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RIV - Never Buy A CEF At A Premium: Myopic Thinking
RiverNorth Opportunities Fund Inc.
Whenever I read that closed-end fund ("CEF") investors should never buy a fund at a premium, it boils my blood. That's like saying never buy a stock with a P/E above the market. Doesn't make sense, right?
Back in August, the Wall Street Journal, a more sophisticated newspaper, wrote an article titled, "Some Closed-End Funds Seem To Have Permanent Premiums." In it Forbes Contributing Writer Brett Owens states at the end, "And the odds favor the conventional wisdom: Never buy a CEF trading at a premium."