Closed End Fund or Ponzi Scheme? (CFP) - ETF Daily News
Closed End Fund or Ponzi Scheme? (CFP) We received an email this morning from Kid Dynamite tipping us off to a recent article in the WSJ. The article details the questionable mechanics of a certain set of Closed End Funds that may come as a shock to you. According to the WSJ, Cornerstone Advisors of Asheville, N.C. currently has the three highest-yielding of the 657 closed-end funds in the U.S. The article focuses on the Cornerstone Progressive Return (NYSEAMEX:CFP) whose payouts in the past five years eclipsed what it earned in net income investment by more than ten times.
Source: etfdailynews.com