Since others have asked about CEFs in the past. Horejsi and his family control about 45 % of stew. STEW was about 40 % invested in brk. Horejsi started buying brka over 40 years ago and is now a billionaire, he no longer manages STEW funds. The new annual is out, stew sold about 30 percent of its Bs no As were sold last year. Selling off brkb at this valuation MAY turn out to be brilliant, however that isn't why I owned the fund. For an American selling Stew in IRAS is easy, but taking LT cap gains in taxable accounts is always painful. For example, if your kids live in Cali , they may be in the 30 percent plus FED tax rate, 9-10 percent state tax rate. Hence, grandkids with income above 2500$$ get taxed at the parents marginal rate. So, the grankids might be sharing about 32 % or so of their profits with the taxman. I've sold over 90 percent of my STEW. Now ADX, SABA Cap now owns 6.5 percent of the fund and is engaged in a proxy fight. It's unlikely SABA will win board seats however, this might generate , shareholder friendly moves to reduce the discount , maybe a tender. For Americans facing RMDs from an IRA, I still love adx and cet, and I still own both those funds outside the IRAs. CET has large inside ownership so there will never be a proxy battle in CET. Here is a little clip about Mr. Horejsi. I seriously doubt the new fund manages sold brkb without the blessing of Poppa Horejsi and family, best wishes to the family, enjoyed the experience. forbes.com - Stewart horejsi