Patrick Galley : Closed-end funds are a unique investment vehicle because most of them have yield associated with them.

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Each stock has its own repetitive cycle of yield associated with its valuation.

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We believe that during economic expansion, the default risk associated with high-yield corporate bonds lowers.

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He notes that deeper recessions usually yield faster recoveries and, although real estate crashes are associated with slower recoveries, current growth rates are still well below what would be expected.

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But the short-term strategy they employed is a solid one that, if implemented on day 1, can yield a solid profit for investors while minimizing the risk associated with a long-term investment horizon.

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