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A survey by the University of Chicago’s National Opinion Research Center revealed that the percentage of Americans reporting they are unhappy hit a record high in 2022. As of now, the rate of those who identify as “very happy” has fallen to unprecedented lows, indicating a potential historical shift where unhappy individuals may outnumber the very happy for the first time.
Consumer confidence is also noticeably low, remaining below pre-pandemic levels, which contradicts current economic indicators like low unemployment and rising income. This disparity suggests that Americans are experiencing a pervasive sense of dissatisfaction, influenced by factors like inflation and job loss concerns due to AI advancements.
This changing sentiment is impacting investment behavior, particularly in closed-end funds (CEFs) like the Liberty All-Star Growth Fund (ASG), which has seen its discount to net asset value (NAV) drop below 10%. Historically, ASG has delivered a 10.2% annualized return while offering a 9% dividend yield.
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