Confessions Of A Closed-End Fund Bargain Hunter

Retail buyers have a poor grasp of closed-end investment companies. That creates opportunities for Florida money man Erik Herzfeld.

_{By William Baldwin, Senior Contributor}

Classical economics: All actors are rational. Stocks are efficiently priced.

Behavioral economics, per Nobelist Richard Thaler: Investors’ decisions are warped by emotion and ignorance. Prices can get out of line.