tag:blogger.com,1999:blog-9213538927378012885.post5383234692350385085..comments2021-05-19T06:15:05.274-06:00Comments on Life, Investments & Everything: JQC: Profiting From A MetamorphosisThe Good Soldier Svejkhttp://www.blogger.com/profile/07013339749774124288noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-9213538927378012885.post-79242722355536559432020-05-22T00:00:34.149-06:002020-05-22T00:00:34.149-06:00Thanks for giving us amazing information. But if y...Thanks for giving us amazing information. But if you are nit able to understand this you can visit <a href="https://www.sunlitemortgage.ca/agent/Aaron-Anderson" rel="nofollow">First Time Home Buyer Toronto</a>. Here you can get many information on this topic and also can hire an agent to get mortgage. <br /> Alia parkerhttps://www.blogger.com/profile/02326303770549335930noreply@blogger.comtag:blogger.com,1999:blog-9213538927378012885.post-54990672671316589422020-05-21T23:59:04.013-06:002020-05-21T23:59:04.013-06:00niceniceAlia parkerhttps://www.blogger.com/profile/02326303770549335930noreply@blogger.comtag:blogger.com,1999:blog-9213538927378012885.post-46472315522344680822012-02-07T12:20:42.728-07:002012-02-07T12:20:42.728-07:00Looks like other investors have started to get the...Looks like other investors have started to get the idea:<br /><br />http://www.forbes.com/sites/katestalter/2012/02/06/open-your-portfolio-to-closed-end-funds/3/The Good Soldier Svejkhttps://www.blogger.com/profile/07013339749774124288noreply@blogger.comtag:blogger.com,1999:blog-9213538927378012885.post-34520634155970034542012-02-06T19:24:15.686-07:002012-02-06T19:24:15.686-07:00The NAV is marked to current market every day by t...The NAV is marked to current market every day by the fund sponsor (Nuveen in this case). There are no unrealized losses in NAV as long as Nuveen is correctly marking the fund's investments. I particularly like Nuveen CEFs in part because the company publishes a spreadsheet once a month that shows every single asset in each fund and the price at which they have marked it. So if you wish to sniff through their marks, you can do so extensively.<br /><br />I think that the reason for the fat discount versus the peer group of senior loan and short duration funds is that the fund is not yet viewed as being among that peer group. Once the fund gets reclassified as a loan or short duration fund, I expect the discount will narrow since it has the widest discount by a large margin.The Good Soldier Svejkhttps://www.blogger.com/profile/07013339749774124288noreply@blogger.comtag:blogger.com,1999:blog-9213538927378012885.post-25193838229454602182012-02-06T19:14:32.923-07:002012-02-06T19:14:32.923-07:00I see your subsequent comment below, but since thi...I see your subsequent comment below, but since this is an interesting philosophical question I thought it was worth responding specifically to your initial post.<br /><br />There is academic evidence both for and against "efficient" markets, with peer reviewed published articles giving a variety of degerees of efficiency in markets. As a result, you can pretty much find research to justify whatever position you wish to take on the issue and making a strong statement either way on the efficiency of markets is like proclaiming that XXXX is the one true religion and all others are false. Consequently, I am quite comfy to live and let live on this subject. If someone is a firm believer in efficient markets and views all individual securities selection as a waste of effort, fine by me. By the same token, if someone views markets as fundamentally inefficient and Mr. Bogle is essentially a pied piper, I am not about to argue.<br /><br />Personally, I think that markets are somewhat efficient. The more liquid and highly followed a market or specific security is, the more efficient that market is. It is highly unlikely that an individual investor would find a significantly mispriced treasury bond, for example. However, when markets are less liquid or watched or start to break down (e.g. the financial crisis or the flash crash) they become significantly less efficient. In extreme cases, markets can be inefficient to the point of dysfunction (like early 2009 when I was buying 5 year maturity investment grade corporates at double digit yields). So when you think that you have found a mispriced security, a good gut check consists of the following:<br /><br />- Is this market likely to be efficient or not?<br />- Are there reasons why this asset might be mispriced?<br />- What are other investors who are selling or shorting this asset looking at?<br /><br />Caution and careful due diligence are essential survival traits for any investor regardless of what they invest in.The Good Soldier Svejkhttps://www.blogger.com/profile/07013339749774124288noreply@blogger.comtag:blogger.com,1999:blog-9213538927378012885.post-82875036055068870822012-02-06T18:22:30.633-07:002012-02-06T18:22:30.633-07:00I responded above before reading your full post. ...I responded above before reading your full post. I have to admit, you make a compelling case for this trade. <br /><br />I'm wondering if the discount to NAV is to account for unrealized losses in the portfolio. As the fund shifts to a more conservative strategy of senior loans, they will sell off assets that perhaps have losses associated with them. These will then be "realized" and investors may find the stated NAV discount evaporates. <br /><br />Am I understanding correctly how these funds operate?Winomasterhttps://www.blogger.com/profile/16827896602892833908noreply@blogger.comtag:blogger.com,1999:blog-9213538927378012885.post-14093850303109037832012-02-06T17:59:27.970-07:002012-02-06T17:59:27.970-07:00You say that you scan the markets looking for barg...You say that you scan the markets looking for bargains, opportunities the markets have overlooked.<br /><br />A wiser perspective is that the markets are full of some very smart people...some with information that has not been made public. And these people are engaged in buying and selling until stocks are appropriately priced. Mostly, they force small movements in the prices. Yet, I gather you feel you are finding large price discrepancies. I'm guessing a small investor is only seeing the discrepancy between actual prices and the information available to the general public. Insiders looking at this picture, enjoying superior (inside) information and enjoying an insiders perspective, likely see that the share price is appropriate for what they know. <br /><br />When a stock looks wrongly priced to a small investor, he should cautiously assume that others have superior information or perspective. He is not in a position to be "correcting" the market mechanism. If he tries to assume this role, he will find himself losing out to his betters.Winomasterhttps://www.blogger.com/profile/16827896602892833908noreply@blogger.com