He predicted that Philip Morris's hefty yearly dividend will be raised to $4.80 from $4.
Investors appeared to be simply buying the stock to qualify for its hefty dividend.
Some investors have been pushing the bank to conserve cash by cutting its hefty dividend.
Yesterday's big play was in Detroit Edison, which trades without its hefty dividend starting today.
Key to the fund's management has been an emphasis on stocks that pay hefty dividends.
It pays hefty dividends and regularly raises cash by selling new shares.
Most buyers of closed-end funds are individual investors, attracted by the hefty dividends.
Consequently some people become sucked into what they see as an exclusive club which will eventually pay them a hefty financial dividend.
Dow Jones's cash reserves have been further strained by the hefty dividends the Bancrofts have pushed for over the years.
Now it pays hefty regular dividends to its complacent shareholders.