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Veteran manager says that for all the headline risks, this is a 'generic widening'
Rob Shaker, Portfolio Manager at Shaker Financial Services, says that while the headlines may have investors on edge, the fear-based selling that gripped the market around the start of war in Iran created a "generic widening" of discounts for closed-end funds. Shaker, who is a "discount-capture investor," says the current widening and recovery was caused mostly by "the irrational effects of excessive selling pressures overall," which means that the bad news is not creating fundamental problems for industries so much as temporary issues affecting share values. He says we could see more generic widening and narrowing until the market gets clarity on the headlines.
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