|Re: fxby - winmill Re: Third point hedge fund at a 19% discount:|
i see winmill patriarch died and winmills control fxby. i assume fxby is like bnbgaI struggle with CEF discounts. If a fund just owns the SP500, which should return 6% over the long term, and management costs 2%/year in fees and other expenses with no hope of regime change or open-ending, isn't the proper discount 33% of NAV? How could it be otherwise? Yet few funds ever trade at such extreme discounts. Why not? And is it exploitable?