globalHOBBIT

Closed-End Funds: Due for Positive Returns in 2009

Last week I sold 5000 shares of AWP at 3 dollars and change. My average cost was almost 8 dollars a share. This fund is managed by father and son Team Lieber was paying a $1.52 dividend per share annually it's been reduced to .36 cents annually.... a 75% cut. If you read their quarterly conference there was no indication they would cut the dividend at all. They even said in the Sept 09 conference call that the dividend may increase. I know this father and son team have a lot of their own money into it also at very much higher prices. The reality is global real estate is in serious trouble and this fund won't see any real price increase until very late 2009 but more likely 2010. Dec 16'th 2009 marked the first time there was insider selling of this fund EVER! That's never a good sign.......never.