Equity Income Investing
This website is dedicated to the research, trading and investment in closed end funds (CEFs). Particular focus is on CEFs that can be purchased at a substantial discount to proprietary estimates of their stabilized net asset values (NAVs). Other investment companies such as ETFs, BDCs and REITs are monitored for purpose of investment comparisons and as components for trading strategies.
Closed end funds are registered investment companies (RICs) that by law must distribute their income to their common shareholders, and, in doing so, avoid paying corporate income taxes. From time-to-time, such securities may trade at historically abnormal discounts to their stabilized NAVs.
CEFs possess key characteristics of Joe's investment philosophy:
- buying assets for pennies on the dollar when share price and NAV diverge;
- being paid to wait for a capital appreciation event while receiving periodic distributions of income.
This market sector is currently under-researched and provides an attractive opportunity for value-added research to generate excess returns (alpha) with potentially less than market risk.
This Website was Last Modified on Friday, November 06, 2009 11:33:49 PM
"Research" Weekly Updates Available for the Week of 11.6.09
"CEFIndex" Updated for October '09 Month End New Tab: "StkEconCycles"
New Research Report "Reports": A Cyclical Guide to CEF & ETF Investing 10/26/09