In last week's episode, our dog hero found himself chasing yield, much to the dismay of his boy Sherman.
June 22, 2015
How Reaching for Yield Ends
A more egregious example has been the Pimco High Income Fund (PHK). I started writing about this closed-end fund last April when it was trading at over a 53% premium to its net asset value (NAV). You read that correctly. Investors were so enthralled by the yield-to-NAV of 17.7% they were willing to pay $1.53 for a $1.00 of assets.
Which only goes to show that some junk investments make no cents.
See Also:
Mister Peabody
PCE Measure of Shelter Unchanged at 4.1% YoY in June
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Here is a graph of the year-over-year change in shelter from the CPI report
and housing from the PCE report this morning, both through June 2025.
[image: S...
3 hours ago
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