Investors / stance tracking
What Boaz Weinstein is saying
Founder & CIO, Saba Capital Management
9 dated public stances tracked since 2024-05-14, most recently 2025-06-30. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Boaz Weinstein's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Boaz Weinstein is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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9
tracked stances
9
themes
0
side flips
2025-06-30
last heard
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| BIGZ | 1 | 1 bullish | 2024-06-25 | |
| BLACKROCK CLOSED-END FUNDS (DISCOUNT ARBITRAGE) | 1 | 1 bullish | 2024-05-14 | |
| BLACKROCK CLOSED-END FUNDS (DISCOUNT-TO-NAV ACTIVIST PLAY) | 1 | 1 bullish | 2024-05-14 | |
| CLOSED-END FUNDS AT A DISCOUNT TO NAV | 1 | 1 bullish | 2025-06-30 | |
| CLOSED-END FUNDS AT DISCOUNT TO NAV | 1 | 1 bullish | 2024-06-25 | |
| High Yield | 1 | 1 bearish | 2024-05-14 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2025-06-30
CLOSED-END FUNDS AT A DISCOUNT TO NAV
bullish
Boaz Weinstein · video
Closed-end funds trading at a measurable discount to NAV provide a quantifiable edge analogous to card counting — the discount is known, activist pressure (board seats, tenders, buybacks) can force it to close, delivering double-digit returns with far less…
“I know the count. There's the discount in closed end funds... when there's a discount, the investor has an edge”
Boaz Weinstein on Card Counting, Private Credit and Night Sweats | Bullish Extended Interview
2025-06-30
VOL
bullish
Boaz Weinstein · video
Post-2008 extraordinary central bank actions suppressed volatility for over a decade, but that regime has ended — volatility has roared back and markets are now hyper-vulnerable to fat-tail outcomes, making long-volatility positioning the optimal asymmetric…
“volatility was suppressed after 2008... now volatility has roared back. More investors better get used to it”
90d -30.9% · 180d -44.8% · 1y -54.6%
Boaz Weinstein on Card Counting, Private Credit and Night Sweats | Bullish Extended Interview
2025-06-30
MULTI-STRATEGY HEDGE FUND PLATFORMS (CROWDED QUANT/POD STRATEGIES)
bearish
Boaz Weinstein · video
Multi-strategy platforms have accumulated too much capital in identical strategies governed by identical stop-out rules with very high leverage — the synchronised deleveraging risk when correlated books hit limits simultaneously is a systemic vulnerability…
“too much money has gone into the same strategies with the same rules... with the same very high leverage — it's due for a correction”
Boaz Weinstein on Card Counting, Private Credit and Night Sweats | Bullish Extended Interview
2025-06-30
Private Credit
bearish
Boaz Weinstein · video
Private credit is dangerously overcrowded — dozens of new entrants are chasing identical loans, compressing the opportunity set and making historical loss rates (e.g. 1-in-150 defaults) impossible to replicate, suggesting forward returns will disappoint…
“how many are going to be bidding on making the same loans — it's getting really crowded”
90d +4.9% · 180d +4.0% · 1y +7.0%
Boaz Weinstein on Card Counting, Private Credit and Night Sweats | Bullish Extended Interview
2024-06-25
BIGZ
bullish
Bloomberg The Close · video
BlackRock Innovation and Growth Term Trust trades at >15% discount to NAV while having destroyed 50%+ of capital, and Saba's activist board victory creates a direct path to force NAV realization worth approximately $1.4B to shareholders
“big Z today is at greater than a 15% discount and it's a fund that lit its investors money on fire”
90d +8.9% · 180d +12.4%
Saba Capital Management Founder, CIO Talks Closed-End Fund Arbitrage | Bloomberg Talks
2024-06-25
CLOSED-END FUNDS AT DISCOUNT TO NAV
bullish
Bloomberg The Close · video
Closed-end funds with persistent NAV discounts and entrenched governance can be converted to open-ended structures or forced into buybacks through activism, turning an 85-cent dollar into a dollar regardless of underlying market direction
“you can buy a literal dollar for 85, you have the power unlike in normal activism to turn that back into a dollar”
Saba Capital Management Founder, CIO Talks Closed-End Fund Arbitrage | Bloomberg Talks
2024-05-14
BLACKROCK CLOSED-END FUNDS (DISCOUNT-TO-NAV ACTIVIST PLAY)
bullish
Boaz Weinstein · video
BlackRock's 10 targeted closed-end funds trade at 83–86 cents on the dollar despite holding liquid assets, and activist pressure (board nominations, federal court win on voting rights) can force the manager to tender shares at NAV, eliminating the 15–17%…
“a dollar of stuff is trading freely for 85 cents, 83 cents, 86 cents on the dollar”
Saba Capital's Boaz Weinstein on BlackRock campaign
2024-05-14
High Yield
bearish
Boaz Weinstein · video
Corporate credit spreads are near all-time lows while top economists price roughly a 35% recession probability, meaning credit offers no margin of safety and is mispriced relative to macro risk including a potential higher-for-longer credit crunch
“Corporate credit spreads are almost at the lows of all time”
90d -2.9% · 180d -6.7% · 1y -9.1%
Watch CNBC's full interview with Saba Capital's Boaz Weinstein
2024-05-14
BLACKROCK CLOSED-END FUNDS (DISCOUNT ARBITRAGE)
bullish
Boaz Weinstein · video
Ten BlackRock closed-end funds trade at 83–86 cents on the dollar despite liquid underlying assets, and activist shareholder pressure—tender offers, board nominees, or ETF conversion—can close the discount and unlock $1.4 billion for all shareholders
“A dollar of stuff is trading freely for 85 cents, 83 cents, 86 cents on the dollar”
Watch CNBC's full interview with Saba Capital's Boaz Weinstein
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