PIMCO Corporate & Income Opportunity Fund: Assessing Overpayment at $12

The PIMCO Corporate & Income Opportunity Fund (PTY) CEF has seen significant changes in the yield curve, impacting its previous thesis. Despite a potential shift to a more neutral interest rate environment, the fund's current yield of 7.3% may still be considered high, and the author suggests that even at $12, they would still be overpaying for the fund. The author argues that investors should consider other CEFs with similar yields and lower prices to achieve a more favorable risk-return profile.