Buying More

I was using today's pullback to buy more. Opened position in PowerShares Financial Preferred Portfolio (PGF), this is an ETF representing portfolio of financial preferred stocks, with yield about 10%. And added to my Spain Fund (SNF) position. This closed end fund trades at discount around 16% to its net account value (NAV), and pays yield of 10% of NAV. For the last half a year it's been priced as if Spain is going to disappear. I don't think so.

Full disclosure: at the time of publication author had long positions in PGF and SNF. Positions can change any time.