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Seems nobody in MFland cares much about this stock since the hefty dividend was reduced. But I held on the strength of my belief that of the BRIC countries (1) everybody seems to be China crazy, so I avoided that pocker game (FWIW I just got back from 2 weeks in China and people were gambling the parks, on the buses, while eating crickets...I even went to Macau to see the full casinos, and did the world's highest bunghy jump...but that's another story), and (2) Russia is run by nationalizing mobsters. So the only real way IMHO to play the major emerging markets is Brazil and India. I have been well rewarded by such patience; I have watched this stock go from over $40 to under $13 and back to $31 today....wish my AIB had snapped back in similiar style (another story as well)!

That said, this rights offering seems to be shiny pennies from heaven. Like many other closed end funds, IFN offers existing shareholders the right periodically to buy additional this case at 95% of NAV. But since the stock is now trading at over a 15% premium (since the on-again off-again talking heads have fallen back in love with the BRICs), I am buying whatever shares are alloted to me at a hefty discount to market value.

And that said, although I will remain long the stock for at least the next 5 years, it will be interesting to see if this imbalance provides a short term trading opportunity...will the "efficient" market close the gap between the NAV and the market price? Or will this discount opportunity pass right over the turbans of existing shareholders?

I can't wait to see...
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