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 Strategies & Market Trends : BAK - Investing

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To: hdl who wrote (3022)7/6/2012 11:17:33 AM
From: DoggyDogWorld1 Recommendation  Read Replies (2) of 3144
 
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 bnbga
I 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?
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