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Douglas Albo

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  • CEF Strategies: Forget 1929, Why 2014 Is More Like 2000 [View article]
    Sorry to disappoint you Mr. Andros! And to think you wrote me such a nice note last Christmas. The fact is I have several articles I write at the same time with different themes and with varying levels of completion and when one seems more timely than the others, I finish it up. So there you go!

    Oh, and by the way its sophomorically, not sophmorically.
    Feb 21 07:50 PM | 7 Likes Like |Link to Comment
  • CEF Strategies: Forget 1929, Why 2014 Is More Like 2000 [View article]
    All good points. The gist of my article is that earnings and growth will eventually take a back seat to market valuations when the Fed decides to withdraw its liquidity. So far, the Fed is just reducing its liquidity stimulus each month but at some point, the markets will start to price in a withdrawal.
    Feb 21 11:30 AM | 1 Like Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    I wouldn't necessarily say I don't like them, but I own what I consider to be the best of the EV option-income CEFs right now based on NAV performance and other factors. I just don't own nearly as much ETJ, ETW or EXG as the others because there's a lot of overlap in the top holdings despite some being more global and others being more tech weighted.
    Feb 7 09:22 AM | Likes Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    Yes, ETB is still a core holding.
    Feb 7 09:10 AM | Likes Like |Link to Comment
  • The Pain Has Only Just Begun [View article]
    Not sure how you wouldn't call what has happened to many emerging market ETFs a 'wipeout.' Brazil (EWZ) & Chile (ECH) for example, are down -13% to -15% YTD and -50% over the last few years.
    Feb 6 09:06 AM | Likes Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    Yes, leverage has something to do with it and I was trying to identify funds that could hold up in a market correction or worse. I both like and own SCD and UTF, but I wouldn't necessarily classify them as utility CEFs and they are certainly more higher risk/higher reward. SCD is classified as growth and income with MLPs and REITs representing a bigger % of the portfolio than utilities and UTF is more of an infrastructure play (communication towers, railroads, etc) than utilities. Actually, DPG I should have mentioned as another utility CEF to own.
    Feb 6 08:34 AM | Likes Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    Sold quite a bit of ETB and ETV when they were well over $15 and $14 respectively but I had very large positions in both after accumulating a lot of ETB. Biggest EV positions now are ETY, EOS & EOI. Don't really own much ETJ, ETW or EXG right now. You can't get married to any CEF. Maintain core positions and trade around them into strength and weakness.
    Feb 4 02:47 PM | 1 Like Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    Love DPG as well. Very undervalued...

    http://seekingalpha.co...
    Feb 4 01:02 PM | Likes Like |Link to Comment
  • Equity CEFs: Utility CEFs Are Back [View article]
    I'd have to see its holdings. Generally, I'm not very keen on a fund of funds approach since you pay two levels of management fees. And anytime you have a yield that high, my first inclination is to think its gimmicky and too good to be true. Sort of like the Cornerstone funds.
    Feb 4 10:42 AM | 1 Like Like |Link to Comment
  • The Silly Chile Trade Is Back And Bigger Than Ever [View article]
    First Trust (the major holder) manages a number of CEFs including FEO, which is the First Trust/Aberdeen Emerging Opportunity fund. Surprise, surprise!

    I don't see CH as one of its holdings as of their latest quarterly holdings report dated 9/30/2012, but that could have changed. Or, one of their other CEFs could be the one buying or supporting it. Not unusual for a CEF to own other CEFs.
    Feb 1 02:25 PM | Likes Like |Link to Comment
  • The Silly Chile Trade Is Back And Bigger Than Ever [View article]
    What a collapse in ECH, down another -3.5%, over -10% in a week. And of course, CH's NAV is getting crushed along with ECH and I wouldnt be surprised to see Aberdeen slash CH's distribution even more in March.

    And yet, all is calm in CH, up 1.5%. You almost have to see it to believe it!
    Jan 29 03:21 PM | Likes Like |Link to Comment
  • The Silly Chile Trade Is Back And Bigger Than Ever [View article]
    Never seen anything quite like this. You would think the two funds are inversely correlated, particularly on a day like today when ECH is down -2.5% and CH is up 1.5%. What is accounting for ECH to be in such a free fall besides just being an emerging market ETF?
    Jan 29 01:41 PM | 1 Like Like |Link to Comment
  • Equity CEFs: Will ETFs Beat CEFs Again In 2014? [View article]
    Yes, red just means it underperformed the S&P 500. I use the S&P 500 as a general benchmark though EXG would not use the S&P as its primary benchmark at all. Not only do option-income funds have a CBOE buy/write index they typically compare against but EXG is not even US based with most of its stock portfolio overseas. Still, I need a common benchmark for my tables and the S&P 500 is the best index to use.
    Jan 23 09:50 PM | Likes Like |Link to Comment
  • Equity CEFs: Will ETFs Beat CEFs Again In 2014? [View article]
    Yes, you may be confusing the large capital gain distribution in late December with a loss in the fund. When the fund goes ex-dividend, it drops by the amount of the distribution, which you get back in a week or so via the distribution payment. Some funds may also have large capital gains during the same ex-div period in December, which is what happened to JRI.
    Jan 22 10:18 AM | Likes Like |Link to Comment
  • Equity CEFs: From Birth To Liquidation - The Story Of The Allianz International & Premium Strategy Fund [View article]
    Sorry to disappoint you...try this one:

    http://seekingalpha.co...

    "Despite being mostly a fixed-income fund, PGP's NAV can be extremely volatile because of its heavy use of leverage and futures/options. During the worst of the financial crisis in early 2009, PGP's NAV dropped to the $6 level from a $23.83 inception NAV in 2005 and an $11.58 current NAV. Despite this volatility, PGP has NEVER cut or raised its distribution and this has created an aura of superfund status among investors that has pushed its premium valuation to an unbelievable 82.6% pricing over its NAV, by far the largest of any CEF. Unfortunately, this has become a curse as well as a blessing for the fund. A blessing for old investors and a curse for new ones."
    Jan 17 09:00 AM | Likes Like |Link to Comment
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