The Dow, Investment Grade Value Stocks, and Alternative Investments The idea that an investment portfolio can contain any number of unrelated speculations without itself being speculative is the stuff that Wall Street’s alternative investment purveyors are selling. True investment portfolios need none of this, and the numbers prove it true beyond any doubt. There is [...]

To most investors, the DJIA provides all of the information they think they need, and they worship it mindlessly — thinking it has mystical predictive and analytic powers far beyond the scope of any other market number.

Unlike conventional mutual funds, CEFs do not issue and redeem shares directly with investors at net asset value. CEFs are listed on national securities exchanges, where shares of the Investment Company are purchased and sold in transactions with other investors, just like individual company stocks, and most often not at net asset value.