CEF Report September 2021 | A Broken Record
Summary
Discounts widened a bit but remain very tight relative to historical comparisons going back to 1996. Munis are now in line with taxable avg premiums.
At this time, a counter-cyclical approach is warranted. I have been advocating rotating from leveraged, junkier, and discount susceptible structures to open-end funds.
Moving up quality is warranted…
