Folks, RFI is now selling at a 16% premium to NAV as of the 4/8/08 close. That's a record for this closed end fund. They're not doing anything so magical as to deserve that. I'll sell a dollar for a $1.16 anytime I can! In fact, I am short 1,000 shares of RFI, hedged by open-end fund real estate.
While I never short stocks, I agree that RFI is not worth a premium to NAV. In fact, I don't hold CEFs that sell at a premium for very long and sold my 2000 shares at about $16.80 during this recent "rally." Will revisit RFI when it returns to a reasonable slight discount to NAV.