George Moriarty is Executive Editor and VP Content at Seeking Alpha. He joined the company in January 2012 as Managing Editor of Opinion & Analysis and works closely with CEO Eli Hoffmann and other company leaders on content and publishing initiatives for the Seeking Alpha contributor community. George has worked as a financial journalist and editor since 1997, most recently as Editor-in-Chief at Merrill Lynch Wealth Management Online Platforms. Prior to Merrill, he was Executive Editor at TheStreet.com. He lives in Bucks County, PA, with his wife, four young children and two dogs. Please contact him via direct message.
CEF's seem to report openly, what is opaque about them?
What is (generally) unstable about their core positions? Lots of options, from investment grade to non...
Leverage is part of their schtick, sometimes you win, sometimes you lose. Borrow at 2-3%, invest at 6%, over long haul maybe at least covers their fees.
Seems like some careful selection and some discount hunting over some pretty long time frames would have generated long term cash flow?
That said, I'm not a CEF cheerleader, many do seem to be eating their tails to sell the high yield to those unaware, and most have fees that are not very competitive with alternatives. I cringe to see the many CEF histories of ever declining share prices and distributions.
Not that it's worth a lot of real money, but they do alleviate the pain of "selling your principal", by doing it for you...and some, per Morningstar, have competitive trailing total returns...
Just think your comment is a bit harsh, but softened by the double chinned smiley face.
Good luck out there.