a months time.
Also own FAX--learned of FAX in Kiplingers and everything is going great with this Co--another great long-term hold.
Just have one stock idea--it's not a closed-end fund or doesn't pay a dividend--but with my philosophy of buy and hold for the long-term as long as the Co has great risk/reward, management, and other factors, it looks promising. The company is ESC (Emeritus), an assisted living Co. that is making a turnaround and could become a growth stock in the future. Just went public just over three yrs ago and is about to turn profitable, has great management--and the management puts their money where their mouth is, especially the CEO, (just take a look and the insiders buying on yahoo--it's phenominal). People are only getting older, and ESC is well positioned to reap the benefits. I own it, and consider it a safe, value play, especially with all the market turmoil, but with the potential to become a growth story. Just an idea worth taking a look at.