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Welcome to Money for the rest of us. This is the personal finance show on money, how it works,

how to invest it, and how to live without worrying about it. I'm your host, David Stein. Today

is episode 517. It's titled, Should You Invest 100% of your retirement in

closed-end funds? Recently on the money for the rest of us Plus forums, we got into this discussion

of whether we should invest our entire retirement portfolio in closed-end funds. Plus membership is our premium membership community.

We have the forum. We have a weekly Q&A plus episode, audio episode. There's video lessons.

There's a closed-end fund course on there. I began investing in closed-end funds back in 1994

and became much more active in doing so during the great financial crisis.

My approach to closed-end fund investing has generally been opportunistic, more of a trading strategy.

I'll start screening for closed-end funds when the overall financial markets are falling because that's when they get

cheaper. The discount relative to the net asset value widens out. I'll explain what that means

in more detail in a few minutes. But that's not the only way to invest in closed-end funds.

We'll take a look at two other approaches in this episode.

But first, let's discuss what a closed-end fund is. A closed-end fund is a type of mutual fund,

where investors pool their money and a professional money management team oversees the portfolio by selecting

underlying stocks, bonds, and other securities. These are very old vehicles. The first closed-end

fund was launched in the late 1700s in the Netherlands. The first ones in the U.S. were launched

in the late 19th century. This investment

...