CFP is a bad fund selling at a undeserved 14.9% premium to NAV. Most equity CEFs have historically sold at discounts. So it eludes me how buying CFP at just a 10% discount or 107% of NAV is a good deal.
As a long time investor and follower of CEFs, I wouldn't be interested in owning CFP at anything less than a 20% discount to NAV. I've owned ADX, a pretty good fund, for years; it currently trades at a 15% DISCOUNT to NAV.
One might argue that a buyer on the RO could turn around and sell his new shares for a fast profit. But today's collapse suggests that might not work out.
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