ETJ - Equity CEFs: Are We Normalized Yet?
I quickly put together an updated Equity CEF Performance spreadsheet through yesterday, December 20th. I usually come out with this every weekend but yesterday's dramatic drop in CEF valuations, even worse than Monday's, finally saw equity CEFs drop to valuations not unlike what we saw in 2008.
Certainly, there were periods in 2008 in which there were brief spikes down to -20% plus, but those became known as "stupid" discount prices because you would have been stupid not to buy at those levels. Because a year later, many of those same funds were at double