Want in on some financial secrets? Debut author, Michael Joseph has them for you.  Who doesn’t want “A Dollar for Fifty Cents”? 

About A Dollar for Fifty Cents

The hidden market anomaly that regularly beats the S&P 500—How smart investors buy a dollar for fifty cents.

For over a century, savvy investors have quietly capitalized on a market inefficiency that lets them buy $1 worth of assets for just 50 cents. This isn’t a gimmick—it’s a documented anomaly found in closed-end funds (CEFs), a little-known asset class that trades at deep discounts to its net asset value (NAV).

In A Dollar for Fifty Cents, seasoned portfolio manager Michael Joseph, CFA, unveils the hidden power of CEFs, showing investors how to profit from pricing inefficiencies, avoid common traps, and build a smarter, more profitable portfolio.

What You’ll Learn:

• Why CEFs trade at a discount—and how to profit from it
• Key metrics that separate winning funds from money traps
• How activist investors influence CEF pricing
• Strategies to generate high-yield, market-beating returns
• Common CEF investing mistakes and how to avoid them

Blurbs for A Dollar for Fifty Cents

“We should all have closed-end funds as part of our portfolios. Michael Joseph makes a convincing case using history and facts for this underappreciated investment, providing investors with actionable advice. Take his advice seriously and do your research. Value is there for the taking.” -Ben Fredlake, CFP

“Michael Joseph uncovers the hidden potential of closed-end funds, blending history and practical guidance. Everyone from beginners to seasoned analysts will find the insights and tools needed to help navigate one of the most inefficient corners of the market. This book will help you find value where others overlook it.” -James Falbe, CFA

Review for A Dollar for Fifty Cents

If you’re into investing—or just dabbling and curious—this book on Closed-End Funds (CEFs) is a total hidden gem. It’s short, smart, and surprisingly fun for a finance read. The author breaks down the basics in a super accessible way, comparing CEFs with mutual funds, giving you the history (without making it feel like a textbook), and diving into why these things often trade at a discount to their net asset value.

What really stands out is the balance—insightful without being overwhelming. It’s practical tips on how to find quality CEFs, avoid the duds, and how not to fall into common traps. The author even includes easy-to-follow math to help spot hidden value, which is perfect for those of us who want the goods without needing a finance degree.

Whether you’re brand new to CEFs or have been investing for years but never quite ventured into this niche, this book’s a great guide. Super useful, easy to refer back to, and honestly, worth the read – complete with a glossary and index. 

About the Author

Michael Joseph, CFA, is a portfolio manager and deputy chief investment officer at Stansberry Asset Management. His investment insights have been featured in Fortune, Kiplinger, and Advisor Perspectives. 

Website

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