CVON - An Easy Way To Arbitrage Profits: The GDL Fund
Let me start with this caveat: investing in closed-end funds is mostly stupid. Few managers exhibit any investing skill. Their performance is often poor and fees are often high. One of their strong points is that they are great at building impermeable corporate defenses against shareholders asserting their rights. If closed-end fund investing is stupid, then investing in closed-end fund IPOs is the stupidest. These are simply wealth transfers from credulous retail investors, often yield-hungry seniors, and sleazy brokers willing to take advantage of them for a quick buck (or, more commonly, two per share).