If your investment style is geared to avoid losing money, then common stocks are not your game. I invest to make money and if I like an investment, when it falls, I generally add to my position. It has served me well.
I bought this fund for $14.50 and it has returned to $9.01 in dividends. So my overall cost basis has dropped to $5.49. Don't forget that the dividends have been reinvested in other income producing vehicles, not IGR, and are earning dividends themselves.
All my CEF's have tanked in price. One would think that funds made up of boring utility, reit, preferred stocks of utility and reits, corporate bonds and convertibles would be a safe place to put your money. Until the markets function normally again, all bets are off.
On the other hand, there are bargains galore for the patient investor. My next bet will be either PFE or APL. Think of this crisis as a time to buy great stocks at bargain basement prices.
Look at MRK as a short-term play. It will move 10% within four months. Management is slashing costs and they'll beat estimates for the next two quarters.
As a fantastic speculation, look at DSCO. Buy it now and sell the day they get their surfactant approved by the FDA. You'll make 50% within six months. Don't bet the farm; it's speculation, but a good one.
You buy this stock for the dividend. capital appreciation is a bonus and inconsequential in the long run. If the yield was attractive then it must be staggering now. What would the divy have to fall to for it to be equal percentage wise to what you invested in at $20/share? Right now it should be a much better buy then @ $20. This is a safe income play and should be accumulated FOR THE DIVIDEND.GL to you but I wouldn't fret even if the divy falls a little. That said it will eventually gain share price but the % of return will fall accordingly.
You should have learned an age old rule in stock market investing. When a stock drops up to 10% from the price you paid you sell. No ands, ifs and buts. You set a mental stop or put in a stop loss at a price not greater than 10% from your purchase price depending on how loss you are comfortable with. This rule prevents this type of situation which you find yourself in now. If you bought at $20 you would have been out at $18 and you wouldn't be holding it at $9. I had IGR at $17 dumped it and now buying it back at $9 and below.
That is an old adage....an adage among fools. When the foolish are selling, I am generally buying. If I followed your advice, I would have missed out on a literal fortune that I've made buying stocks that were depressed, only to later rise.
I guess the only thing we can do is HOLD at this point and wait for someday to get close to even. I'm in the same boat. With reinvesting my ave. is about $18 at this time. Now taking cash after reinvesting for some time.