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Coronavirus vaccine. He's not surprised with the euphoric reaction to a promising coronavirus vaccine. He's surprised with the efficacy rate which is at 90%. It's a big breakthrough. There is some logistical challenges with distribution, but clearly it is great news. The stay at home stocks are selling off, and stocks beaten down are recovering.
COMMENT
The difference between closed and open is that for closed, there are no new stocks issued. It can sometimes trade at a premium, but more often at a discount to net asset value. An open ended fund can issue new units. There is often an element of leverage or covered call strategy to extract extra yield for securities that have high yields. Does not know specifically for PHK's strategy.
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COMMENT
Berman manages this fund. Before the election, they shifted towards European assets and took away from preferred and fixed income. A yield of 5% is the goal with less volatility. The biggest exposure is gold and gold equities. Long term, gold equities is promising and is one of the best asset classes.
E.T.F.'s
COMMENT
Educational Segment. Gold remains one of his favourite sector. Looking at Barrick Gold, the median price target for the US fund is 34.52, which is around 30% upside. The reason they are not priced at higher valuation today is because of the gold price forecast. Gold remains attractive when thinking about central banks monetizing debt to keep interest rates low. The correlation between real yields and gold is very high. Some short-term volatility but a long term opportunity.
