OLA: CLOSED END INVESTMENT COMPANY

I am not optimistic exactly. Who could be? But, sometimes you just have to put your foot down and say that is enough. I just bought Old Mutual Long/Short Fund with a what the heck market order filled at 7.76.Overview - Old Mutual/Claymore Long-Short Fund - OLA - Claymore Securities, Inc.The fund's web site reports that it was selling at a 26.29% discount to Net Asset Value as of yesterday and it was down another 8% today when the asset value may end up the day positive. It is one of the older long/short funds and you can see from its short positions whether or not it has benefited from the decline. You know, a fund that may go 130 long and 30 short using its short monies to fund its extra long positions. I do remember that they had Fannie and Freddie as shorts, probably paring that back or eliminating it by now. It pays quarterly dividends in M, J, S and D. at a current rate of .40 per share per quarter, or $1.6 per year which gives it a 21% current yield at the 7.76 price. It has been battered big time like all closed end funds. As usual, this is just a description of what I am doing and it is not a recommendation, with all of the usual caveats and warnings etc contained in my blogs. I do consult the annual and semi-annual reports and other information before buying a closed end fund. All of the pertinent information is available at the link given above.