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Next Boston QWAFAFEW Meeting: 20 Nov 2018

November 20, 2018 @ 6:00 pm - 8:00 pm

| $30

Closed End Funds – An Investment Strategy for People Near Retirement

A QWAFAFEW discussion led by:

Dan Fox

A portfolio of high yield closed end funds can generate a low risk dividend stream that can meet consumption needs for investors close to retirement.  With a diversified portfolio investors can obtain income streams with very little volatility and minimal trading.  Risks to the strategy essentially involve cuts to dividends, which, with a well chosen set of funds, do not happen frequently.  If an investor’s asset base is large enough consumption needs can be defeased and an investor can, by and large, become indifferent to price movements in the underlying funds, a result of infrequent dividend cuts and diversification within the portfolio.  Price indifference leads to an approach to risk measurement that looks only at yield volatility and ignores price movements.   Back testing and actual investment results show the strategy can maintain the high dividend yields associated with closed end funds for extended periods of time.

Download: FoxStrategyNov2018

Dan Fox is the president and founder of BBA (Black Box A) Strategies, a research and fund management firm in operation since 2004.  During the past ten years Dan has focused his work on closed end funds, devising a low risk investment strategy using them and running a hedge fund based on distributions of price to NAV ratios.  Prior to BBA Dan was a senior research analyst at Commerzbank and a principle at Credit Suisse in London where he was head of passive investing research.  He was at Morgan Stanley in New York on both the buy and sell sides and did quantitative work on equity investing strategies.  His finance career started at CREF, where he ran a small cap passive portfolio.

Dan’s undergraduate degree is in US history from the University of California at Berkeley.  He has an MBA from the Wharton School where he spent about half his time in the PhD program in economics, completing the core curriculum in econometrics.   While enrolled at Wharton he worked at Wharton Econometric Forecasting Associates writing a financial model for electric utilities.

Time: 6:15 PM sharpe
3rd Floor of the Tennis & Racquet Club
939 Boylston Street

RSVP to hugh@QWAFAFEW.org
Mailing List and Payment Link: https://boston.qwafafew.org/

All annual dues ($150) should be paid to Boston QWAFAFEW by credit card, Bitcoin or check.

By credit card (PayPal) 

By Bitcoin
Send us Bitcoin, our address is:
Please send a separate email identifying your anonymous payment.

By check:
Executive Management Associates
12 Academy Avenue
Atkinson, NH  03811

Please RSVP for all meetings you plan to attend: hugh@QWAFAFEW.org
Guests who do not RSVP may have to wait to enter the meeting, due to space constraints (capacity=100, BFD).

Guest fees ($30) can be paid through EMA (check or PayPal, bring receipt) or bitcoin (at address above).  The $30 guest fee can be paid by bitcoin, cash or check at the door, no credit cards at the meeting.

Please bring exact change (eg: two twenties = $40 Guest Fee).

As always, if you have names or discussion topics, please forward them to any member of the Steerage Committee

Questions, comments:

Steerage Committee:
Hugh Crowther
Dan diBartolomeo
Mike Dunn
Steve Gaudette
Sri Krishnamurthy
Mark Kritzman
John Minahan
Donna Cool Murphy (Dinners)
Larry Pohlman
Dan Potter
Dan Rie
Evan Schulman
Michael Wilcox

The members of the Steerage Committee are responsible for coordinating the program content.

Program suggestions from members are always welcome.

RSVP to: hugh@QWAFAFEW.org

Mailing List and Payment Link: https://boston.qwafafew.org/


November 20, 2018
6:00 pm - 8:00 pm




Tennis & Racquet Club
3rd Floor of the Tennis & Racquet Club, 939 Boylston Street
Boston, MA,
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