Except for pattysmc and myself everyone on this board ignored this posting...I asked for verification as did patty but received none...I think that Jason Roberts is Buffet's partner and if the statement is true it could be the fuel that's been heating this issue all week...can anyone verify this?
"fine with the loses"...that is a winning strategy I hope not to replicate. Good luck. If this thing breaks the 200 day EMA on the weekly at $9.72 there is at least a 50/50 chance it just stops there and tightens its trading range like it had for the first three plus years of its existence as a fund. It does not have to retrace...its is an income producing fund. The losses yo may be fine with yo may very well wind up taking. I do not know how you could possibly think that makes you a savvy trader. Its a failing strategy. I wish you nothing but the best but boy am I glad I am not you. I would much rather be long at $5.53 deciding on whether to take profit or hold on then being 15% underwater with no idea where the share price will be next week.
Now perhaps you may be right on this one but trust me when I tell you yo strategy is guaranteed to produce losing returns over time.
I read an article Buffett is shorting this fund as a hedge to his investment in TXU bank debt...get serious people, Buffett has a stockpile of BILLIONS and would not invest in a CEF with a $1 billion market cap when he can go direct and save himself the management fee and 72% premium. I hope you are right and people are buying this based on ridiculuous, unsubstantiated rumors that only lemmings would (need to) believe. This stock has clearly gotten to the point where people are desperately seeking any explanation to justify its ridiculous valuation.
I began shorting this fund on Thursday and will continue to do so as long as I have a borrow and it trades at this ridiculous premium.