The Inversion Investor

The Inversion Investor

A Discount is a Bet

Peter Pham's avatar
Peter Pham
Jul 13, 2025
∙ Paid

In a widely circulated clip, a fund manager draws a provocative parallel: he claims that his success in investing in closed-end funds (CEFs) stems from principles he honed playing blackjack. He points to the probability edge in card counting, the discount to NAV (Net Asset Value) in CEFs, and how both require calculated wagers.

But this analogy—while cat…

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