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BIF - BIF: You Might Be Better Off With An Index Fund
Boulder Growth & Income Fund Inc.
Introduction
While a quick glance would indicate that the closed-ended fund Boulder Growth & Income (BIF) is a way to buy Berkshire Hathaway (BRK.B, BRK.A) at a 15% discount, but I will endeavor to show here why the discount to fair value is justified. The market may not always price securities accurately, but BIF is rightly available below NAV. While the shares are not overpriced, investors would be just about as well off with a standard index fund or constructing the fund themselves, as I'll show below.