How To Find Bargains And Avoid Disasters

The $220 billion closed-end universe is the scene of sometimes whacky pricing, including a fair number of good buys and a few really bad ones. There’s a formula to help you tell the difference.

_{By William Baldwin, Forbes Staff}

Discount! Fund on sale!

Closed-end funds trading at a discount to their liquidating value look like screaming buys. A few are. Most of them are best avoided.