A closed-end fund that buys high-yield junk bonds and shorts others, aiming to pay steady income from risky corporate debt.
Earns from interest and trading gains on below-investment-grade bonds; net margin was 96.73% in fiscal 2023, but revenue swung from USD -0.08B in 2022 to USD 0.02B in 2023.
No durable edge—anyone can replicate a long/short bond portfolio; competitors like BlackRock and PIMCO offer similar funds with larger scale and lower fees.
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Discussion on the true value of FSD/robotaxis based on Tesla's Q2 earnings call, with a year-end outlook. The conversation also touches on SPCX.
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