anyone know what's going on with phk? I normally dispise these posts but i've done everything i can to figure out. this thing has shaved 40% of its value in the last 3 days with no end in sight. I was considering opening a position in this about 2 weeks ago and obviously happy i didn't, but wondering if now would be a good time. i'd just like to know why the 40% haircut in 3 days.. i know it trades at a 70% premium to NAV, which is why i didn't open a position. but would that be reason enough to lose 40% in 3 days? i mean its been at 70% NAV for a long time and in 3 days everyone decides to wisen up?
ouch! but even after that it's still 50+% above NAV http://www.cefconnect.com/Details/Summary.aspx?ticker=PHK
ended up buying pcn yesterday in my retirement account with the intention of holding it long term @ 17.34 but got nearly 4% out of it in under 24 hours and couldn't resist so sold it today for 17.93. Will get back into this potentially in the future. I do like PCN a whole lot more then PHK tho, PCN is only around 15% premium