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Unelected governors - Value in Closed End Income

October 13, 2016

I hope this notes finds you doing well. We have started our move to the new World HQ of Forest Capital (formerly Cannon Mills Exec. offices/Niblock Bldg.) in Concord, NC. Feel free to drop by. Map below.


There is a time and place for everything. We find ourselves in a time where the Federal Reserve Governors are dictating.


The ridiculous, on again, off again Federal Reserve is all that drives the current rate markets. Damn the economic data; as it continues to be largely disappointing. FYI - Econ. cycles have not been eliminated. We are well beyond the normal growth/expansionary duration.


The wonderful outcome of the endless Federal Reserve chatter: Closed end funds (SECONDARY market only) are once again a wonderful bargain; Tax-free yields exceed 4.5% and taxable yields are in excess of 7.0%+. With rates likely range bound...there is solid value here with great credit quality.


We are actively adding to our closed end fund positions, especially tax-free municipal bonds.



As usual, thank you for investing with Forest Capital! For additional information on portfolio positioning, please contact Forest Capital directly at jbooth@forestcapital.net.

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Julien B. Booth

Principal & Portfolio Manager


Dana Christner

Operations Manager



© 2019 Forest Capital, Corp. - All Rights Reserved

300 McGill Avenue NW

Concord, NC 28027

(704) 750-8000

2400 CrownPoint Executive Drive, Suite 200

Charlotte, NC 28227

(704) 847-0101

(704) 849-0535