Castro's Resignation: The Market Says It Matters
By Bryan Caplan
The Herzfeld Caribbean Basin Fund, which aims to profit from the resumption of U.S. trade with Cuba, surged the most in its 13-year history after Fidel Castro resigned as the country’s president and commander-in-chief.
Herzfeld Caribbean Basin Fund surged $1.23, or 17 percent, to $8.67 as of 3:16 p.m. in New York. A record 1.35 million shares changed hands. Earlier, the fund jumped 28 percent, the most ever.
The fund advanced 20 percent on Jan. 16, 2007, after Spanish newspaper El Pais reported that Castro, the communist leader of Cuba since 1959, was in serious condition following three surgeries on his large intestine.
I haven’t been this excited by a current event in years.