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For income investors, closed-end funds remain an attractive investment class that covers a variety of asset classes and promises high distributions and reasonable total returns. Closed-end funds are generally characterized by higher volatility and deeper drawdowns than the broad market. For these reasons, they are not suited for everyone.

The Central Securities (CET) Closed-End-Fund holds under 30 stocks, with 22% in a private company.  That concentration, of course, adds risk. The well-known SPDR S&P 500 Trust ETF (SPY) is the bedrock for many investors in the Large-Cap U.S. equity space.

Executing a well-thought-out industry consolidation strategy, Cathedral Energy Services made a total of six acquisitions in the last year or so. The impact of these accretive transactions on its top line, EBITDA and FCF is expected to become apparent when Cathedral reports third quarter results.

When it comes to stock selection, one factor investors may want to consider is insider ownership.