June 19, 2008

Best day trading – The cost of management averages around 15 per cent of investment income and is a continuing expense.

It follows that, if common stocks generally yield 3.5 per cent a year, an investment company will earn no more than about 3.0 per cent net for distribution as dividends from ordinary income. For many years, this return was substantially less than the income which one could get from a representative group of sound common stocks. The Investment Company Act forbids closed-end companies to purchase securities of which they are the issuer except (1) on national securities exchanges or other open markets designated by the SEC under specified circumstances, (2) pursuant to tenders, or (3) under such other circumstances as the Commission may permit. Among the most important rules adopted by the Commission under the Investment Company Act are those requiring the seller not to be an affiliated person (to the knowledge of the issuer).

Best day trading – The cost of management averages around 15 per cent of investment income and is a continuing expense.

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