The question on this CEF is whether or not management bought too early in subprime mess back in late July and early August. Recent management buying would indicate that management does not think so. Listening to the conference calls it is obvious that the subprime issues did not catch these guys completely off balance and they had some idea of the scope of the situation back in the summer. The fund has no debt, management has not missed a dividend, ever, the exposure to residential is minimal and there is no direct subprime exposure. The recent declines must be attributed to tax loss harvesting. With the fed cutting rates an 11.7% yeild is very attractive in an asset based fund selling $2 below NAV. I bought at 18 and although I need a tax loss I will be looking elsewhere and doubling down on this fund.