What the evidence and models establish

Expected path. Both strategies receive the selected gross asset assumption. Benchmark return is reduced by its stated proxy fee. CEF NAV return equals asset return plus leverage times the asset/financing spread, less the modeled management-fee input applied to managed assets. The default is not a total operating-expense ratio and omits other fund expenses. Market value also reflects the selected change in discount.

Cash accounting. Desired spending is identical. Distribution cash is tracked separately and never added to total return. Surplus is reinvested; a shortfall is met by selling shares. Returned capital is a source label, not an automatic verdict on tax efficiency or investment quality.

Risk paths. The seeded simulation draws annual normal returns from the selected mean and volatility, with common draws for both strategies. It omits fat tails, serial correlation, taxes, spreads, manager dispersion, and forced deleveraging. It is a sensitivity tool, not a backtest, recommendation, or forecast.

No independently audited IFRI composite or reproducible public holdings history was found. The model therefore tests the economic claims around the wrapper; it does not claim to simulate Selengut's actual portfolio.

AI tools may assist in drafting prose, generating code, and organizing research notes for this review. A human must verify every citation, quotation, number, equation, and characterization before it is treated as accurate. AI output is not legal, academic, investment-professional, or regulatory review.

The book itself (Retirement Money Secrets) was not available for page-level review during the evidence set through August 13, 2026. Claims attributed to the book in this review are based on public-page descriptions and publisher-supplied metadata. Those claims should not be treated as confirmed book content.

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