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PHK Is A Roach Motel

|Includes: PIMCO High Income Fund (PHK)

PHK... day 2 of the long-overdue slaughter of the longs, following a Barron's article that stated the obvious. Would you buy this at a now 53% premium to NAV? I would--but only to cover part of a short position! Odds look good for an 11-handle tomorrow or Thursday. Mr. Bill Gross' recent sale of shares is looking like a good one!

Disclosure: I am short PHK.

Additional disclosure: I hold no positions individually, but am the Managing Member of the General Partner of a fund that is short PHK.